Expatriate Living: Greece Retirement Today

The Acropolis at night.

One of the more popular retirement destinations in Mediterranean Europe is Greece. Although not quite as affordable as Portugal or Spain, a Greece retirement is still one of the more affordable options in the western half of Europe.

Greece Retirement – Greece’s Economy

Nearly 60% of the Greece’s population work in the service sector. About 20% are in manufacturing industries, with the remaining 20% in agriculture. Although 20% in agriculture seems small, it represents a relatively large value when compared with your typical developed nation with less than 5% of the workforce engaged in agriculture.

Typical agricultural produce from Greece reflects its Mediterranean climate and includes wine, olives, wheat, corn, beef and dairy farming. The manufacturing sector of Greece’s economy is dominated by food and beverage processing, textiles, chemical and metal products, petroleum products, construction, and mining.

The vast majority of the Greek economy is based on shipping and tourism. Its shipping related services make it one of the largest in the world and the number of tourists visiting the country annually exceeds the country’s population.

Athens, capital and economic center of Greece.

During the past decade, Greece was in a major growth mode and exceeded the average growth of other European countries. However, the recent global financial crisis has produced a major decline in its growth rates. The slowdown has contributed to a major problem with its public debt and an increase in unemployment.

Despite these problems, Greece maintains a fairly high standard of living. Average income is about $32,000 USD, placing it in the top 25 countries in the world. On the downside, for the typical retiree, Greece’s cost of living is the highest among the western Mediterranean countries (Spain, Portugal, and Italy). It is still possible to retire abroad to Greece since the average income in the USA is about $45,000 but the cost savings are not as large as many Central American or Southeast Asian retirement destinations.

Greece has a low birth rate and like many other European nations is experiencing an aging of its population. To offset the aging population, immigrants now make up nearly 20% of the labor force. The cost of the country’s pension system is high and steadily growing and the government is hard pressed to reform the system with strong opposition from the elderly and labor unions (not all that different from the USA.

Overall, Greece has a stable economy – despite some problems and should be a reasonably safe and developed region for anyone who decides to retire abroad in the Mediterranean region.

A sampling of Greek cuisine.

Greece Retirement – Greek Cuisine

Greece’s location and history has established a cuisine that reflects the culinary traditions of Europe, North Africa and the Middle East. And in the same way, it has influenced cuisines throughout Europe as well.

Greek cooking centers around the use of olive oil in preparation of the meals. Sheep, goat and seafood are basic protein sources in the diet. Wheat and barley are the common grains in the diet. Meals are prepared with vegetables such as the tomato and eggplant combined with a variety of spices such as oregano, garlic and mint.

The retired expatriate living in Greece will have no problem enjoying local Greek cuisine or a more international cuisine catering to the country’s tourists.

Greece Retirement – Greece’s Healthcare System

Although Greece has a capitalist economy, the country maintains the strong influence of socialism in the region. This is well reflected in the country’s healthcare system. National healthcare is available to the entire Greek population as well as foreign citizens.

As in most national healthcare systems, there is some concern about the quality of the healthcare provided due to underfunding of public health care services. Expatriates living in Greece will probably want to take advantage of private health care services.

Greece Retirement – Housing Costs in Greece

Expatriates are able to purchase property in Greece although there are a few areas where foreigners are prohibited from acquiring property. Land costs remain relatively low, with properties nearer to the sea being more expensive.

Santorini Island

Athens also tends to be a more expensive than surrounding cities although rents are typically lower than rents in Western and Northern Europe.

Greece Retirement – Social and Political Issues in Greece

Greece has a democratic government with a president, prime minister and cabinet, and parliament. Overall, the country is relatively stable and should make for an ideal retirement destination.

Potential sources of problems that may result in protests or demonstrations are the problems with the economy (such as unemployment) and the growing number of migrant laborers brought into the country. However, these are not seen as major problems that would be likely to have an adverse affect on anyone choosing to retire abroad in Greece.

Greece Retirement: Greece’s Communication and Transportation Infrastructure

Greece’s basic infrastructure for communications and transportation are modern. Outside of the major cities, transportation networks are less well developed. Within the major cities, bus systems are available. Major investments are being made to improve the country’s overall transportation network. The air transport system is very modern.

Greece Retirement: Summary

A Greek retirement will provide expatriate living in a mild Mediterranean climate with access to the sea. The cost of living is lower than the USA and the northern/western parts of Europe. However, the costs are the highest among the Mediterranean countries.

The country is relatively stable and the infrastructure in the major cities are modern. Healthcare is modern as well, but will tend to present issues to the retiree since it is primarily a public funded system. However, privatized healthcare is also available.

Greece’s dependence on tourism suggests that money will continue to flow into improving the country’s infrastructure over time. With the exception of the higher cost of living, Greece is one of the best places to retire in Europe.

(Photos by: Krzysiuc, Therysmas, Chimugher, Dmolla)

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