Is Greece's Golden Visa still available in 2026?

Yes — Greece's Golden Visa property route is still active in 2026. Greece raised its thresholds in 2024 and 2025: €800,000 minimum in high-demand zones (Attica/Athens, Thessaloniki, Mykonos, Santorini, and other specified areas) and €400,000 in lower-demand regions. The program provides a 5-year renewable residency permit with EU freedom of movement and a pathway to Greek citizenship (and therefore EU citizenship) after 7 years of legal residence with required physical presence. This contrasts with Portugal, which closed its property Golden Visa in October 2023. For Canadians who want EU residency via a European property investment, Greece is currently the primary available program.

What is Spain's Non-Lucrative Visa and is it right for Canadian retirees?

Spain's Non-Lucrative Visa (Visado de Residencia No Lucrativa) is designed for people with sufficient passive income who want to live in Spain without working or conducting business. For Canadians, this typically means retirees drawing CPP, OAS, RRIF, rental, or investment income. Requirements: demonstrate €28,800/year in passive income for the main applicant (€7,200 more per dependent), show private health insurance (not relying on public system initially), no criminal record, valid passport, and proof of housing. The NLV is granted initially for 1 year, renewable for 2-year periods, leading to permanent residency at 5 years and citizenship at 10. The NLV requires actual physical residence in Spain — unlike the Golden Visa, you cannot maintain it without living there.

Which is cheaper to retire in — Greece or Spain?

Greece is generally cheaper, but the gap depends heavily on specific locations. In comparable lifestyle tiers: Greek islands (Crete, Rhodes, Corfu, smaller islands) vs Spanish islands (Mallorca, Menorca, Canary Islands) — Greece is clearly cheaper. Athens vs Madrid — Greece is modestly cheaper (10–20%). Small Greek island vs small Spanish coastal town — similar or Greece slightly cheaper. The biggest price differences are at the top end: Mykonos and Santorini are among Europe's most expensive real estate markets — comparable to or exceeding Mallorca and Ibiza. For the majority of locations in both countries, expect Greece to be 15–25% less expensive overall — housing, dining, services, and transportation.

How does capital gains tax work in Greece vs Spain for Canadians?

Greece: Capital gains tax on the sale of real estate by individuals has been effectively suspended by successive Greek legislative acts since 2013. As of 2026, individual sellers do not pay capital gains tax to Greece on property sales. This is a significant advantage for investors. Caveat: legislative suspension — it could be reinstated. Verify current status with a Greek tax lawyer before making investment decisions based on this. Spain: Capital gains tax (IRPF for residents, IRNR for non-residents) applies at 19% on gains up to €6,000, 21% on €6,000–€50,000, and 23–28% above €50,000. For non-resident Canadian sellers, the Spanish tax authority withholds 3% of sale price at closing (a deposit against final tax). Canadian capital gains tax: both countries' property sales trigger Canadian capital gains tax for Canadian-resident sellers. Greece's lower local tax does not eliminate Canadian tax obligations.

What are the best places to retire in Greece for Canadians?

The top choices for Canadian retirees in Greece: (1) Crete (Heraklion, Chania, Rethymno) — Greece's largest island, most developed, best healthcare infrastructure outside Athens, full four-season lifestyle, strong expat community, excellent food, direct charter flights from some Canadian cities in summer. (2) Athens (Glyfada, Kifisia, Kolonaki) — urban environment with world-class culture, good private healthcare, international airports, higher cost. (3) Corfu — Venetian-influenced architecture, green, family-friendly, popular with British expats, now attracting Canadians. (4) Rhodes — medieval old town, strong tourist infrastructure, good weather, growing expat community. (5) Peloponnese — mainland peninsula near Athens, authentic rural Greece, excellent for house-hunters, lower cost, limited English infrastructure.

What are the best areas in Spain for Canadian retirees who are also considering Greece?

Spain's top Canadian-friendly retirement markets: (1) Costa del Sol (Málaga, Marbella, Fuengirola, Nerja) — Mediterranean coast, most established northern European expat community in Europe, excellent English infrastructure, healthcare, infrastructure. (2) Valencia — Spain's third city, excellent year-round weather, lower cost than Madrid/Barcelona, growing expat base, UNESCO culinary heritage. (3) Mallorca (Palma, Andratx, Alcúdia) — Balearic island, excellent quality of life, strong year-round population (unlike some islands). (4) Canary Islands (Tenerife, Gran Canaria, Lanzarote) — subtropical climate year-round, very popular with retirees from northern Europe, more affordable than Costa del Sol. (5) Barcelona — urban cosmopolitan, best city for arts/culture, higher cost, large expat community. See our Spain areas guide for Canadians for the full breakdown.

Can I combine a Spain Non-Lucrative Visa with Spanish property ownership?

Yes — many Canadian NLV holders in Spain also purchase property. The NLV does not require or restrict property ownership. You apply for the NLV based on income (not property investment), and separately purchase a property through normal channels. Spain has a robust mortgage market that is accessible to some foreign buyers, and the property conveyance process is well-established for international buyers. Before purchasing, obtain your NIE (Número de Identificación de Extranjeros — Spain's foreign tax identification number), which is required for all Spanish financial and property transactions. See our guide to the Spain NIE number for Canadians.

Which European country is overall best for Canadian retirement — Greece, Spain, Portugal, France, or Italy?

There is no single answer — each country suits different buyer profiles. Portugal: residency via D7 (lowest income requirement), IFICI tax program, Lisbon/Algarve lifestyle, active fund Golden Visa. Spain: best healthcare, Non-Lucrative Visa, mature property market, globally useful language. Greece: active property Golden Visa, cheapest western European option, islands, 7-year citizenship. France: strongest cultural appeal, but most bureaucratic and highest cost of the five. Italy: unique programs (7% flat tax in the south, 1-euro houses), but reciprocity risk for Canadians, complex legal system. The best match depends on your income level, health situation, lifestyle priorities, and whether you want an investment visa, a lifestyle visa, or a citizenship pathway. For a structured comparison, see our best countries for citizenship investment guide.

Greece vs Spain for Canadian Retirement: Full Comparison | Compass Abroad

Reviewed on March 2026 by the Compass Abroad editorial team

Greece wins on active property Golden Visa (€800K in premium zones / €400K elsewhere), suspended capital gains tax on property sales, lower cost of living, 7-year citizenship pathway, and extraordinary island variety. Spain wins on world-class public healthcare (SNS), more developed infrastructure, globally useful language, mature property market, and easier integration. Both have Canada tax treaties.

For Canadians seeking EU citizenship via property investment, Greece is currently the primary option (Portugal's property route closed in 2023). For retirees who want to actually live in Europe long-term with the best healthcare system available, Spain's Non-Lucrative Visa and SNS access is compelling.

Key Takeaways

Greece and Spain represent different but complementary cases for Canadian retirement in Europe. Greece offers lower costs, a still-active property Golden Visa, suspended capital gains tax on property sales, authentic culture with extraordinary island variety, and a 7-year citizenship pathway. Spain offers better-developed infrastructure, superior healthcare system quality, more familiar Western European consumer environment, stronger property market liquidity, and the world's most globally useful language.
Greece's Golden Visa (property route) remains active and is the most important structural difference for high-net-worth Canadians between the two countries. While Portugal's property route closed in October 2023, Greece continues to accept property-based Golden Visa applications — now at €800,000 minimum in premium zones (Athens, Thessaloniki, Mykonos, Santorini) and €400,000 in other areas. The Greek Golden Visa grants 5-year renewable residency with minimal physical presence requirements and EU citizenship eligibility at 7 years with physical residence. For Canadians who want EU citizenship via a European property investment, Greece is currently the primary option.
Spain's Non-Lucrative Visa (NLV) is the more accessible pathway for Canadians who want to live in Spain long-term without a Golden Visa investment. The NLV requires approximately €28,800/year in passive income — achievable for most Canadian retirees drawing CPP, OAS, and RRIF income (equivalent to approximately $42,000 CAD/year). The NLV requires physical residence and is not a passive residency program like the Golden Visa. Spain's citizenship pathway requires 10 years — longer than Greece's 7 years.
The capital gains tax suspension in Greece is a significant investment advantage, though it carries legislative risk. Since 2013, Greece has renewed legislation suspending capital gains tax on individual property sales — essentially zero capital gains tax on property disposals. Spain applies capital gains tax at 19–28% on gains from Spanish property sales. For a Canadian who buys a Greek property at €400,000 and sells it for €600,000, the €200,000 gain that would be taxed in Spain is (currently) untaxed in Greece. This advantage is real but subject to legislative change.
Healthcare in Spain is the strongest public healthcare argument in this comparison. Spain's SNS is consistently rated among the world's top 5–8 healthcare systems. Legal residents who register (empadronamiento) at their local town hall gain access to public healthcare after the initial qualifying period. Private healthcare in Spain is also excellent and available for approximately €50–€150/month for comprehensive individual coverage. Greece's public system has faced underfunding challenges, particularly since the 2010–2015 debt crisis — private healthcare is recommended for expats. Spain's healthcare advantage matters significantly for retirees with ongoing health needs.
Cost of living: Greece wins, but the gap is narrower than many people expect. Athens is not dramatically cheaper than Madrid; the bigger gap is between Greek islands (genuinely affordable) and Spain's popular expat markets (Costa del Sol, Mallorca, Barcelona — all have been pricing up strongly since 2019). In specific markets — Crete vs Mallorca, Rhodes vs Canary Islands — Greece is meaningfully cheaper. In major city comparisons — Athens vs Madrid — the gap narrows to 10–20%. For cost-focused buyers, the specific destination within each country matters more than the country-level comparison.
Language is a practical consideration that many buyers underestimate. Spanish is learnable for English-speaking Canadians — a Romance language with cognate vocabulary and straightforward pronunciation. Conversational Spanish takes most motivated adult learners 6–12 months of consistent study. Greek uses a different alphabet, has more complex grammar, and is significantly harder for English speakers — a realistic timeline for functional conversational Greek is 2–3 years of serious study. For Canadians who want to integrate into local life and navigate bureaucracy with some linguistic independence, Spain's Spanish advantage is real.
Property purchase process: Spain is more standardized and English-accessible. Spain's property purchase process is well-documented in English, and experienced English-speaking lawyers (abogados) and agents (inmobiliarias) are easy to find in all major expat markets. The Spanish notary system is robust. Greece's system has improved significantly but land registry irregularities and legal complexities (particularly around inheritance issues, old title problems, and unlicensed construction — very common in Greece) require careful due diligence and a qualified Greek lawyer. Greece requires more buyer caution on title issues than Spain.

Greece vs Spain: Key Facts for Canadian Retirees

Greece Golden Visa: still active (property route): Greece's Golden Visa program continues to offer a property-based residency route. After recent threshold increases: €800,000 minimum in Attica (Athens), Thessaloniki, Mykonos, Santorini, and other premium zones. €400,000 in other areas. Unlike Portugal, Greece did not close its property Golden Visa route. Provides 5-year renewable residency and EU citizenship eligibility after 7 years of legal residence (with physical presence).
Spain Non-Lucrative Visa (NLV): Spain's Non-Lucrative Visa is the primary pathway for Canadian retirees who want to live in Spain without working. Requirements: demonstrate €28,800/year (approximately €2,400/month) in passive income — pension, investment, rental income. Plus €7,200/year per dependent. Must not work in Spain. Requires private health insurance. Renewable annually initially, then for 2-year periods. Pathway to permanent residency after 5 years and citizenship after 10.
Cost comparison: Greece is cheaper: Greece is significantly less expensive than Spain for daily life. Athens: comfortable couple $2,000–$3,000 USD/month. Greek islands (Crete, Corfu): $1,800–$2,800 USD/month. Spain's popular expat areas: Costa del Sol $2,500–$3,500 USD/month; Barcelona $3,500–$5,000+ USD/month; Mallorca $3,000–$4,500 USD/month. Overall, Greece is approximately 15–25% cheaper than comparable Spanish markets.
Capital gains tax: Greece currently suspended for most sellers: Greece suspended capital gains tax on the sale of real estate for individual owners through legislation — effectively no capital gains tax on property sales in recent years (tax has been suspended since 2013 in successive legislative acts). This is a significant advantage for property investors. Spain applies capital gains tax at 19–28% on property sale profits for non-residents. Note: Greek capital gains tax suspension could change with future legislation — verify current status with a Greek tax lawyer.
Healthcare: Spain leads on system quality: Spain has one of the world's highest-rated healthcare systems — SNS (Sistema Nacional de Salud) provides universal public healthcare. Legal residents including NLV holders who have been resident for 1 year+ and registered (empadronamiento) gain access to the SNS. Private healthcare in Spain is excellent and affordable (€50–€150/month for comprehensive private coverage). Greece's public system (ESY) is accessible to residents but has faced quality and funding challenges; private healthcare is good and inexpensive. Spain wins on healthcare system quality.
Island lifestyle: Greece uniquely compelling: Greece has over 200 inhabited islands offering extraordinary variety: Crete (largest, most developed, excellent healthcare), Corfu (verdant, Venetian architecture, family-friendly), Rhodes (medieval old town, good infrastructure), Santorini (iconic but expensive and tourist-crowded), Mykonos (expensive, party-focused), and dozens of quieter options. Spain's islands (Mallorca, Menorca, Ibiza, Canary Islands, Lanzarote) are developed but different in character — more Mediterranean resort than Greek island authenticity.
Language requirements: Neither Greek nor Spanish is required for the initial residency visa process — both countries process visas in English. However, for daily life and integration, Greek is significantly harder to learn than Spanish (different alphabet, complex grammar). Spanish has the added advantage of being useful across Latin America — Canadians who learn Spanish for their Greek residency application will find it applicable in 20+ countries. Greek is geographically limited.
EU citizenship timeline: Both countries offer EU citizenship pathways. Spain: 10 years of legal residence with physical presence required. Greece: 7 years of legal residence with physical presence required. Greece's shorter citizenship timeline is a meaningful advantage for those pursuing the ultimate strategic goal. Both citizenships provide full EU rights — live, work, travel freely in all 27 EU member states.
Property market maturity: Spain has a more mature, liquid, and internationally tracked real estate market than Greece. Spanish property values have recovered well from the 2008 crisis and foreign buyer infrastructure (English-language lawyers, agents, banks) is highly developed. Greece's property market is earlier in its recovery — values in many markets remain below 2007 peaks, with some analysts considering Greece undervalued. Both markets have foreign buyer infrastructure, but Spain's is deeper.
Canada tax treaties: both countries: Both Greece and Spain have tax treaties with Canada. The Canada-Greece Tax Treaty and Canada-Spain Tax Treaty reduce double-taxation risk on pension income, dividends, and other income. Withholding rates under each treaty differ by income type — consult a cross-border tax specialist for your specific income sources.

Greece vs Spain: Full Comparison Table

Greece vs Spain retirement comparison for Canadian buyers — 16 factors
Factor	Greece	Spain
Golden Visa (property route)	Active — €800K premium zones / €400K other areas	Property route never existed (NLV for residency)
Residency without investment	Limited options outside Golden Visa	Non-Lucrative Visa (€28,800/year income)
NLV / income requirement	N/A (Golden Visa path)	€28,800/year (~€2,400/month) passive income
Citizenship timeline	7 years (with physical residence)	10 years (with physical residence)
Capital gains tax on property	Suspended (effectively zero for individuals)	19–28% for non-residents on gains
Property purchase costs (taxes)	3.09% transfer tax on resale; VAT 24% on new	ITP 6–10% resale; IVA 10% new (varies by region)
Cost of living (comfortable couple)	$1,800–$3,000 USD/month	$2,500–$5,000 USD/month (location dependent)
Healthcare — public system	ESY (good, but underfunded)	SNS — world top-10 rated system
Healthcare — private insurance	~€40–€80/month	~€50–€150/month
Language difficulty for Canadians	Difficult (Greek alphabet, complex grammar)	Moderate (Romance language, cognate vocabulary)
Island lifestyle options	200+ islands — exceptional variety	Balearics, Canaries — good but different character
Property market liquidity	Lower — recovering, some undervalued markets	Higher — mature market, international buyer base
Canada tax treaty	Yes — Canada-Greece Tax Treaty	Yes — Canada-Spain Tax Treaty
Language spoken	Greek (distinct alphabet)	Spanish (globally applicable)
Weather (primary markets)	Mediterranean — hot dry summers, mild winters	Mediterranean/Subtropical — similar to Greece
EU citizenship	Yes — eligible at 7 years residency	Yes — eligible at 10 years residency

Greece's Golden Visa in 2026: The Practical Reality

Greece's Golden Visa program has been the subject of significant threshold increases in recent years, driven by housing affordability concerns similar to those that closed Portugal's property route. The €800,000 threshold in premium zones (Athens, Thessaloniki, Mykonos, Santorini) is high but achievable for the Canadian buyer profile that pursues EU citizenship pathways. The €400,000 threshold in other areas — Crete, Rhodes, Corfu, mainland non-premium zones — remains accessible at a significant but manageable investment level.

For detailed analysis of Greece's zone system and the specific areas qualifying for each threshold, see our guide to Greece Golden Visa zones.

Spain's Healthcare System: What Canadians Actually Get

Spain's SNS (Sistema Nacional de Salud) is consistently ranked among the world's best public healthcare systems by WHO and Bloomberg Health Efficiency indices. Legal residents who register at the local ayuntamiento (empadronamiento) and meet residence duration requirements gain access to the SNS.

For NLV holders: NLV applications require private health insurance initially. After becoming resident and meeting the qualifying period, access to the SNS becomes possible — though many expats maintain private insurance for faster access and English-speaking specialist care even after qualifying for the SNS. Private insurance in Spain costs approximately €50–€150/month for comprehensive individual coverage — extraordinarily affordable by Canadian standards.

For more on Spanish residency, see our guide to the Spain NIE number for Canadians and our guide to the best areas in Spain for Canadian buyers.

Property Due Diligence: Greece Requires Extra Caution

Greece has a well-documented history of land registry irregularities, unauthorized construction additions, and complex inheritance-related title issues. Before buying any Greek property: retain a qualified Greek lawyer (not the seller's or developer's recommended lawyer); conduct a full title search at the Land Registry (Κτηματολόγιο — Ktimatologio); verify no unauthorized construction additions exist that would affect permits; confirm all taxes on the property are current (property tax arrears transfer with the property); and verify the property's urban planning status.

Spain's property registration system is more reliable and the legal infrastructure for foreign buyers is better developed. However, Spain also has "off-plan" development risks and developer insolvency cases that require proper bank guarantees on deposits. In both countries, an independent buyer's lawyer — not the developer's recommendation — is essential.

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Greece vs Spain for Canadian Retirement: Full Comparison