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Home Living In Crete Your Money, Forex, Banking tax on proffessional pension

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  • #42851
        • Topics: 8
        • Replies: 21
        • Total: 29
        • BIC Junior Member
        • ★★★
        Member since: 20th November 2005

        We are thinking of retiring to Crete
        Will we pay tax in GREECE on our proffesional pensions we get monthy from our previous nhs employment
        does anyone know
        thanks b :)

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        Del Boy
            • Topics: 28
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            • Practcally Cretan
            • ★★★★★★
            Member since: 24th August 2007

            Keep your pension in a UK bank account, then each month take out what you think you might need for that month out of your local cash machine.
            Your bank charges for using the Greek ATM could be pretty high depending on what you take out, and of course there will be a charge added from your UK bank..Barclay’s are expensive.
            The easiest and best way in my opinion is to use a card what you can load an amount of money onto it from your debit card..take a look at FairFX, there are many others of course. This card will only charge 1-50 euros for any amount of transaction.
            Again my opinion only…Don’t load your Greek bank with lots of money at this moment in time.

                • Topics: 13
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                • BIC Old Hand
                • ★★★★
                Member since: 27th September 2010

                My husband receives a small company pension plus his state pension – both into a UK bank account. He is taxed in the UK for these – the tax comes out of his company pension payment. Our accountant has told us that as long as we pay tax on these in the UK (which we can prove as a P60 is generated each year) we don’t have to pay tax on them here. I believe you can choose to be taxed here or in the UK – with the finances as they are here at the moment you are far better off to keep to the UK for tax purposes – I hear that the tax-free allowance for pensioners (and others) has been/is soon to be abolished! Hope this info helps.

                    • Topics: 33
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                    • BIC Full Member
                    • ★★★★★
                    Member since: 3rd December 2010

                    Del Boy & LJF are correct, as far as we are concerned. Our income ( 2 pensions & interest on investments) is taxed in the UK, which we can prove by the P60 etc.

                    We keep as little money in our Greek bank account as possible. We have Lloyds TSB current accounts and move money electronically into our Greek (ATE) account as it’s needed. WE also both have Caxton fx cards which we also charge using our computers.

                    It costs us £3 to transfer money from Lloyds, but we do pay the ATE ATM charge. However, Caxton has free withdrawals.

                    I can also thoroughly recommend life here. Come & join us!

                    umaremasu in Crete
                        • Topics: 22
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                        • BIC Full Member
                        • ★★★★★
                        Member since: 14th November 2005

                        We are taxed in UK on our UK pensions (state, local government + 2 small private pensions), which is paid into UK bank. Our Greek accountant (who has our "pink slips") now takes our P60s to confirm taxed paid in UK on all our incomes, and so far, we have had to pay zero tax here. We have sterling and euro greek bank accounts, transfer about 5k intermittently from UK bank on line to sterling account (£20 charge from UK bank and a very tiny charge this end 2 working days) on line, and transfer that to euros between the two Greek accounts, again on line, at a far better rate than the FX companies give us. We then have cash card to draw from the bank at no charge.

                        If you check through the double taxation bumph, this may help or otherwise!
                        Which is why we go through accountant, who also checks with Athens tax people.



                            • Topics: 8
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                            • BIC Junior Member
                            • ★★★
                            Member since: 20th November 2005

                            Thanks everyone for your replies
                            We appreciate all the information and feel now that we will be able to make our decisions. It does sound complicated regarding the taxation systems and we will look into the double taxation laws on pensions
                            thanks again for everyones input
                            regards Blackvincent :D

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