…applicants can sponsor their spouse and children
….residency is for five years, after which citizenship can be applied for
..benefits includes access to the Greek healthcare system, and a preferential tax regime
Nigerian retirees need to earn €3,500 (approx. N6.3 million naira) monthly as passive income to obtain residency in Greece.
This new residency route is known as the Financially Independent Person (FIP) route for an initial three-year period, for non-EU nationals to become residents provided they demonstrate a stable passive income of that amount.
Provided residency and financial requirements continue to be met, the permit remains fully renewable, offering a long-term residency solution.
An FIP visa holder must spend six months or more per year in Greece, although work rights will be prohibited. Regardless, the holder can travel visa-free to 29 Schengen countries.
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The financial threshold
To qualify for the scheme, applicants must demonstrate a consistent passive monthly income of at least €3,500. For those preferring to show capital, a minimum savings balance of €84,000 is required.
Eligible income streams includes state or private pensions, rental yields, dividends, or returns on investments.
For those planning to move with partners or family, the financial threshold increases by 20 percent for a spouse and 15 percent for each dependent child.
The application process
The process starts by applying for a temporary entry visa at a Greek consulate in the applicant’s country of origin. Once a temporary entry visa is granted, the individual must travel to Greece to complete biometric registration and submit a formal residence permit application.
Beyond financial means, the Greek authorities requires applicants to provide a clean criminal record, proof of valid health insurance, and evidence of local accommodation, whether through a long-term lease or property ownership.
Application fees are set at €75, but total government charges, including a €1,000 stamp duty and administrative fees for the residence card, can add up.
Applicants are to apply to the 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 visa for a long stay in Greece” PDF on the Ministry of Foreign Affairs site.
Use the link on your specific consulate’s page (e.g., a GVC world link for UK applicants or other portals for other regions) to schedule your Type D visa appointment.
Read also: Nigerians to benefit from 360,000 openings in Greece, addressing urgent labour shortage
Additional outlays for legal counsel, document translation, and mandatory insurance should also be budgeted for.
Crucially, 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
One of the most significant draws of the FIP visa is the freedom of movement it affords. Holders enjoy visa-free travel throughout the Schengen Area.
Also, residents can gain access to the Greek healthcare system, with the option to supplement public care with private insurance to bypass longer waiting times.
Another attractive incentive, however, is the fiscal climate. Retirees who establish tax residency in Greece can apply for a preferential tax regime, which applies a flat 7 percent tax rate on foreign pension income.
This follows double taxation treaties with countries such as the 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 may apply for permanent residency. Citizenship becomes an option after seven years, provided the applicant passes the required Greek language and civic knowledge examinations.
Building on the official requirements, legal and immigration experts have provided further insight into the practical application of the FIP visa, specifically for non-EU nationals such as Nigerians.
Immigration consultants at firms like Global Citizen Solutions and Lexidy emphasise that while the FIP visa is often called the ‘Retirement Visa’, it is technically a ‘Permit for Persons with Sufficient Financial Means’.
They also warn that Greek authorities are particularly rigorous regarding the source of funds. To qualify, income must be passive, meaning it cannot come from active employment or remote work for a Greek company.
For Nigerians, this means perhaps dividends from local shares, rental income from properties in Nigeria, or a confirmed pension that is ideal.
If monthly income is difficult to prove through a traditional pension, experts suggest the ‘Lump Sum’ route.
Demonstrating a balance of €84,000 to €126,000 (covering 2 to 3 years of living expenses) in a bank account is often viewed as a more straightforward path for high-net-worth individuals.
The FIP is often compared to the Golden Visa. While the FIP requires no upfront capital investment (unlike the €250,000+ required for property investment), it carries a strict 183-day physical stay requirement.
These experts suggest the FIP is for those who truly intend to live in Greece, while the Golden visa is better for those who want residency without relocating.
