12 Best Places to Retire in Bulgaria

Published on August 6, 2024 at 7:30 pm by Ghazal Ahmed in News, Retirement

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This article looks at the 12 best places to retire in Bulgaria.

Reviving the American Dream

For many retirees in the US, the American Dream is already dead. For those who don’t think it is entirely lost consider pensions as a way to revive it. These are the findings from the Retirement Insecurity 2024 poll by Greenwald Research. According to the national survey, 83% of respondents believe that all workers should have a pension to become “self-reliant” and “independent” in retirement. More than three-fourths of the respondents also agree that those with pensions are more likely to have a secure retirement. Furthermore, 77% are of the view that the absence of pensions has made it very hard for people to achieve the “American Dream”.

One major factor that has led retirees to feel this way is inflation. In 2022, inflation rose to its highest since the 1980s, reaching 8.9% for the CPI and 7% for the PCE. Even though things have started cooling off ever since, the number is still high for individuals, especially retirees. The COLA has been helping them offset the impacts of inflation, but only barely. This is why it is often advised to potential retirees to consider the impact of inflation when planning for retirement.

“It’s a useful reminder of the importance of factoring inflation’s effects into your retirement planning,”

-Lauren Galvin, national sales manager, Personal Retirement, Bank of America Corporation (NYSE:BAC).

According to Merrill Lynch, a Bank of America Corporation (NYSE:BAC), there are several approaches retirees can take to offset inflation. For instance, delaying Social Security benefits can give individuals lifetime monthly benefits that can be as much as 77% higher. This, however, depends on many factors such as health and expected longevity, and everyone has a different strategy that suits them best. Joe Curtin, head of CIO Portfolio Management, Chief Investment Office, Merrill and Bank of America Private Bank states bond yields are attractive because they “warrant a higher allocation in diversified portfolios”. Retirees should also consider the role of annuities, and prepare for long-term care costs that they may incur in the future.

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For many retirees, living in the USA seems more and more difficult considering the limited income and high cost of living. Many of them have therefore started considering a move to countries with a cheaper cost of living, such as Bulgaria. Bulgaria, a country in the Balkans, has a cost of living that is an estimated 47% lower than the USA. It is one of the cheapest countries to retire, with retirees stretching their retirement income considerably well when they choose to retire here. Besides its affordable cost of living, Bulgaria is good for expats as it boasts a stunning Black Sea coastline, magnificent mountains, rich cultural heritage, and a growing expat community.

To retire to Bulgaria, retirees can apply for a Bulgarian Pensioner D Visa. Non-EU citizens who are already retired, receive a pension, and have enough funds to sustain themselves in the country are eligible for the visa. After obtaining the visa, retirees can apply for a temporary residence permit called “Residence for Pensioners”. Retirees from an EU country can enter Bulgaria visa-free for three months, after which they need to register their residence and obtain a registration certificate. A retirement visa in the country is valid for a year for non-EU citizens and up to 5 years for EU citizens, after which it can be renewed.

Let’s check out all the best places to retire in Bulgaria:

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Methodology

To compile the list of best places to retire in Bulgaria, we adopted a consensus approach based on opinions from expat forums and reputable authority websites. A point was awarded to each place, each time it was mentioned by a source. Scores were summed up and places were ranked in an ascending order from the lowest to the highest scores. Cost of living figures have been taken from websites such as Nomad List and Nomads Nation. Due to limited data availability for some areas, we have used the average cost of living in Bulgaria as a reference.

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