Country Guides

Expat Pensions in Greece: A Complete Guide

By QROP Direct Editorial Team · Reviewed by an independent regulated pension specialist · Reviewed 2026-06-11

Expat Pensions in Greece: A Complete Guide

Greece is one of Europe's most desirable retirement destinations — combining exceptional climate, a relaxed Mediterranean lifestyle, affordable living costs, and some of the most scenic landscapes in the world. For UK expats, Greece has recently become even more attractive from a financial perspective, with a 7% flat tax regime on foreign pension income that is available for up to 15 years.

This guide covers everything UK expats need to know about pensions in Greece: the 7% flat tax regime, the standard UK-Greece DTA rules, SIPP and QROPS considerations, and State Pension uprating for Greek residents.

This guide is for information purposes only and does not constitute financial, tax or legal advice. Always consult a regulated financial adviser and a Greek tax professional (lογιστής or φοροτεχνικός).

Key Takeaways

• 7% flat tax regime: New Greek tax residents can elect a 7% flat tax on all foreign-sourced pension income for up to 15 years — one of the longest-running regimes in Europe
• UK-Greece DTA: UK private pension income taxable in Greece; UK government pensions may remain UK-taxable
• Standard Greek rates: Progressive to 44% — the flat tax regime offers very substantial savings at moderate and higher pension incomes
• OTC EEA exemption removed: October 2024 — EU/EEA QROPS transfers no longer OTC-free for Greek residents
• Triple-lock uprating: Greece is EU — UK State Pension recipients receive annual increases
• Cost of living: Lower than the UK in most regions, making pension income stretch further

The 7% Flat Tax Regime for Foreign Pension Income

Greece introduced a special tax regime for individuals who transfer their tax residence to Greece under Article 5B of the Greek Income Tax Code (Law 4172/2013, as amended). This regime is specifically designed to attract pensioners from abroad.

Who qualifies: Individuals who: - Transfer their tax residence to Greece - Have not been Greek tax residents for at least 5 of the previous 6 years - Reside in Greece for at least 183 days per year - Submit an application to the Greek tax authority (AADE) with evidence of foreign pension income

The rate: A flat 7% tax rate on all foreign-sourced pension and retirement income, replacing the standard progressive income tax rates on that income (Source: AADE, aade.gr, 2026).

Duration: Up to 15 years — the longest flat-rate pension tax regime in the EU.

Annual payment: An annual application/renewal fee may apply in addition to the flat rate — check current requirements with the Greek tax authority.

Example: A UK expat drawing £25,000 per year from a SIPP in Athens: - Standard Greek tax (approximately 22–28% on this income level): approximately £5,500–£7,000 per year - 7% flat regime: approximately £1,750 per year - Annual saving: approximately £3,750–£5,250, or up to £78,750 over 15 years

How to apply: The election is made by submitting an application to the AADE by 31 March of the relevant tax year, along with proof of foreign income and evidence of prior non-residency in Greece. Engage a Greek tax accountant (lογιστής) to manage this process.

The UK-Greece Double Taxation Agreement

The UK-Greece DTA governs taxation of cross-border income (Source: HMRC, gov.uk, 2026):

Private pensions and annuities: The DTA generally assigns taxing rights on private pension income to the country of residence — for Greek residents, this means Greece taxes the income under the standard regime or the 7% flat tax. Apply for NT (No Tax) coding from HMRC to prevent UK withholding.

Government service pensions: Under many DTA arrangements, UK government service pensions (civil service, military, police) may be taxable only in the UK. Check the specific DTA provisions and seek specialist advice on UK government pension treatment — the position can vary.

UK State Pension: Generally taxable in Greece for Greek residents.

NT coding: Apply to HMRC for NT (No Tax) coding once Greek tax residency is established. This prevents your SIPP or pension provider from deducting UK income tax at source — Greece taxes the income instead.

Standard Greek Income Tax Rates

For those not using the flat tax regime, standard Greek personal income tax rates apply (Source: AADE, aade.gr, 2026):

Solidarity levy: Greece previously levied an additional solidarity surcharge on income, but this has been reduced and phased out in recent years — check current applicability.

Non-taxable minimum: Greek tax residents are entitled to personal allowances that reduce the effective rate on modest incomes. The standard personal allowance creates an effectively zero-tax band for lower incomes.

SIPP vs QROPS for Greek Residents

OTC after October 2024: The removal of the EEA QROPS exemption on 30 October 2024 means transfers from UK SIPPs to Malta or Gibraltar QROPS now attract the 25% OTC for Greek residents. See our Brexit pension impact guide.

Greek QROPS: A transfer to a Greek-registered QROPS by a Greek resident would qualify for the same-country OTC exemption. However, Greek pension schemes designed to receive UK transfers are extremely rare — the Greek pension system is primarily structured as a state-run defined benefit system and does not accommodate inward transfers from UK registered schemes in any practical sense.

SIPP advantages for Greek residents: - No OTC: Avoids the 25% OTC entirely - Flat tax compatibility: Under the 7% regime, SIPP drawdown is taxed at a flat 7% regardless of the amount drawn — income management year-to-year does not affect the tax rate, making the SIPP's flexibility less critical but still valuable - Under the standard regime: Varying annual drawdown amounts can manage the position within the lower Greek tax bands - Portability: SIPP works in any jurisdiction if you leave Greece after the flat tax period expires - EUR/GBP exposure: Greek living costs are in EUR; consider currency hedging for large drawdowns. See our currency risk guide

For almost all UK expats in Greece, retaining a UK SIPP and electing the flat tax regime where eligible is the optimal approach. See our SIPP vs QROPS comparison.

Greek State Pension (IKA / EFKA)

The Greek state pension system has undergone significant reform in recent years and is now administered primarily through EFKA (Ενιαίος Φορέας Κοινωνικής Ασφάλισης). UK nationals who worked in Greece and paid Greek social security contributions have built up entitlement.

Eligibility: The main Greek old age pension requires typically 15 years of contributions and age 67. Earlier retirement with higher contribution years is possible under some conditions.

EU coordination: Under EU social security coordination rules (maintained under the Withdrawal Agreement), UK and Greek contribution years can be combined to establish entitlement in each country's pension system.

Checking entitlement: Contact EFKA or the Greek Ministry of Labour to establish your Greek pension entitlement if you have worked in Greece.

UK State Pension for Greek Residents

Greece is an EU member state, and UK State Pension recipients resident in Greece receive the annual triple-lock uprating. Your pension increases each year by the highest of earnings growth, CPI, or 2.5% (Source: DWP, gov.uk, 2026).

Withdrawal Agreement protection: UK nationals resident in Greece on 31 December 2020 retain triple-lock uprating under the Withdrawal Agreement.

Post-2020 movers: Contact DWP to confirm uprating status if you moved to Greece after December 2020. The EU-UK TCA generally supports uprating continuity but individual verification is recommended.

Practical Steps for UK Expats in Greece

1. Obtain an AFM (Αριθμός Φορολογικού Μητρώου — Greek tax number) from the local tax office (Εφορία) or AADE
2. Register as a resident with the relevant local authority (KEP) and obtain an AMKA (social security number)
3. Apply for the 7% flat tax regime by 31 March of the first tax year — submit the AADE application with supporting documents
4. Apply for NT coding from HMRC for SIPP and private pension payments
5. File the annual Greek income tax return (E1) — typically due by June/July each year; the flat tax election is declared on this return
6. Check EFKA entitlement if you have worked in Greece previously
7. Contact DWP to arrange UK State Pension payment to a Greek bank account and confirm uprating status
8. Engage a Greek lογιστής experienced in cross-border taxation for the flat tax election and ongoing compliance