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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12. Blagoevgrad
Insider Monkey Score: 2
Monthly Cost of Living: $850
Monthly Cost of Rent (1-bedroom): $350
Situated in Southwestern Bulgaria, Blagoevgrad is a town in Bulgaria that many people don’t know about. This hidden gem is located in the valley of the Struma River at the foothills of the Rila Mountains. It is especially revered for its thermal springs and low pollution, offering a much-needed therapeutic environment for retirees. Adorned with cobbled streets and historic architecture, this charming town offers a glimpse into Bulgaria’s past that is sure to enchant those who explore it. The town is also home to two universities, the South-West University “Neofit Rilski” and the American University in Bulgaria (AUBG). These universities have been lending a dynamic and youthful vibe to this town, also evident in its vibrant arts scene.
11. Ruse
Insider Monkey Score: 3
Monthly Cost of Living: $950
Monthly Cost of Rent (1-bedroom): $350
Sitting on the right bank of the Danube River, Ruse is another one of the best places to retire in Bulgaria. The city offers retirees picturesque riverfront views and opportunities for tranquil walks along the river. Owing to the city’s stunning neo-Baroque and neo-Rococo architecture, Ruse has also earned itself the nickname “Little Vienna”. The cultural scene here is quite rich, and the residents are often very proud of its history and all of its glory. There are nice parks here, walkable streets, and residents enjoy a good quality of life. Strolling along the streets, residents will often end up in Freedom Square, an expansive space with gardens and greenery to enjoy the day.
10. Veliko Tarnovo
Insider Monkey Score: 4
Monthly Cost of Living: $600
Monthly Cost of Rent (1-bedroom): $350
Known as the historical and cultural capital of Bulgaria, Veliko Tarnovo is a romantic Bulgarian town sitting on the Yantra River. This treasure trove known as the “City of the Tsars” holds historical significance as the capital of the Second Bulgarian Empire from the 12th to the 14th centuries. Today, it’s a vibrant city hosting numerous galleries and cultural events, offering retirees much to do to keep busy. The summer weather and the snowy winters are quite delightful to live in, and the overall environment in Veliko Tarnovo is calm and peaceful. Embraced by natural beauty, residents can also relish numerous outdoor activities to lead active lifestyles. The city also offers first-rate medical and dental care, with Cherkezov Hospital being the biggest in the region.
9. Haskovo
Insider Monkey Score: 5
Monthly Cost of Living: $750
Monthly Cost of Rent (1-bedroom): $350
Haskovo, one of the oldest settlements in Bulgaria, is ideal for retirees looking to escape the hustle and bustle of big cities. This small and pleasant town is known for its rich history and cultural heritage like many other cities and towns in Bulgaria. The most notable landmark that can be found here is the Monument of the Holy Mother of God, one of the world’s tallest statues of the Virgin Mary and infant Jesus. Haskovo is also home to ancient wine cellars, such as the Kaleto Fortress and Sharapanite. Retirees especially love the majestic Kenana, a magical oak forest that houses a large park, tennis grounds, restaurants, and even recreational houses.
8. Dobrich
Insider Monkey Score: 5
Monthly Cost of Living: $1,000
Monthly Cost of Rent (1-bedroom): $350
Dobrich, the capital of the region of Southern Dobrudzha, is another one of the best places to retire in Bulgaria. This beautiful town offers retirees a quiet and peaceful retreat on the edge of a fertile plain. Those interested in growing their food will love it here, thanks to the fertile land Dobrich lies in. Dobrich features many well-maintained parks and tree-lined pathways as well, and expansive green spaces such as the St. George City Park. There are vibrant local markets, charming cafes, and picturesque landscapes that make retiring here a unique and enchanting experience. Dobrich is also located close to the Black Sea Coast, offering retirees the chance for fun day trips too.
7. Bansko
Insider Monkey Score: 6
Monthly Cost of Living: $850
Monthly Cost of Rent (1-bedroom): $400
This popular ski destination called Bansko lies at the foot of the Pirin Mountains, part of Pirin National Park in southwest Bulgaria. Besides being a premier ski resort, Bansko offers retirees year-round opportunities for relaxation. There are several natural thermal springs in the area surrounding Bansko, and the old town is a treat in itself with its historical landmarks and traditional stone houses. Pirin National Park, a UNESCO Heritage in proximity, offers retirees the chance to engage in nature walks and wildlife exploration. The culinary scene is also quite diverse here, with the most notable being cozy taverns called “mehanas” offering traditional Bulgarian food and wine.
6. Stara Zagora
Insider Monkey Score: 6
Monthly Cost of Living: $900
Monthly Cost of Rent (1-bedroom): $300
Considered one of the safest cities in Bulgaria for retirees, Stara Zagora offers retirees a chance to live a comfortable yet affordable lifestyle. This hidden gem offers retirees a vast array of history, culture, and beauty. Located in the heart of Bulgaria, Stara Zagora boasts a well-planned layout with wide boulevards and open spaces, expansive parks, abundant theaters and galleries, and even music venues.
5. Popovo
Insider Monkey Score: 7
Monthly Cost of Living: $700
Monthly Cost of Rent (1-bedroom): $300
Next on our list of best places to retire in Bulgaria is Popovo, a town in northeastern Bulgaria. Retirees who love nature are going to have the time of their lives here, enjoying opportunities for camping, hiking, and even bird-watching. The people are especially kind and friendly here, and anyone who wishes to move here will feel right at home. The town is just as safe as it is friendly, and residents even keep their cars unlocked without fearing to have them stolen. The culinary scene here is just as delightful, made from fresh and locally sourced ingredients.
4. Plovdiv
Insider Monkey Score: 7
Monthly Cost of Living: $1,111
Monthly Cost of Rent (1-bedroom): $300
Lying along the Maritsa River, Plovdiv is the second-largest city in Bulgaria. Plovdiv is the ideal place to retire for expats who speak English only. There is a growing international community here, and expats will often find people who speak English here. A notable attraction in the city is its beautifully preserved Old Town, characterized by cobblestone streets and traditional houses. Green spaces, such as the Tsar Simeon Garden and the hills known as the Plovdiv Seven Hills offer the perfect setting to enjoy the beautiful outdoors. Overall, Plovdiv can be an excellent place for seniors to retire in their golden years.
3. Varna
Insider Monkey Score: 9
Monthly Cost of Living: $1,190
Monthly Cost of Rent (1-bedroom): $364
Bagging third place on our list of best places to retire in Bulgaria is Varna, a port city and seaside resort on Bulgaria’s Black Sea. Retirees get to enjoy the perfect seaside lifestyle here in Varna, thanks to its calm vibes and overall relaxing atmosphere. As evident, Varna’s main attraction is its coastline, with well-maintained beaches such as the Central Beach and Golden Sands. Retirees often spend their days in the Sea Garden, a notable tourist attraction featuring expansive green spaces along the waterfront. There is a vibrant cultural scene, several spa centers and wellness facilities, and even a friendly community that makes everything much more fun.
2. Burgas
Insider Monkey Score: 10
Monthly Cost of Living: $1,555
Monthly Cost of Rent (1-bedroom): $705
Sitting on Bulgaria’s Black Sea Coast, Burgas is the ultimate retirement destination for those seeking restoration and relaxation in their golden years. Sporting an ideal blend of natural beauty, seaside charm, and cultural attractions, the city enchants retirees with all that it has to offer. From its expansive Sea Garden (Morska Gradina) stretching along the coastline to thermal baths and amusement centers, there’s plenty that Burgas offers to seniors. The city boasts a rich cultural scene as well, a lively city center brimming with shops and restaurants, inviting beaches, and an overall friendly atmosphere.
1. Sofia
Insider Monkey Score: 12
Monthly Cost of Living: $1,279
Monthly Cost of Rent (1-bedroom): $409
Based on our methodology, the best place to retire in Bulgaria is its capital, Sofia. Even though it is one of the busiest cities in the country, Sofia tops our list owing to its ideal blend of history, culture, and natural beauty. Lying at the foot of the popular Ski Mountain called Vitosha, Sofia offers retirees access to easy outdoor adventures and urban sophistication. There are abundant galleries, museums, and notable landmarks for exploration, including the Alexander Nevsky Cathedral, one of the largest Eastern Orthodox cathedrals in the world, and the National History Museum, one of the largest museums in Bulgaria that offers a comprehensive look at its past. There are abundant neighborhoods for living, with some popular ones for retirees named Pancharevo, Bistritsa, or Boyana. Sofia also boasts several mining springs, a dynamic culinary scene, and abundant recreational opportunities.
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