Compare taxes and see how much you save moving from Turkey to Greece
Turkey and Greece sit across the Aegean and attract overlapping groups of expats — particularly retirees, remote workers, and Mediterranean lifestyle seekers. Turkey's income tax (15–40% progressive) appears competitive, but the combination of high inflation, TRY currency depreciation, and SGK social contributions (~14%) must be weighed carefully. Greece's 44% top rate (from €40,000) plus EFKA social contributions (~13.87%) make it one of Europe's more expensive countries for professional salaries — but Greece offers exceptional special regimes: a 7% flat rate on foreign pension income for foreign retirees (for 15 years), and a 50% income exemption for new residents taking employment in Greece (for 7 years). At equivalent EUR income levels, Turkey produces lower total deductions than Greece at most salary points — but currency risk and TRY earnings purchasing power are critical considerations for expats choosing Turkey.
Top Rate
Plus SGK employee contributions ~14% (capped)
Top Rate (above €40,000)
Plus EFKA social contributions ~13.87%
At €60,000 income:
That is €500/month back in your pocket!
| Income | TR Tax | GR Tax | Savings | 10-Year |
|---|---|---|---|---|
| €30,000 (~TRY 1,020,000) | ~€5,400 income tax (~18%) + ~€1,680 SGK (capped) = ~€7,080 (~24%) | ~€6,200 income tax + ~€4,161 EFKA = ~€10,361 (~35%) | Turkey saves ~€3,300 | €33,000 |
| €50,000 (~TRY 1,700,000) | ~€11,500 income tax (~23%) + ~€1,680 SGK (capped) = ~€13,180 (~26%) | ~€13,900 income tax + ~€6,935 EFKA = ~€20,835 (~42%) | Turkey saves ~€7,700 | €77,000 |
| €60,000 (~TRY 2,040,000) | ~€15,000 income tax (~25%) + ~€1,680 SGK (capped) = ~€16,680 (~28%) | ~€18,300 income tax + ~€8,322 EFKA = ~€26,622 (~44%) | Turkey saves ~€9,900 | €99,000 |
| €80,000 (~TRY 2,720,000) | ~€22,400 income tax (~28%) + ~€1,680 SGK (capped) = ~€24,080 (~30%) | ~€27,100 income tax + ~€9,680 EFKA (approaching cap) = ~€36,780 (~46%) | Turkey saves ~€12,700 | €127,000 |
| €100,000 (~TRY 3,400,000) | ~€30,500 income tax (~30.5%) + ~€1,680 SGK (capped) = ~€32,180 (~32%) | ~€35,900 income tax + ~€9,680 EFKA (capped) = ~€45,580 (~46%) | Turkey saves ~€13,400 | €134,000 |
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Moving between Turkey and Greece, or managing pension/investment income across currencies? Wise transfers at the real exchange rate — no hidden fees on EUR/TRY and other Mediterranean currency pairs.
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Transfer EUR ↔ TRY / EUR ↔ GBP at the Real Rate →Greece offers qualifying foreign retirees a flat 7% tax rate on all foreign-source income (pensions, dividends, rental income, capital gains) for up to 15 years. To qualify: you must not have been a Greek tax resident for the prior 5 years out of 6; and you must transfer your tax residency to Greece. The annual fee is a flat tax payment: 7% of all foreign income. This is separate from income derived from Greek sources, which is taxed at normal rates. The regime applies once per lifetime and is renewable annually. With a €60,000 foreign pension, you pay €4,200 in Greek tax — compared to €26,000+ in France or €30,000+ in Germany.
Turkey uses a progressive income tax system with five bands: 15% up to approximately 330,000 TRY, 20% to 690,000 TRY, 27% to 2,400,000 TRY, 35% to 8,000,000 TRY, and 40% above 8,000,000 TRY (2026 approximate thresholds — adjusted annually for inflation). Employee SGK contributions are approximately 14% (pension 9% + health 5%) but are capped at a monthly ceiling equivalent to roughly €350–400/year in EUR terms at current exchange rates — making the effective social contribution burden very low at EUR-equivalent incomes above €30,000. Turkish tax residents pay income tax on worldwide income; those earning foreign-source income without working in Turkey may have more complex arrangements.
Yes, though the thresholds increased significantly in 2024 and 2025. The minimum investment in residential real estate in most of Greece is now €400,000 (increased from €250,000). In specific areas — islands above 3,100 residents, certain Athens districts, and Thessaloniki — the threshold is €800,000. Other investment types (government bonds, company equity, bank deposits) have different thresholds. The Golden Visa provides a 5-year renewable Greek residence permit, free movement in the Schengen area, and a path to apply for Greek citizenship after 7 years of residence. It does not require physical presence in Greece.
US citizens are taxed on worldwide income regardless of where they live. In Turkey: there is a US-Turkey tax treaty, and the Foreign Tax Credit (FTC) can offset US tax on Turkish-source income already taxed in Turkey. In Greece: there is a US-Greece tax treaty; the same FTC mechanism applies. Greece's 7% pensioner flat rate is very low — potentially leaving more residual US tax liability than in high-tax countries where the FTC fully offsets US tax. For US expats optimising both local and US tax, specialist advice is essential in both countries. Annual US returns, FBAR (if bank accounts exceed $10,000), and potentially Form 8938 (FATCA) are required.
For pure tax efficiency on foreign pension/investment income: Greece's 7% flat rate is exceptional — hard to beat globally for retirees with significant foreign income. At €80,000 foreign pension, Greece charges €5,600/year under the regime vs Turkey's ~€24,000. Greece also offers EU stability, healthcare access (EKPY public health for residents), and eurozone banking. Turkey wins on cost of living — Istanbul and Antalya are substantially cheaper than Athens and the islands — and currency hedging (if you spend in TRY but earn in EUR/USD, your purchasing power is high). For EU citizens who prioritise security and free movement, Greece is the stronger choice. For non-EU nationals who prioritise lifestyle affordability and lower living costs, Turkey is compelling.