Americans Flock to Europe for Affordable Retirement – ETIAS.com

20 Sep 2024

More and more Americans are retiring abroad, not just because it is the trend, but because it offers a more affordable and satisfying way of life.

As living expenses in the US keep rising, Europe is becoming a top destination for retirees. It offers a balance of low costs, high quality of life, and excellent healthcare, which is why it is no wonder that many are considering making the move.

Growing trend of American retirees abroad

A Monmouth University poll shows that the number of Americans retiring abroad has tripled over the last 30 years, with over 700,000 retirees receiving their Social Security payments outside the US.

Journalist Cecilia Rodriguez reports on Forbes that many retirees are choosing Europe for its cultural change, affordable living, and high quality of life.

One key reason for this trend is the high cost of living in the US, especially in major cities. Retirees are finding that even smaller European locations are more affordable, with added benefits like safety, good healthcare, and a slower pace of life.

Plus, many European countries offer residency options for retirees, making it easier for Americans to move there.

Cost of living drives decisions

Many European countries offer a much cheaper lifestyle compared to what Americans are used to.

In countries like Portugal, Romania, and Bulgaria, retirees can live comfortably on about €1,000 to €1,500 a month.

This is a stark contrast to the average monthly spending of $4,818 for Americans aged 65 and older, according to the Bureau of Labor Statistics.

Romania is becoming especially popular because of its low living costs and beautiful scenery.

In Bucharest, one can rent a one-bedroom apartment for about €400 a month, with utilities costing another €100. Daily expenses are also affordable, like lunch for about $4 and a monthly food budget of around €300.

Romania joining the Schengen Area recently has made it even more appealing for retirees.

(Image courtesy of Carlos Machado via Pexels)

Popular European destinations for retirees

According to Forbes, countries like Portugal and Bulgaria are top choices for retirees looking for both affordability and a pleasant lifestyle.

Portugal is known for its warm weather, ocean access, and friendly locals. While it is a bit more expensive than Eastern Europe, it is still one of the most affordable places in Western Europe.

In Bulgaria, retirees can live well for as little as $600 a month. In the capital, Sofia, one-bedroom apartments cost around €400.

The healthcare system, like in Portugal, mostly offers free medical services, with small fees for emergencies.

Healthcare and residency requirements

A key factor for retirees moving to Europe is healthcare access. Most European countries have public healthcare systems that provide low-cost or free medical care to residents.

In Portugal, for example, both citizens and legal residents can access healthcare with little to no cost, making it a popular choice for retirees.

Retirees also keep in mind the residency requirements. Many European countries require proof of a minimum income and private health insurance to grant residency.

For example, Romania allows people to stay up to 90 days without a visa, but retirees who want to stay longer will need to apply for a temporary residency permit.

(Image courtesy of Pixabay)

What this means for long-term visitors and retirees

Europe is a desirable destination for short-term visitors because of its rich culture and easy access. However, for those planning to move long-term, like retirees or migrants, it is important to know about changing immigration rules.

The new European Travel Information and Authorization System (ETIAS) will soon impact non-European Union (EU) citizens entering Schengen countries.

Travelers will need ETIAS approval, which is designed to improve security while keeping travel smooth for legitimate visitors.

Migrants seeking permanent residency may face more difficulties, as EU countries are rethinking immigration policies due to recent global events.

While rules for retirees are mostly unchanged, it is important to stay updated on the latest requirements.

Residency policies could shape retiree future abroad

As more Americans think about moving to Europe, EU countries are adjusting their immigration policies to handle the rise in both short-term visitors and long-term residents.

Popular countries like Spain and Portugal, which already attract many expats, will likely see more interest from American retirees, which may lead to changes in residency rules, especially for non-EU citizens.

The new ETIAS system adds another layer to the immigration process. While it mainly targets short-term travel, it reflects a broader tightening of immigration rules across the EU.

Retirees planning to move long-term should keep an eye on how these changes might affect their residency options.

Reflecting on a new path for retirement

As more retirees turn to Europe for a more affordable and rewarding lifestyle, the trend is expected to keep growing. Countries like Romania, Portugal, and Bulgaria remain popular choices for a fresh start abroad.

However, retirees need to stay updated on immigration rules, healthcare options, and living costs to ensure a smooth transition.