Is Greece cheaper than Portugal for expats?

Broadly comparable, with some nuances. Athens and Lisbon have similar monthly budgets (€1,400–€2,200 for a comfortable single expat). However, Thessaloniki is clearly cheaper than Porto, and Crete is significantly cheaper than the Algarve. Food and dining are generally cheaper in Greece, while housing in prime Athens locations has risen sharply since 2022.

How does the 7% flat tax work in practice?

Once you establish Greek tax residency and apply for the regime (by 31 March of the following year), all income you earn from sources outside Greece — salary, freelance, pension, dividends, rental income from foreign properties — is taxed at a flat 7% regardless of amount. You pay this flat rate instead of the progressive Greek scale. Greek-sourced income is taxed at normal rates. The regime lasts up to 15 years.

Can I use Revolut or Wise instead of a Greek bank account?

For day-to-day transactions, yes — Revolut and Wise are widely used by expats in Greece. However, for visa and residency purposes, local salary payments, property purchases, and many administrative processes, a Greek bank account (with an IBAN starting GR) is required. It is best to have both.

What taxes do I pay when buying property in Greece?

The main costs are: property transfer tax of 3.09% of assessed value (paid by buyer), notary fees of approximately 1–2%, legal fees of 1–2%, and real estate agent commission of 2–3% + VAT. Total transaction costs typically run 7–10% on top of the purchase price.

Do I need a Greek accountant as an expat?

If you are self-employed, earn any Greek-sourced income, or want to apply for the 7% tax regime, a Greek accountant (logistis) is strongly recommended and the cost is low (€50–€150/month). They handle EFKA social insurance, AADE tax filings, and myDATA electronic invoicing. For pure passive income earners or those on the 7% regime with only foreign income, it is still advisable at least at setup.

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🇬🇷 Greece

Cost of Living

€1,400–€2,200

Monthly Budget (Athens)

Single expat, comfortable lifestyle

€1,100–€1,700

Monthly Budget (Thessaloniki)

Single expat, comfortable lifestyle

€1,000–€1,600

Monthly Budget (Crete)

Single expat, Chania area

7% flat

Foreign Income Tax Rate

Remittance-based regime for qualifying residents

9–44%

Standard Income Tax

Progressive rate for Greek-sourced income

24%

VAT

Standard rate (13% on food and hotels)

Last updated: March 2026

Overview🏛️Athens 🏰Thessaloniki 🏖️Crete

🛂Visa 🏥Healthcare 💰Finance 🏠Housing 💼Working 🌆Daily Life ✈️Moving 📚Education 🌅Lifestyle 📈Investing

Overview

Greece's cost of living is significantly lower than most of Western Europe, while offering a quality of life that punches well above its price point. Athens is the most expensive Greek city, comparable in cost to Porto or Lisbon, while Thessaloniki and Crete cost 20–30% less. The headline financial draw for many expats is Greece's flat 7% income tax on all foreign-sourced income for qualifying new residents — a regime designed to attract retirees and internationally mobile earners.

Key Takeaways

Groceries for one person: €160–€300/month depending on diet; fresh fruit, vegetables, olive oil, and seafood are excellent value at local markets
Who qualifies: individuals who were not Greek tax residents for 5 of the last 6 tax years before applying, and who transfer their tax residency to Greece
Major Greek banks: National Bank of Greece (Ethniki), Piraeus Bank, Alpha Bank, Eurobank — all have English-speaking staff in major branches
EU citizens face no restrictions on buying property in Greece; non-EU nationals in border regions may face additional requirements but central Greece is open to all
Greek progressive income tax brackets: 9% (up to €10,000), 22% (€10,001–€20,000), 28% (€20,001–€30,000), 36% (€30,001–€40,000), 44% (over €40,000)

Cost of Living Overview

Greece offers genuine value for money — particularly outside central Athens. Groceries, dining, and transport are all significantly cheaper than in northern Europe, while housing costs have risen in recent years but remain lower than comparable southern European cities like Lisbon or Barcelona.

Groceries for one person: €160–€300/month depending on diet; fresh fruit, vegetables, olive oil, and seafood are excellent value at local markets
Dining out: a full meal with wine at a local taverna costs €12–€20 per person; mid-range restaurants €20–€35; Michelin-starred experiences €80–€150
Coffee culture: Greek coffee (ellinikos) or frappe costs €1.50–€2.50; specialty espresso €2.50–€4 in Athens
Public transport monthly pass: €30 in Athens and Thessaloniki — covers all metro, bus, and tram routes
Utilities (electricity, water, internet): €100–€160/month; electricity is more expensive than northern Europe due to high reliance on heating in winter and cooling in summer
Fibre internet: €25–€40/month for 100–1,000 Mbps; widely available in cities
Gym membership: €30–€60/month at standard gyms; boutique fitness €80–€120/month
Cinema ticket: €8–€12; outdoor summer cinemas (therina sinema) are a Greek institution at €6–€10

The 7% Flat Tax Regime for Foreign Income

Greece's Remittance-Based Tax Regime (introduced in 2020) offers qualifying new residents a flat 7% tax on all foreign-sourced income for up to 15 years. This is one of the most generous tax incentives for internationally mobile earners in Europe.

Who qualifies: individuals who were not Greek tax residents for 5 of the last 6 tax years before applying, and who transfer their tax residency to Greece
The flat 7% rate applies to ALL foreign-sourced income: foreign employment income, foreign business income, foreign pension, dividends, interest, and capital gains from abroad
Greek-sourced income is taxed separately at standard progressive rates (9–44%)
The regime lasts for a maximum of 15 tax years; application must be submitted by 31 March of the year following the year of residency transfer
Unlike Portugal's now-defunct NHR regime, Greece's 7% rate has a fixed flat cost — no partial exemptions or salary-type categories
Inheritance tax is also exempt for assets outside Greece under this regime
Consult a Greek tax advisor (forologikos symvoulos) to apply correctly — the application is made to the Greek tax authority (AADE)
Double Taxation Treaties: Greece has DTTs with 57 countries including the US, UK, Germany, France, and Canada — these govern which country has primary taxing rights on specific income types

Banking & Financial Services

Opening a Greek bank account requires your AFM (tax number) and AMKA, plus residency documentation. The major Greek banks have English-language services, and international banks also operate in Greece.

Major Greek banks: National Bank of Greece (Ethniki), Piraeus Bank, Alpha Bank, Eurobank — all have English-speaking staff in major branches
Required to open an account: valid passport, AFM tax number, proof of Greek address, and residency permit or EU registration certificate
Online-only banks are growing: Revolut, Wise, and N26 are widely used by expats for everyday transactions and international transfers
ATMs are plentiful in cities; on remote islands carry cash as ATMs can run out during peak tourist season
Wire transfer fees: use Wise or Revolut for international transfers — Greek bank SWIFT fees are typically €20–€40 per international transfer
Currency: Greece uses the Euro — no currency exchange needed for Eurozone transfers
Credit cards are widely accepted in cities and tourist areas; cash is preferred in rural areas and small tavernas
Investment and brokerage accounts: Interactive Brokers and DEGIRO are popular with expat investors; Greek-sourced investment income taxed at 15% withholding

Buying Property in Greece

Property in Greece is available to EU and non-EU buyers alike. The Golden Visa programme has driven price increases in central Athens and on premium islands, but significant value remains in Thessaloniki, Crete, and smaller mainland towns.

EU citizens face no restrictions on buying property in Greece; non-EU nationals in border regions may face additional requirements but central Greece is open to all
Athens prime neighborhoods (Kolonaki, Glyfada waterfront): €3,500–€7,000/sqm
Athens mid-range (Koukaki, Pangrati): €2,000–€3,500/sqm
Thessaloniki prime: €1,800–€3,000/sqm
Crete (Chania old town area): €2,000–€4,000/sqm
Transfer tax on property purchase: 3.09% of the assessed value (objective value), paid by the buyer
Notary fees: approximately 1–2% of purchase price; legal fees: 1–2%; agent fees: typically 2–3% + VAT
Golden Visa investment properties in Athens must be a single property at €800,000 minimum; cannot be split across multiple lower-value properties

Working Income & Self-Employment Taxes

For expats earning Greek-sourced income — whether employed in Greece or self-employed — the standard Greek progressive income tax rates apply. Self-employment (freelance) registration is straightforward and commonly used by digital nomads transitioning to a longer-term Greek base.

Greek progressive income tax brackets: 9% (up to €10,000), 22% (€10,001–€20,000), 28% (€20,001–€30,000), 36% (€30,001–€40,000), 44% (over €40,000)
Self-employed individuals must register with EFKA (the unified social insurance fund) and pay contributions of approximately 26.95% of declared income on top of income tax
The minimum EFKA contribution for new self-employed persons is approximately €220/month (at minimum declared income levels)
All self-employed persons must register with AADE (the tax authority) and obtain an AFM before issuing invoices or declaring income
Freelancers and sole traders issue receipts/invoices electronically through the myDATA system (mandatory since 2021)
Presumptive income rules apply to certain professions — the tax authority may assess minimum presumed income even if actual income is lower
A Greek accountant (logistis) is highly recommended for self-employed expats: costs €50–€150/month and handles all EFKA and AADE filings

Disclaimer: The information on this page is for general informational purposes only and does not constitute financial, tax, legal, or investment advice. Tax rates, regulations, and investment rules change frequently. Always verify data with official sources and consult qualified professionals before making decisions. Read full disclaimer

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