Bulgaria is a country located in southeastern Europe. A popular tourist destination; the country offers a great climate, beautiful landscapes, and mountains. It is one of the most affordable European countries in the world. After joining the EU, the country has improved its standard of living, healthcare, modern infrastructure, et cetera. If you are considering retiring there, there are a few things you must know about the European country such as the cost of living, how to obtain a permit, the safety of ex-pats, the housing system, etc. don’t be discouraged, Bulgaria is a fantastic and affordable country to live in while depending on your pension fund.
This guide provides a few of the things to know about the country, knowledge to help you make the right decision about retiring abroad.
Residence permit
As an EU member state, Bulgaria grants EU nationals’ free access to reside in the country for no more than 90 days. However, if you are planning on retiring there, you will have to register for your stay. The registration is fast and doesn’t take much time. For a non-EU citizen, the process is longer as it requires certain procedures and documents. There are several ways you can get a residence permit.
1. Residence permit for a passive income: Apply for a long stay D visa and while living in Bulgaria, you may obtain a residence permit. You will need the following documents: proof of sustenance in form of a monthly income, proof of residence, proof of healthcare insurance, a valid passport, etc.
2. Residence as an economic active resident: apply for a visa provided you have or intend to set up a company in the country, or you have gained employment in a Bulgarian establishment.
Check out more information on how to obtain Bulgarian residency on their website.
Cost of living
To relocate to a foreign country, the cost of living is of importance to an ex-pat. As a retiree thinking of relocating to a foreign country such as Bulgaria, you need to have an idea of the cost of living in the desired city you want to live in. This includes the costs of transportation, food, housing, groceries, internet, and others. One of the pros of living in Bulgaria is the low cost of living as compared to other countries in the European Union. Renting or buying an apartment is cheap, even in the capital city of Sofia. Regardless of the income of workers being low for European standards, the low cost of food and groceries in the country provides an affordable and cheap living.
Bank account
Staying in the country as a tourist or a resident requires you to have a bank account. Opening a Bulgarian bank account is quite easy. As part of the SEPA and EU, Bulgaria offers its residents a good banking infrastructure, allowing easy transactions between EU member states. One of the perks of having an account is that it reduces the charges incurred when shopping or paying for utilities in the country. Anyone of legal age can open an account; a Bulgarian address is required in some cases. As in most countries, to open an account, you must show proof of a residence and valid passport. However, this differs from bank to bank. As a retiree moving to Bulgaria, you will need an account to directly receive your monthly pension funds from your home country or country of employment, while living in Bulgaria.
Healthcare
The healthcare system in Bulgaria is affordable and accessible to all residents in the country. Public healthcare is great but lacking in some services; the option of private healthcare covers more medical care and better services. It is best to buy full healthcare insurance before relocating to Bulgaria. You can check out insurance companies in Bulgaria or other companies that offer international medical insurance in Bulgaria.
Bulgaria offers you a strong banking system, cities with little or no crimes, one of the lowest income taxes, low corporate tax rates, friendly citizens, et cetera. Above all, it provides you a chance to live your golden years in a beautiful environment, relaxing to peace and calmness at an affordable price.
