A comfortable retirement works out cheaper in Greece — around £2,300/month for a couple, versus £2,500 in Spain (about 8% more).
Cost of living, side by side
| Greece | Spain | |
|---|---|---|
| Modest (couple/mo) | £1,600 | £1,800 |
| Comfortable (couple/mo) | £2,300 | £2,500 |
| Premium (couple/mo) | £3,700 | £4,000 |
Indicative monthly estimates for a couple — real costs vary by location, lifestyle and exchange rates.
Greece: Foreigners can buy property freely in Greece.
Spain: Foreigners can buy property freely in Spain, with full ownership.
Greece: Residency-by-investment and other routes attract retirees; passive-income options exist.
Spain: The non-lucrative visa is the usual route for retirees with sufficient income and health cover.
Greece: Greece's public ESY system covers residents (retirees often via a UK S1 form), and private care is high-quality, affordable and frequently English-speaking, with the best hospitals in Athens and Thessaloniki; many expats buy private cover for roughly £80-250 a month depending on age.
Spain: Spain has excellent healthcare; legal residents can access the public system (retirees often via a UK S1 form or a paid convenio especial after a year), while the Non-Lucrative Visa requires private cover in the meantime, typically £100-150 a month at older ages.
Greece: A retiree who moves tax residence to Greece can elect a flat 7% tax on all foreign income, including pensions, for up to 15 years (you must not have been Greek-resident for five of the prior six years and must spend 183+ days a year there); otherwise standard progressive rates apply, so take advice.
Spain: Spanish tax residents (183+ days) pay progressive income tax on worldwide income, combining state and regional bands from about 19% up to roughly 47%, so a UK private pension is taxable in Spain under the treaty (UK government and Crown pensions stay taxed in the UK); rates vary by region, so take advice.
Greece: Classic Mediterranean with hot dry summers and mild winters, the islands and south being warmest; late spring and early autumn are the loveliest months. Greece is very safe and famously welcoming; English is widely spoken in tourist and expat areas, driving is on the right, and the relaxed pace suits many British retirees.
Spain: Warm Mediterranean climate on the coasts with hot summers and mild winters, and the Canaries mild year-round; spring and autumn are ideal. Very safe and well set up for retirees; English is widely spoken along the costas, driving is on the right, and daily life is straightforward.
Greece: Budget around 5-8% in one-off costs, a 3.09% transfer tax on resale homes (new builds may carry 24% VAT, currently suspended), notary about 1-2%, land registry near 0.5%, plus legal and agent fees; buying typically takes one to three months.
Spain: Budget around 10-14% in one-off costs, resale transfer tax (ITP) of roughly 6-10% depending on region, or 10% VAT plus 1.5% stamp duty on new builds, plus notary, registry and legal fees; note the Golden Visa closed in April 2025.
Greece: Crete for a large island with hospitals, airports and year-round life, Peloponnese towns like Kalamata for value and nature, Athens for the best services and flights, and islands such as Rhodes or Corfu for classic island living.
Spain: The Costa Blanca (Alicante, Torrevieja, Jávea) and Costa del Sol (Fuengirola, Estepona, Nerja) for sun and big British communities, the Balearic and Canary Islands for scenery, and cities like Valencia for culture at lower cost.
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