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Top 6 Affordable Places To Retire in Europe

Retiring in Europe has long been a dream for many, conjuring images of sipping espresso in quaint cafés, strolling through centuries-old cobblestone streets, and basking in the warmth of Mediterranean sunshine. However, the thought of European living often comes with concerns about high costs. But what if we told you that your dream of an affordable European retirement could become a reality?

Whether you’re looking for sun-soaked beaches, historic towns, vibrant city life, or tranquil countryside, this Pacific Prime UK article unveils 6 European havens where you can stretch your retirement savings without compromising on quality of life.

Why Retire in Europe?

Europe offers a diverse tapestry of cultures, histories, and lifestyles, and within this rich landscape lie hidden gems that combine the allure of European living with surprisingly affordable costs.

The 6 locations that we’ve sourced offer the perfect blend of affordability, quality of life, and that coveted European charm. These locations also boast excellent healthcare systems, welcoming expat communities, and an abundance of activities to keep your retirement years exciting and fulfilling.

Note: A low Cost of Living Index indicates a more affordable living cost in the city. As a reference, London has a Cost of Living Index of 83.6.

Varna, Bulgaria

Varna, Bulgaria in Europe

  • Cost of Living Index: 38.9
  • Bulgaria ranked 43rd in the 2022 Global Retirement Index by Natixis
  • Healthcare costs are significantly lower than in Western Europe

Varna offers a unique blend of ancient history, beach life, and modern amenities at a fraction of the cost of Western European destinations. Known as the “Sea Capital” of Bulgaria, Varna boasts beautiful beaches, thermal springs, and a rich cultural heritage dating back to ancient times.

Bulgaria offers a retirement visa for non-EU citizens, requiring proof of sufficient funds (around €700 per month) and comprehensive health insurance. The low cost of living makes it possible to live comfortably on a modest pension.

Things to do for retirees:

  • Explore the Varna Archaeological Museum, home to the oldest gold treasure in the world
  • Relax in the Sea Garden, a vast park along the coast
  • Enjoy opera and theater performances at the State Opera House
  • Take day trips to nearby resorts like Golden Sands
  • Join local clubs for activities like chess or folk dancing

Bucharest, Romania

Bucharest, Romania in Europe

  • Cost of Living Index: 42.3
  • Romania ranked 41st in the 2022 Global Retirement Index by Natixis
  • Healthcare costs are significantly lower than in Western Europe

Romania’s capital and largest city, Bucharest, offers a unique blend of history, culture, and modernity at very affordable prices.

Often called “Little Paris” for its elegant architecture and vibrant cultural scene, combining grand 19th-century buildings with communist-era blocks and modern skyscrapers to create a fascinating urban landscape rich in history and contrasts.

Bucharest also offers a growing expat community, making it easier for retirees to connect with others and settle into their new life. The city’s central location within Romania makes it an excellent base for exploring the rest of the country, from the Black Sea coast to the Carpathian Mountains.

Romania offers a long-stay visa for retirees, requiring proof of means of support (around €500 per month) and health insurance. The low cost of living in Bucharest allows for a comfortable lifestyle even on a modest pension, with the added benefits of big city amenities and excellent public transportation.

Things to do for retirees:

  • Explore the massive Palace of the Parliament, the world’s largest civilian building
  • Stroll through the charming old town, Lipscani, filled with cafes, bars, and shops
  • Visit the beautiful Cișmigiu Gardens, Bucharest’s oldest public garden
  • Attend performances at the Romanian Athenaeum, a stunning concert hall
  • Join guided tours to learn about the city’s complex history
  • Participate in the city’s numerous festivals, including the George Enescu International Music Festival

Brno, Czech Republic

Brno, Czech Republic in Europe

  • Cost of Living Index: 44.6
  • Czech Republic ranked 21st in the 2022 Global Retirement Index by Natixis
  • Healthcare system ranked 13th globally by the WHO

As the second-largest city in the Czech Republic, Brno offers a perfect balance of urban amenities and small-town charm, all at a more affordable price than Prague. Brno is known for its modernist architecture, vibrant café culture, and proximity to the beautiful South Moravian countryside.

The Czech Republic offers long-term visas for retirees, requiring proof of accommodation, sufficient funds (around €600 per month), and comprehensive health insurance. The affordable cost of living and high-quality healthcare make it an attractive option for retirees.

Things to do for retirees:

  • Visit the UNESCO-listed Villa Tugendhat, a masterpiece of modernist architecture
  • Explore the underground labyrinth of Brno’s cellars and crypts
  • Enjoy classical music performances at the Brno Philharmonic
  • Take wine tours in the nearby Moravian wine region
  • Join local expat groups for social activities and language exchange

Valencia, Spain

Valencia, Spain in Europe

  • Cost of Living Index: 46.6
  • Ranked 6th in International Living’s 2023 Global Retirement Index
  • Spain’s healthcare system ranked 7th globally

Valencia, Spain’s third-largest city, offers a unique blend of futuristic architecture, beautiful beaches, and a laid-back lifestyle that’s hard to resist. Valencia boasts a lower cost of living compared to Madrid or Barcelona, without sacrificing the perks of big city life. The city is flat and bike-friendly, making it easy for retirees to stay active and explore.

Spain’s Non-Lucrative Visa is available for retirees, though it requires a higher income of around €27,115 per year for a single person. However, the rich cultural experiences and high quality of life make it a worthwhile consideration.

Things to do for retirees:

  • Visit the stunning City of Arts and Sciences complex
  • Stroll through the Turia Gardens, a park built in a former riverbed
  • Enjoy paella in its birthplace at beachside restaurants
  • Attend language exchange meetings to improve your Spanish
  • Join guided tours to explore the historic old town

Split, Croatia

Spit, Croatia in Spain

  • Cost of Living Index: 49.0
  • Croatia ranked 30th in the 2022 Global Retirement Index by Natixis
  • Healthcare costs about 50% less than in Western Europe

If you’re looking for a coastal city with a rich history and lower costs, Split could be your ideal destination. This Adriatic jewel offers a perfect blend of ancient and modern, centered around the UNESCO-listed Diocletian’s Palace. Split’s dramatic coastal mountains, crystal-clear waters, and vibrant café culture create an enchanting atmosphere for retirees seeking an active and social lifestyle.

Croatia offers a Temporary Stay Permit for retirees, with a suggested income of around €1,000 per month. The affordable cost of living combined with the stunning Adriatic coastline makes Split an attractive option for retirees.

Things to do for retirees:

  • Explore the maze-like streets of Diocletian’s Palace
  • Take ferry trips to nearby islands like Hvar and Brač
  • Join local clubs for activities like sailing or wine-tasting
  • Attend summer festivals celebrating music and film
  • Hike in nearby Marjan Park for stunning city views

Algarve, Portugal

Algarve, Portugal in Europe

  • Cost of Living Index: 50.39
  • Ranked 4th in International Living’s 2023 Global Retirement Index
  • Healthcare system ranked 12th globally

Nestled in the sun-kissed southern coast of Portugal, the Algarve region is a retiree’s paradise that has been capturing hearts for years. The Algarve’s appeal lies in its perfect blend of natural beauty, modern amenities, and rich cultural heritage.

Picture yourself wandering through whitewashed fishing villages, teeing off on world-class golf courses, or simply lounging on golden sandy beaches that stretch as far as the eye can see.

The D7 Visa makes settling here accessible, requiring a modest income of about €8,460 per year for a single person. Plus, Portugal’s Non-Habitual Resident tax scheme offers significant benefits for newcomers, making it even more financially attractive.

Things to do for retirees:

  • Explore historic towns like Faro, Tavira, and Lagos
  • Join local cooking classes to master Portuguese cuisine
  • Participate in watersports or take up golf
  • Attend traditional fado music performances
  • Join expat clubs for social activities and day trips

Secure Visa-Compliant and Comprehensive Health Insurance for your Retirement

Before making your decision, it’s crucial to visit your potential new home and conduct thorough research. Consider factors like language barriers, distance from family, and your personal lifestyle preferences. With careful planning, your dream European retirement could be more affordable than you think!

Remember, all these destinations require comprehensive health insurance as part of their visa requirements. The coverage needed varies by country, so be sure to check the specific requirements for your chosen destination.

Consider working with a reputable insurance broker like Pacific Prime! Our experts have over 20 years of experience in finding visa-compliant insurance while maintaining adequate health coverage for a seamless transition to retirement in Europe.

Contact us today, or get an instant quote now!

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Content Creator at Pacific Prime UK
Eric is an experienced content writer specializing in writing creative copies of marketing materials including social media posts, advertisements, landing pages, and video scripts.

Since joining Pacific Prime, Eric was exposed to a new world of insurance. Having learned about insurance products extensively, he has taken joy and satisfaction in helping individuals and businesses manage risks and protect themselves against financial loss through the power of words.

Although born and raised in Hong Kong, he spent a quarter of his life living and studying in the UK. He believes his multicultural experience is a great asset in understanding the needs and wants of expats and globe-trotters.

Eric’s strengths lie in his strong research, analytical, and communication skills, obtained through his BA in Linguistics from the University of York and MSc in Teaching English to Speakers of Other Languages (TESOL) from the University of Bristol.

Outside of work, he enjoys some me-time gaming and reading on his own, occasionally going absolutely mental on a night out with friends.
Eric Chung