Defining Wealth: The Allure of Living in Greece

ATHENS, Greece — Wealth in Greece is a blend of captivating landscapes and cost-effective living, drawing expats to its shores for both financial and lifestyle perks.

Offering stunning islands, pristine beaches, and vibrant cities, Greece has established itself as more than a tourist destination. Its appeal extends to ultra-high-net-worth individuals, thanks to incentives like a flat tax scheme and expedited resident visas for foreigners. As the cost of living remains lower than in much of Western Europe, many find that luxury in Greece is increasingly accessible.

According to the 2024 Readers’ Choice Awards, Greece ranks as the 10th best country globally. The awards highlight its picturesque Santorini and myth-infused Mykonos, alongside Crete, which is garnering attention for its booming wine industry. TripAdvisor even recognized Crete’s Elafonissi Beach, noted for its distinctive pink sand, as one of the best beaches worldwide, popular among both hikers and water sports aficionados.

Amidst a surge in tourism, lesser-explored islands like Paros, Hydra, Ios, Tinos, and Zakynthos are also gaining popularity. Athens itself has been recognized as one of the 25 best European destinations for 2025, with the Athens Riviera benefiting from ongoing developments, including Europe’s largest coastal park, set to be completed by the end of 2025.

If one is moving to Greece, understanding how salaries and wealth compare to national averages is vital. The average salary in Greece stands at $18,600 (€17,707), significantly lower than the European Union average of about $30,000 (€28,217). Wealthier countries in Europe, like Switzerland, have average salaries of $90,000 (€85,582), while Iceland and Norway also surpass Greece, illustrating the economic disparity.

Living costs in Greece are competitive on a global scale, often cheaper than in the U.S. and U.K. In terms of rents, expect accommodation to be nearly 40% less expensive than in France, with overall living costs averting 21% lower than average. Thus, affluent lifestyles can be achieved without prohibitive expenses.

To attract wealth, Greece has made its tax landscape favorable. The flat tax for high-net-worth individuals is set at $105,000 (€100,000) on global income, contingent on investing at least $525,150 (€500,000) in Greek assets. Over the past decade, the population of millionaires in Greece increased by 14%, standing at approximately 64,700 millionaires, which includes eight billionaires residing mainly in Attica, Mykonos, and Crete.

Furthermore, the country has witnessed a marked rise in American interest in its golden visa program, with monthly applicants rising significantly by November 2024. Greece’s golden visa process is among the fastest globally, granting residency in as little as 60 days without the necessity for physical residency to maintain status. This program also extends to family members and does not face expiration.

Investment in real estate remains a viable route for obtaining a golden visa, with requirements starting at $262,500 (€250,000) for restoring listed buildings or $420,000 (€400,000) for properties over 120 square meters. However, prices are notably higher in major cities like Athens, where the minimum jumps to $840,000 (€800,000).

A variety of investment avenues further facilitate entry into Greece’s golden visa program, such as contributing to public Italian investment companies or purchasing government bonds through local institutions. Additionally, the digital nomad visa allows freelancers to reside in Greece for up to one year, provided they meet a minimum income requirement of $3,676 (€3,500) monthly.

In summary, Greece’s blend of beautiful living conditions and its strategic offerings for foreign investors make it an appealing destination. The definition of wealth here varies, but the threshold for achieving a comfortable lifestyle is lower compared to the broader European context.