Greece (GR)
Greece is a southeastern European republic and EU member state, birthplace of democracy, philosophy, and the Olympic Games, celebrated for its 6,000 sun-drenched islands, ancient ruins from the Acropolis to Delphi, vibrant Mediterranean cuisine, and a warm culture that draws expats, retirees, digital nomads, and Golden Visa investors from across the world.
Retirement & Pension in Greece
State pension, contribution refunds, private pension vehicles, and international agreements.
Greece's pension system has undergone multiple major reforms since 2010 and is now administered by EFKA (e-EFKA). The current system consists of: (1) a state pension (Κύρια Σύνταξη) combining a national flat-rate component (Εθνική Σύνταξη) with an earnings-related component, (2) an auxiliary/supplementary pension (Επικουρική Σύνταξη) via EFKA or the new ΤΕΚΑ funded scheme, and (3) optional private pension products. Greece is also particularly attractive for foreign retirees due to the flat 7% income tax regime for foreign pension income (Article 5B incentive). Pensions increased by 2.4% from January 2026.
State Pension
The Greek state pension combines two components: (a) National Pension (Εθνική Σύνταξη): €384.00/month (base rate, with a 2.4% adjustment applied from January 2026) for those with 20+ years of contributions. Proportionally reduced for those with 15–19 contribution years (minimum eligibility: 15 years). (b) Contributory Pension (Ανταποδοτική Σύνταξη): calculated based on insured earnings and years of contributions. The total EFKA pension contribution is 20% of earnings (employee 6.67% + employer 13.33%). As of 1 January 2026, the monthly social security contribution cap for the primary EFKA fund is €7,761.94/month. Together, these form the total state pension. Average new retiree pension in Greece: approximately €700–1,200/month; range is wide based on career history.
Standard retirement age: 67 years with 15+ years of contributions. Early retirement: 62 years old with 40 years of contributions (12,000 insured days). Early retirement with reduced pension: 62 years with 4,500 insured days (approximately 18 years). Arduous and hazardous occupations (ΒΑΕ) have different (lower) retirement ages. Disability pension: available for those with permanent total incapacity regardless of age.
Minimum for any state pension: 15 years (4,500 insured days) — gives access to the national pension component only. For the full national pension (Εθνική Σύνταξη): 20 years and 40 years of Greek residence. Full earnings-related component: up to 40 years of contributions maximises the benefit. Years from EU/EEA countries count under EU social security coordination (Regulation 883/2004). Years from non-EU countries with bilateral agreements (USA, Canada, Australia) also count under totalization.
Access your projected pension estimate via e-EFKA at efka.gov.gr — use the "Εκτίμηση Σύνταξης" (pension estimate) tool with your Taxisnet credentials. It shows your current insured days, projected pension based on current contributions, and expected age of eligibility.
Greek pensions can be paid to a bank account in any country. Inform EFKA of your foreign bank account (IBAN required) via efka.gov.gr. Greek pension income paid to non-residents is subject to withholding tax (15% flat rate for non-EU residents; EU residents may claim treaty rates). Proof of life (Πιστοποιητικό Ζωής) may be required annually when receiving pension abroad.
Pension Contribution Refund on Leaving Greece
Non-EU/EEA nationals who leave Greece permanently and will not return to work in Greece, and who are not covered by a bilateral social security agreement with their home country, may apply for a refund of their EFKA employee contributions.
EU/EEA citizens (contributions count toward pension in future country of residence under EU coordination under Regulation 883/2004). Citizens of countries with bilateral social security agreements (USA, Canada, Australia, India, and others — see EFKA website). Those who have already reached retirement age or applied for a pension.
There is no mandatory waiting period in Greek law, but the process typically takes 3–6 months to complete after submitting the application.
Employee share of EFKA contributions only (approximately 6.67% main pension + 3.5% auxiliary). The employer share (13.33% main + 3.5% auxiliary) is NOT refunded. Interest is not paid on contributions. Only contributions from employment where the individual personally paid — not employer contributions.
Apply in writing to the competent EFKA regional office or via the e-EFKA portal (efka.gov.gr). Submit: AMKA, AFM, IBAN of your foreign bank account, employment history (Ατομικός Λογαριασμός Ασφάλισης), passport, and proof of departure/residence abroad.
For EU/EEA citizens: do NOT apply for a refund — instead, request an E104/SEDS P3000 certificate from EFKA documenting your Greek contribution years. This certificate is presented to your new EU country's pension authority and the years will count toward your future pension there.
International Totalization Agreements
Greece has concluded bilateral social security totalization agreements with: USA, Canada, Australia, India, Egypt, Libya, New Zealand, Algeria, Morocco, Tunisia, and Turkey (limited). Within the EU/EEA, EU Regulation 883/2004 governs full portability — applicable only to EU/EEA member states and Switzerland. For all covered countries: contribution periods in Greece count toward pension qualification in the other country, and vice versa. Contact e-EFKA for the current list and for the correct forms (A1, E001, E104, etc.).
Private Pension Vehicles
Individual Pension Insurance (Ατομική Σύμβαση Ασφάλισης Ζωής)
Ιδιωτική ΣύνταξηEmployees, self-employed, and anyone wishing to supplement the state pension with additional savings.
No direct state subsidy. Contributions to private pension contracts that qualify under the Greek tax code may be partially tax-deductible.
Premiums may be deductible from taxable income up to certain limits. Gains within the policy are tax-deferred. Check with your insurance provider for current tax treatment.
No statutory maximum for private insurance savings.
Policy can be transferred or surrendered if you leave Greece. International policies are available from global providers.
Available from all major Greek insurance companies (Ethniki Asfalistiki, Interamerican, NN Hellas, AXA Greece). A wide range of products from unit-linked to guaranteed-return plans. Independent financial advice (IFA) is recommended before committing.
ΤΕΚΑ (Auxiliary Pension — New Funded Scheme)
Ταμείο Επικουρικής Κεφαλαιοποιητικής ΑσφάλισηςEmployees who started working in Greece on or after 1 January 2022. Also available optionally for those who started before 2022.
No state subsidy. Funded defined-contribution scheme — returns depend on fund performance.
Contributions are paid from gross earnings before tax calculation.
3.5% employee contribution rate (part of total social contribution package).
Capital accumulated in ΤΕΚΑ is portable — can be transferred or taken as a lump sum under certain conditions on departure from Greece.
ΤΕΚΑ (tekagr.gr) was established by Law 4826/2021. It is a fully-funded individual capital account scheme, unlike the old EFKA auxiliary pension which was pay-as-you-go. Accumulation from 2022 onwards; payable at retirement age alongside the main state pension.
Occupational Pension Funds (Ταμείο Επαγγελματικής Ασφάλισης / ΤΕΑ)
ΤΕΑ — Ταμείο Επαγγελματικής ΑσφάλισηςEmployees whose employer offers an occupational pension scheme (common in banking, large companies, and the public sector).
Employer contributions to ΤΕΑ may be tax-deductible for the employer.
Employee contributions are typically tax-efficient. Payouts at retirement taxed differently from income — check current rules.
Set by the individual ΤΕΑ rules.
ΤΕΑ are supervised by EIOPA/EOPT. Portability on leaving employment varies by scheme rules.
Not all employers offer ΤΕΑ — ask your HR department. ΤΕΑ are regulated by the Hellenic Actuarial Authority and the Bank of Greece.
Early Retirement Options
Early retirement at 62 with 40 years of contributions (12,000 insured days) for a full pension. Special early retirement for arduous occupations (Βαρέα και Ανθυγιεινά Επαγγέλματα — ΒΑΕ) at lower ages (55–60). Disability retirement available regardless of age for permanent total incapacity. Early retirement before 62 is generally not available under the current system except for ΒΑΕ categories and disability.
Pension Gap Warning
WARNING: Greek state pensions have been significantly reduced since the 2010 crisis reforms. A full-career worker with average earnings can expect approximately €700–1,200/month after the January 2026 2.4% increase. This is often insufficient for comfortable retirement without supplementary savings or foreign income. The 7% flat tax regime for foreign retirees is designed to attract pensioners with foreign income who will supplement their income beyond the Greek state pension. Anyone planning to retire in Greece should: (1) maximise ΤΕΚΑ contributions throughout their career, (2) maintain private pension savings, (3) consider the non-dom 7% regime if eligible, and (4) plan for a pension gap of potentially €500–1,000/month versus pre-retirement income.
Useful Links
Retirement & Pension
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