…Applicants can sponsor their spouse and children
….Residence is for five years, after which citizenship can be applied for
..Benefits include access to the Greek health care system and a preferential tax regime
Nigerian retirees need to earn €3,500 (about N6.3 million Naira) monthly as passive income to obtain residency in Greece.
This new residency route for non-EU citizens is known as the Financially Independent Individual (FIP) route for an initial three-year period, provided they demonstrate a stable passive income of that amount.
Provided that residence and financial requirements continue to be met, the permit remains fully renewable, providing a long-term residence solution.
A FIP visa holder must spend six months or more per year in Greece, although work rights will be restricted. Despite this, the holder can travel visa-free to the 29 Schengen countries.
Also read: Greece to become world's best place to retire in 2026
financial limit
To qualify for the scheme, applicants must demonstrate a consistent passive monthly income of at least €3,500. For those who prefer to show capital, a minimum savings balance of €84,000 is required.
Eligible income streams include state or private pensions, rental yields, dividends, or returns on investments.
For those planning to move with partners or family, the financial limits increase by 20 percent for a spouse and 15 percent for each dependent child.
application process
The process begins by applying for a temporary entry visa at the Greek Consulate in the applicant's country of origin. Once a temporary entry visa has been granted, the individual must travel to Greece to complete biometric registration and submit a formal residence permit application.
Beyond financial means, Greek authorities require applicants to provide a clean criminal record, proof of valid health insurance, and proof of local residence, whether through a long-term lease or property ownership.
The application fee is set at €75, but the total government fee can increase, including the €1,000 stamp duty and administrative fees for the residence card.
Applicants must apply Hellenic Republic Ministry of Foreign Affairs website (mfa.gr) And find the country's embassy/consulate page to get specific application links and requirements.
Applicants should find the “Application for a long-term visa in Greece” PDF Ministry of External Affairs site,
Use the link on your specific consulate's page to schedule your Type D visa appointment (for example, the GVC World link for UK applicants or other portals for other regions).
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Additional outlays for legal advice, document translation and mandatory insurance should also be budgeted for.
Importantly, to maintain the validity of the permit, holders must reside in Greece for at least 183 days per calendar year.
Travel, taxation and citizenship route benefits
The most important advantage of the FIP visa is the freedom of movement it provides. Holders enjoy visa-free travel throughout the Schengen Area.
Furthermore, residents can access the Greek health care system, with the option to supplement public care with private insurance, to avoid long waiting times.
However, another attractive stimulus is the fiscal environment. Retirees who establish tax residence in Greece can apply for a preferential tax regime, which applies a flat 7 percent tax rate on foreign pension income.
It follows double taxation treaties with countries like UK, USA, Canada and Italy, ensuring that retirees are protected from being taxed twice on the same funds.
After five years of legal residence, holders can apply for permanent residence. Citizenship becomes an option after seven years, provided the applicant passes the required Greek language and civics tests.
Based on the official requirements, legal and immigration experts have provided more information about the practical application of the FIP visa, especially for non-EU citizens such as Nigerians.
Immigration consultants from companies such as Global Citizen Solutions and Lexidee emphasize that the FIP visa is often called a 'retirement visa', but technically it is a 'permit for individuals with sufficient financial means'.
He also warns that Greek authorities are particularly strict regarding the source of funding. To qualify, income must be passive, meaning it cannot come from active employment or remote work for a Greek company.
For Nigerians, this probably means dividends from local stocks, rental income from properties in Nigeria, or a pension that is ideal.
Also read: Norway raises language proficiency requirement for foreign nationals seeking permanent residence permit
If it is difficult to prove monthly income through a traditional pension, experts suggest the 'lump sum' route.
Displaying a bank account balance of €84,000 to €126,000 (covering 2 to 3 years' living expenses) is often seen as a more straightforward route for high-net-worth individuals.
FIP is often compared to the Golden Visa. While the FIP does not require any upfront capital investment (unlike the €250,000+ required for property investments), it does have a strict physical residence requirement of 183 days.
These experts suggest that the FIP is for people who actually intend to stay in Greece, while the Golden Visa is better for those who want residency without relocating.
