10 Most Affordable Countries for Retiring in Europe
Ask anyone who knows and they’ll tell you there’s no shortage of reasons to retire in Europe, like the rich culture, interesting history, delicious cuisine, incredible scenery and perhaps most important — affordability. How do you decide which country you should move to though?
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To help, GOBankingRates looked at Numbeo’s mid-2023 data to find European countries with monthly expenditures under $4,650, which is what it costs in New York City for a single person in a one-bedroom apartment. It also looked at the safety index — with higher indexes being better — and the cost of living index — with lower indexes being better — for each country. For comparison purposes, New York City’s safety index is 50.5 and its cost of living index is 100.
Here are the 10 most-affordable countries to retire in Europe.
Croatia
Safety index: 73.9
Cost of living index: 30.9
Total monthly cost of living expenditures: $1,437
Croatia is located in Southeastern Europe — across the Adriatic Sea from Italy. Although the country has both a Mediterranean and continental climate, the continental climate dominates, featuring hot summers and cold winters.
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Montenegro
Safety index: 63.1
Cost of living index: 29.7
Total monthly cost of living expenditures: $1,381
Montenegro, which means “black mountain,” is located on Europe’s Adriatic Coast and has a reputation for being more affordable than Croatia. It’s also an outdoor lover’s paradise. You’ll find a plethora of mountains and plenty of national parks to get lost in.
Serbia
Safety index: 61.5
Cost of living index: 27.9
Total monthly cost of living expenditures: $1,297
Serbia is bordered by Montenegra to the southwest and Croatia to the northwest. Its landscape contains mountains and plains. English is also widely spoken by the friendly locals.
Bulgaria
Safety index: 62.5
Cost of living index: 25.7
Total monthly cost of living expenditures: $1,195
Bulgaria is one of the most affordable countries in the European Union and is located in southeastern Europe in the eastern part of the Balkan Peninsula. Expats who live there for 183 out the 365 days of the year will be considered taxable residents. Bulgaria has a flat tax rate that applies to both business and personal taxes, which could serve as an advantage if you’re planning to start a business in the country.
Albania
Safety index: 54.6
Cost of living index: 25.7
Total monthly cost of living expenditures: $1,195
Albania, which is located in southern Europe in the western area of the Balkan Peninsula, also has a lower cost of living index. It also is an outdoor paradise with plenty of beaches, mountains and lakes.
Romania
Safety index: 67.2
Cost of living index: 24.8
Total monthly cost of living expenditures: $1,153
Located in southeastern Europe, Romania has a Black Sea coastline. This affordable country also has mountains, forests, hills and plains. Romanians are known for being welcoming and friendly to Americans.
Belarus
Safety index: 48.6
Cost of living index: 23.4
Total monthly cost of living expenditures: $1,088
A temperate continental climate with four seasons is what you’ll find in Belarus, with warm summers, cold winters and mild weather in the spring and fall. However, English is not widely spoken in the country; you’ll find that most people speak Russian or Belarusian.
Moldova
Safety index: 54.3
Cost of living index: 23.1
Total monthly cost of living expenditures: $1,074
Moldova is a landlocked country in Eastern Europe and is known for its long summers, lasting from May to September. The official language is Romanian and many locals — especially in the outlying areas — do not speak English.
Bosnia and Herzegovina
Safety index: 57.5
Cost of living index: 22
Total monthly cost of living expenditures: $1,023
Bosnia and Herzegovina are located in the western Balkans in southeastern Europe. Although Bosnia and Herzegovina have a free public healthcare system, it’s understaffed and many doctors do not speak English. That’s why many expatriates choose to buy private medical insurance and travel to another European country to obtain healthcare.
North Macedonia
Safety index: 59.3
Cost of living index: 19.8
Total monthly cost of living expenditures: $921
North Macedonia is located in southeastern Europe, north of Greece. It sits on a plateau and is known for its beautiful scenic views. The country also has free primary public healthcare for all citizens, including expats, which includes free unlimited visits to primary healthcare professionals and free services.
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Methodology: For this piece GOBankingRates looked at Numbeo’s mid-2023 data to find all European countries that had the following factors available; (1) crime index score as sourced from Numbeo and (2) cost of living index (including rent). The cost of living index (including rent) estimates consumer goods prices, including rent, in comparison to New York City, which was $4,650 per month for a single person in a one-bedroom apartment. All data was then scored and those countries with monthly expenditures under $4,650 were considered. For those qualified countries, GOBankingRates then used factor (2) for final rankings, with the lowest total being best. All data was collected and is up to date as of July 19, 2023.
This article originally appeared on GOBankingRates.com: 10 Most Affordable Countries for Retiring in Europe
