€3,500 a month — or €126,000 in a Greek bank. That's the bar for the FIP visa.
Greece's FIP (Financially Independent Person) visa is the standard retirement path for non-EU citizens. The €3,500/month income threshold is the highest of any major European retirement visa — but there's a second route that most people don't know about: deposit €126,000 in a Greek bank account instead.
The less obvious piece: FIP visa holders are permanently excluded from Greece's public health system. You can't access it after 6 months, after 5 years, or ever. Private insurance isn't a bridge until you settle in — it's your healthcare for the entire time you're in Greece on this visa.
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The 60-second version
Income threshold
€3,500/month
Net passive income — Social Security, pension, IRA distributions, dividends, rental income. Highest bar of any major European retirement visa.
Alternative path
€126,000
Deposit this amount in a Greek bank account instead of meeting the monthly income threshold. For retirees with savings but not enough passive income.
Health system access
Private only
FIP holders are permanently excluded from Greece's public system (ESY). Private insurance is mandatory for the entire duration of your stay — not just the application.
Days in Greece
183+ / year
Greece must be your primary residence. You can travel, but the majority of the year has to be there.
Residence permit
3 years
Renewable for 3-year periods. Permanent residency after 5 years. Citizenship after 7 years — requires Greek language and culture exams.
Tax advantage
7% flat
Most US retirees qualify for Greece's 7% flat tax on all foreign-sourced income — a significant offset to the high income threshold. Full details →
The income requirement — and the savings-deposit alternative
Greece's €3,500/month threshold is net passive income — after taxes, from sources you don't work for. It's set by Law 5038/2023, which raised the bar from €2,000. The good news: there's a second path most people overlook.
Path 1: Monthly passive income
- Social Security — counts directly toward the threshold as foreign-source income.
- Pension income — employer pensions, government pensions, military retirement.
- IRA and 401(k) distributions — regular distributions qualify. Document with bank statements showing the recurring transfers.
- Investment income — dividends, interest, rental income from US property.
- Combinations — $2,500 SS + $1,200 pension + dividends. The consulate evaluates the total net amount.
Adding a spouse: +20% (€4,200 total). Each dependent child: +15%.
Path 2: The €126,000 savings deposit
If your monthly passive income falls short of €3,500, you can qualify instead by depositing €126,000 in a Greek bank account. The funds must be transferred from outside Greece and held in your name at a Greek bank before you apply.
- The deposit is not locked — it stays in your account and earns interest. It's evidence of financial sufficiency, not a fee.
- You'll need a Greek bank account and AFM (tax ID) to hold the funds — requires a short setup trip or fiscal representative before application.
- You'll need to demonstrate that the funds remain on deposit at renewal time.
Adding a spouse: +20% (€151,200 total).
Verify income figures with your consulate before applying
The €3,500/month and €126,000 deposit figures are set by Law 5038/2023 (in force January 2024). They can change — verify the current requirements at mfa.gr and with your specific Greek consulate before submitting. Salary or business income doesn't qualify — the threshold requires passive income only.
The insurance requirement — this one is permanent
Law 5038/2023 requires "full medical and hospitalization coverage from a private institution" for the FIP visa. That's standard for retirement visas. What's different about Greece is this: FIP visa holders are permanently excluded from AMKA registration — the gateway to Greece's public health system (ESY) — so you can't use the public system in your first month, after your permit renews, or ever. Private insurance is your healthcare, indefinitely.
What doesn't qualify
- Travel insurance — explicitly excluded under Law 5038/2023
- Short-term visitor health insurance
- Greece's public system (ESY) — FIP holders are excluded by law
- Local Greek private insurance before arrival — requires residency and AMKA to purchase (and FIP holders can't get AMKA)
What qualifies
- International Private Medical Insurance (IPMI) plans — long-term residency coverage, not travel plans
- Providers like IMG Global, Cigna Global, Allianz Care, AXA Global Healthcare, and BCBS Global Solutions
- The certificate must specify your coverage area and coverage amounts — not just the policy dates
- Cost at 65: roughly €150–300/month without US coverage, more with it
No copayment restriction — but confirm with your consulate
Unlike Portugal's D7 visa (which explicitly requires no deductibles or coinsurance), Greece's law doesn't specify copayment restrictions. That gives you more flexibility in plan choice. That said, consulates have discretion in how they review documentation — verify what your specific consulate wants to see before purchasing a policy.
One planning note: once your residence permit is registered and finalized in Greece, some local Greek private insurers (Interamerican, Ethniki, Generali Hellas) become accessible. They run ~€200–300/month at 65 and cover you within Greece — cheaper than international insurance if you're not traveling. But you can't drop coverage; the FIP visa requires continuous private insurance for its entire duration.
Required documents
The document list varies slightly by consulate. Start gathering 3–4 months out — the FBI background check is the long pole at 8–18 weeks.
Valid US passport
Valid for at least 6 months beyond your intended stay. Renew early if it's expiring — passport renewals run 6–8 weeks.
Completed FIP visa application form
Available from the Greek consulate covering your US state. Some consulates accept English; others require Greek — check before filling it out.
Two passport-sized photos
Standard visa photo requirements (white background, recent). Same specs as a US passport photo.
Proof of passive income or savings deposit
Income path: SSA benefits letter, pension award letters, and 3–6 months of bank statements showing recurring deposits of €3,500+/month net. Savings path: Greek bank statement showing €126,000 on deposit in your name, plus documentation of the international transfer.
Private health insurance certificate
Long-term international residency coverage covering you in Greece, with a certificate specifying coverage area and amounts. Travel insurance won't qualify. Your insurer should confirm the policy is valid for the duration of your residence permit.
FBI criminal background check with federal apostille
The FBI Identity History Summary with a federal apostille from the US Department of State. Not a state-level check. Has a 90-day freshness window — start this process once your consulate appointment is booked.
FBI background check guide →Proof of accommodation in Greece
A signed long-term lease or property deed showing where you'll live. Short-term rentals are typically not sufficient.
AFM (Greek tax ID) — required by some consulates
Not all consulates require this upfront. If yours does, you can obtain an AFM through a Greek accountant or fiscal representative before arriving — avoids needing a pre-move trip. If you're taking the savings-deposit path, you'll need an AFM to open the Greek bank account anyway.
Verify the complete document list with the Greek Ministry of Foreign Affairs and your specific consulate before applying — requirements vary by location and can change.
Applying from the US — the consulate process
The FIP visa application is done in the US before you move. You submit documents at a Greek consulate in person, wait for approval (typically 30–60 days), and then enter Greece on your visa to finalize the residence permit after arrival.
Four steps, in order
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Find your consulate and book the appointment
Which consulate handles your application depends on your US state of residence. Major Greek consulates are in New York, Los Angeles, Chicago, Boston, and Houston. Appointment slots fill up — book before your documents are complete, then work backward to gather everything in time.
Greek Ministry of Foreign Affairs — visa information → (opens in new tab) -
Start the FBI background check immediately
The check takes the longest and has a 90-day freshness window — you can't start it too early either. Once your consulate appointment is booked, begin the FBI process. Using an expedited channeler compresses the timeline from 14–18 weeks to 4–6.
FBI background check guide → -
Gather your remaining documents
Income proof, bank statements, insurance certificate, and accommodation documentation. If you're taking the savings-deposit path, confirm the €126,000 is on deposit in a Greek bank account with a statement showing the amount and transfer origin. These can be gathered closer to your appointment than the FBI check.
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Submit at the consulate and wait for approval
Attend in person with originals and copies of everything. Processing typically runs 30–60 days. Once approved, you receive a Type D national visa with an entry window — enter Greece within that window, then finalize your 3-year residence permit with the regional immigration authority after arrival.
After the FIP — permit, renewal, and the path to citizenship
The visa gets you into Greece. After arrival, the Aliens and Migration Department of your regional Decentralized Administration issues the actual 3-year residence permit. From there the path is clear.
Get your AFM and open a Greek bank account — day one
Your AFM (Greek tax ID) is required for everything downstream — bank account, lease, residence permit registration, and eventually the 7% tax regime election. Apply at your local DOY (regional tax office) on day one. Once you have the AFM, open a Greek bank account — required for the residence permit application and essential if you used the savings-deposit path.
Register your residence permit: 3 years
Apply for the residence permit at the Aliens and Migration Department covering your address. Bring AFM, passport, visa, lease, income/deposit proof, insurance certificate, and apostilled FBI background check. Practitioners typically aim for the 30-day mark. Your permit is valid for 3 years and renewable in 3-year periods.
Set up the 7% flat tax regime — by March 31
This isn't a first-month item — it's an annual-cycle item. The election must be filed with AADE (the Greek tax authority) by March 31 of the year you want the regime to apply. The annual payment is due by end of July. Miss a payment once and the regime ends permanently — no second chances. Work with a Greek tax advisor in your first few months to get this set up correctly.
Full guide to the 7% flat tax regime →Permanent residency at 5 years
After 5 years of continuous legal residency you can apply for permanent resident status. This removes the ongoing income/deposit requirement — you no longer have to demonstrate €3,500/month or the €126,000 deposit to maintain your status. The 183-day residency requirement continues.
Citizenship at 7 years — with exams
After 7 years of legal residency you can apply for Greek citizenship. Both the US and Greece allow dual citizenship — you keep your American passport and add an EU one, which gives you freedom of movement across all 27 EU member states. Greek citizenship requires passing a Greek language exam and a culture/history exam. Both are practical tests, not academic — but they require real preparation.
How the FIP compares to Portugal's D7 and Italy's Elective Residence Visa
Greece's €3,500/month threshold is the highest of the three — Portugal requires €920/month, Italy roughly €2,600/month. But the 7% flat tax often more than compensates: a retiree on $3,000/month Social Security pays roughly $140/month in Greek income tax vs. several times that under Italy's or Portugal's standard progressive rates. Greece also reaches citizenship fastest at 7 years vs. Portugal's 10. The permanent private insurance requirement is the real trade-off — if you were planning to rely on a public health system, Greece isn't the right fit.
Start here — in this order
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Run the income math
Add up your Social Security, pension, and any passive investment income in euros. If you're at or above €3,500/month net, you're on the income path. If you're below, check whether you have €126,000 in accessible savings for the deposit path. If neither works, Greece may not be the right country — Portugal's €920/month bar is significantly lower.
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Get international insurance quotes
You need long-term residency coverage for the visa application — and you'll need it permanently in Greece. Get quotes now so you know the cost before committing. The policy certificate must specify coverage area and amounts, not just dates.
Compare international insurance plans → -
Book your consulate appointment
Book the appointment slot first, then gather documents. Slots fill weeks to months out at major consulates. Don't wait until your documents are ready — that adds months to your timeline.
Greek Ministry of Foreign Affairs → (opens in new tab) -
Start the FBI background check
Allow 8–18 weeks for the FBI check plus the federal apostille. The 90-day freshness window means timing matters — start it after your appointment is booked, not months before.
FBI background check guide →
Sources
- FIP Residency for Financially Independent Persons — greekresidency.com: FIP visa income threshold, insurance requirement, and citation of Law 5038/2023, Article 163.
- FIP Residence Permit Income Increase — siopi-law.gr: Law 5038/2023 threshold increase from €2,000 to €3,500, Article 163 citation.
- Visas for Foreigners Traveling to Greece — Greek Ministry of Foreign Affairs: Official government visa information and consulate directory.
- Totalization Agreement with Greece — SSA.gov: Agreement entered into force September 1, 1994. No double Social Security taxation.
- Other Tax Credits and Incentives — PwC Tax Summaries: Article 5B, Law 4172/2013 — 7% flat tax regime for foreign pension income.
- Healthcare in Greece for Expats — iland.co.com: FIP visa holders excluded from AMKA registration and ESY public health system access.
- AADE — Independent Authority for Public Revenue: Greek tax authority; 7% regime election deadline (March 31) and annual payment deadline (end of July).
Private insurance is mandatory in Greece — compare plans built for retirees
FIP visa holders can't access Greece's public health system. These are the international plans US retirees use from day one in Greece and across Europe.
Compare International Insurance Plans