Living in Greece – A Comprehensive Guide to Education, Living Costs, and Tax Responsibilities for Golden Visa Holders

By Dr. Pooyan Ghamari, Swiss Economist

Greece has become an attractive destination for global investors and their families, particularly those seeking the benefits of the Golden Visa program. Beyond the allure of residency, there are practical aspects of life in Greece that Golden Visa holders must navigate, including education options, living expenses, and tax obligations.

Education in Greece: Options for Golden Visa Families

For families relocating to Greece under the Golden Visa program, education is a primary concern. Greece offers a variety of educational institutions that cater to both local and international students.

1. Public Schools: Public education in Greece is free and available to all residents, including the children of Golden Visa holders. The curriculum is taught in Greek, which can be a valuable opportunity for children to immerse themselves in the language and culture. However, it might be challenging for those unfamiliar with the language.
2. Private Schools: Many expatriate families opt for private schools, which offer instruction in English or other languages. These schools often follow the International Baccalaureate (IB) curriculum or the educational systems of other countries, such as the British or American curricula. Tuition fees for private schools in Greece can range from €5,000 to €15,000 per year, depending on the institution and the level of education.
3. International Schools: For families looking for a more global education experience, international schools are an excellent option. These schools cater specifically to expatriates and offer internationally recognized curricula, such as the IB. The annual cost for international schools can range from €10,000 to €25,000.

Cost of Living in Greece: What to Expect

The cost of living in Greece is generally lower than in many other European countries, making it an attractive option for expatriates. However, expenses can vary significantly depending on lifestyle choices and the region of residence.

1. Housing: Housing costs are a major component of living expenses. In Athens, rental prices for a two-bedroom apartment in the city center range from €600 to €1,200 per month. In less urban areas, prices can be significantly lower.
2. Daily Expenses: Groceries, dining out, and transportation are relatively affordable in Greece. A family of three can expect to spend between €1,200 and €2,500 per month, depending on their lifestyle.
3. Healthcare: Greece offers both public and private healthcare options. Public healthcare is accessible to residents and is either free or low-cost. However, many expatriates prefer private healthcare due to shorter waiting times and broader service options. Private health insurance can range from €1,000 to €2,000 annually, depending on the coverage.

Tax Obligations for Golden Visa Holders in Greece

Golden Visa holders must be aware of their tax obligations in Greece to ensure compliance with local laws.

1. Income Tax: If a Golden Visa holder becomes a tax resident in Greece, they are subject to Greek income tax on their worldwide income. Tax rates are progressive, ranging from 9% to 44%.
2. Property Tax (ENFIA): Property owners in Greece are required to pay an annual property tax, known as ENFIA. The amount depends on the location, size, and value of the property.
3. Tax on Rental Income: If you rent out your property in Greece, rental income is taxed at rates ranging from 15% to 45%, depending on the income bracket.
4. Non-Domiciled Status: Greece offers favorable tax conditions for foreign residents through the non-domiciled (non-dom) regime. This status can provide significant tax benefits, including a flat annual tax of €100,000 on global income for a period of up to 15 years.

Navigating Life in Greece as a Golden Visa Holder

Greece presents a wealth of opportunities for Golden Visa holders, from its rich cultural heritage to its strategic position in Europe. However, understanding the practical aspects of living in Greece, such as education options, living costs, and tax obligations, is essential for a smooth transition. By planning ahead and seeking professional advice, Golden Visa holders can enjoy the many benefits of life in Greece while fulfilling their obligations under Greek law.

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