The country is famous for its majestic castles and mystical caves. Sharing boundaries with Hungary, Croatia, Austria, and Italy, it is one of the smallest countries in Europe. Despite not being a popular destination for retirees, Slovenia has a lot to offer ex-pats looking for a simple retirement, either walking the shores of the sea or hiking in the green and serene mountains. If you are thinking of retiring to Slovenia, you should hire an expert to help you plan your relocation better.
There are several reasons why Slovenia is a dream retirement destination for you. This guide hopes to provide you with a few of the pros of retiring in Slovenia.
Standard of Living in Slovenia
Living in the country is cheaper than in the U.S according to Numbeo, a cost-of-living database, which showed that consumer prices in the U.S. are around 20% higher than in the country, and rent prices are higher too. This means that you will save more of your retirement budget while living in the country than in any city in the United States.
Housing costs in Slovenia
Ljubljana is a popular city in Slovenia for retirees and ex-pats. If you want to live in Ljubljana, renting a one-bedroom apartment in the city center costs about $718/ month. If you are going to live outside the center, it costs about $557 a month. While a three-bedroom apartment in central Ljubljana costs $1,321 per month, outside of the city, it can go for $984 a month. If you are thinking of buying an apartment instead, then you might have to pay about $413 per square foot in central Ljubljana and $314 for houses out of the city center.
Visas and Residence Permits in Slovenia
The country does not offer Non-EU citizens retirement visas, but for U.S. citizens, there is a one-year temporary residence permit in Slovenia. This permit has to be renewed annually, and after five years of living in the country, such residents can apply for permanent residency. To apply for a temporary residence visa, you must provide evidence of a monthly income, a copy of your bank statements, etc. You can apply for your temporary residence visa at the Slovene embassy or the Slovene Ministry of Foreign Affairs.
Healthcare in Slovenia
Slovenia has a great healthcare service, ranking 46 out of 93 countries. With a growing public healthcare system and private healthcare, residents of Slovenia who pay taxes can access the country’s health insurance scheme. While the public health scheme covers retirees, you can choose to opt for private health insurance to pay for visits to private physicians and pharmacies. The cost of health insurance usually costs less than $300 a month.
Taxes in Slovenia
Residents in Slovenia pay taxes on their worldwide income. The taxes depends on a person’s income but usually range from 16% to 50%. Capital gains tax is 25% in Slovenia. This means that if you earn an income in Slovenia or buy and sell assets, you have to pay tax. To prevent paying double taxes in Slovenia and your home country, you should hire a financial expert who knows the country’s tax codes. This will prevent paying taxes on your retirement income to both governments.
Safety in Slovenia
Listed among the safest countries in the world, the 2020 Gallup Law and Order report stated that Slovenia is one of the four countries in which people feel safer walking alone. The U.S. Department of State declared the capital city of Ljubljana as a city with a low crime rate and threats to its residents. However, some non-violent petty crimes still happen in popular tourist locations. It is safe to travel throughout Slovenia, and there are no areas to avoid when touring. You should feel free to move around in the country but remain cautious.
