Your retirement home in Bulgaria
An increasing number of retired people are setting up home in Bulgaria and seeing out their golden years in a beautiful, stress-free enironment. From their new Bulgarian home they enjoy a healthy climate with distinct summer and winter seasons, an active lifestyle and space to breathe and relax. As if that weren´t enough, Brits living in Bulgaria find their pensions support a comfortable lifestyle because costs are so much lower than in the UK.
However, retiring abroad is not always a successful move. Some people discover they are simply not suited to life in a different culture. Some miss their family, friends, Marmite or Sunday cricket too much to settle. Others simply choose the wrong town, the wrong region or even the wrong country. When the adventure turns sour it is usually because the full implications of living abroad were not considered in advance.
Is a Bulgarian home the right choice for You?
Before setting up home in Bulgaria you need to be sure such a bold move is for you.- Think hard about what type of environment you want to live in - coastal, rural, urban or mountainous - and what type of Bulgarian home you desire.
- Visit in summer and winter if possible. Whether you are buying a seaside, inland or mountain home in Bulgaria, you will then experience both the quiet and busy seasons.
- Rent a villa or apartment in your chosen area for a few months before committing to buy. This allows you the experience of living in Bulgaria and seeing how homesick you are.
- How´s your health? You need to consider the availability and proximity of medical services, and be aware that standards in Bulgaria are not as high as in the UK. Apart from emergency treatment, you also have to pay for all healthcare when living in Bulgaria so comprehensive medical insurance could be worth having.
Information for retirees buying a new home in Bulgaria
If you have decided to buy a retirement home in Bulgaria you should reorganise your pension arrangments before jetting off.
You can still receive your UK State pension when you are living in Bulgaria but it will be frozen at its current rate. This may change when Bulgaria joins the EU (in 2007/8. Contact your local social security office to complete the correct forms. You will have to make arrangements for your pension to be transferred into a Bulgarian bank account.
You should also advise the Pensions Service that you will be living in Bulgaria and give them your new address. They can be contacted at:International Pension Centre,
Tyne View Park,
Newcastle-upon-Tyne
NE98 1BA
Tel: 0191 218 7777
Personal and company pension schemes can usually be paid anywhere and it is a good idea to transfer your pension fund abroad. This would eliminate any exchange rate risk although all such international transfers must be approved by the Inland Revenue.
If you have not yet reached state retirement age you should seriously consider continuing to pay National Insurance contributions even when you are living in Bulgaria. This would ensure you are entitled to a full state pension in the future.
Living in Bulgaria in retirement
The decision to retire to a new home in Bulgaria is not one to be taken lightly. However, many Brits have now taken the plunge and find their Bulgarian home completely lives up to expectations. The low costs base means that even those on a fairly average pension can enjoy a surprisingly high standard of living in Bulgaria.
