Bulgaria is a Balkan country with less than seven million residents. It shares a southern border with both Greece and Turkey — both of which see a lot more tourism than the European nation of Bulgaria itself.
Despite not being the most popular tourist destination in Europe, it actually holds a lot of appeal from a retirement perspective. In this article, I’m going to go over a few of the reasons that Bulgaria is one of the best places to retire in Europe.
Table of Contents
Cost of Living in Bulgaria
Rent in Bulgaria is extraordinarily affordable with a one-bedroom apartment outside the city center costing just $270 per month. Even if you rent a three-bedroom apartment in the city center of the capital Sofia you’ll still be paying less than $850 per month.
Taxes in Bulgaria
Bulgaria taxes personal income at a flat rate of 10%. Residents are taxed on their worldwide income while non-residents are only taxed on their Bulgarian-sourced income.
How to Become a Permanent Resident in Bulgaria
Becoming a permanent resident in Bulgaria is actually much easier compared to other European countries (especially nations in the Schengen Zone). Those applying for a permanent residency can choose between the financing option or take the real estate route.
The financing option is cheaper, costing $190,000, while the real estate option will require an investment of at least $288,000 into Bulgarian property. Applicants will need to visit Bulgaria three times for the application, medical check, and proof of income due diligence process.
As soon as the applicant is granted their permanent residency, any spouses and/or children will be able to apply for permanent residency as well. After holding permanent residency for five years, the applicant will be eligible to apply for Bulgarian citizenship by naturalization.
Bulgaria Visa-Free Countries
Bulgarian citizens are able to travel to 109 countries visa-free:
The Bulgarian passport may not have worldwide coverage like some of the other European passports but it’s still quite impressive. Citizens will get visa-free access to the entirety of Europe and South America (except Guyana).
However, those wanting to visit North America, Asia, Africa, or Oceania will likely need to get a visa. That said, the Bulgarian passport does provide visa-free travel to certain tourist hotspots in Asia like Japan, Malaysia, Singapore, and the Philippines.
Safety in Bulgaria
The US Department of State gives Bulgaria a Level 1 classification only asking that travelers exercise normal safety precautions while in the country. There are no specific regions flagged as a high-risk area.
On the Global Peace Index, you’ll find that Bulgaria ranks high as the 24th safest country in the world:
This puts it on par with western European countries like Belgium and Netherlands. As usual, watch out for pickpockets in crowded areas and stay alert against scammers who are looking to target tourists.
Avoid walking alone at night, especially on poorly lit streets or dangerous areas like Lion’s Bridge. The areas around the bridge (or Lvov Most) tend to be known for mugging activity, so exercise increased caution or avoid such spots altogether.
Conclusion
As you can see, Bulgaria’s combination of cheap rent, low taxes, and proximity to the Schengen Zone make it a very desirable retirement destination. If you can afford to buy real estate in the country then you could easily find yourself with a new house and passport within five years!