Did you know that there are a few interesting European countries where you can enjoy the sun and live a good life without breaking the bank? We are talking about sunny and cheap European countries where you can enjoy your retirement. There is no need to retire to the same country where you are living if this means that your savings will be spent fast.
Where to retire is a serious question that one must approach seriously. For many people, a place where they can find affordable housing, many sunny days, a low income tax and cheap food is the best option. You will probably agree with that too. To save you some time (and money) and to help you make the right decision, we have created this guide. Thanks to our guide, readers will:
- Learn the basic facts about a few beautiful European countries
- Find out more about places that are not expensive to live in
- Get more information about the weather, healthcare system and more
We have handpicked 8 sunny and cheap European countries where you can retire whenever you are ready. Many of these countries are popular holiday destination while some of them are unpolished diamonds waiting to be discovered. So, let’s check the list of 8 sunny and cheap European countries to retire to.
1. Montenegro
Capital city: Podgorica
Population: around 622.000
Area: 13.812 square kilometers
Currency: Euro
GDP: $12.4 billion
Montenegro is a relatively small country located in Southeast Europe. They were part of Yugoslavia and one of the republics that managed to gain independence without a war conflict (in 2006). Today, Montenegro is a member of NATO and one of the main strategic goals of this country is to join the European Union. It’s interesting that the Euro is the official currency in this country.
Montenegro is a country that has a beautiful coast and a unique mountainous region in the northern part of the country. They have access to the Adriatic Sea and they are one of the trendiest holiday destinations in this part of Europe in the last few years. So, tourism has an important role in the economy of this country. It’s worth mentioning that the capital city (Podgorica) is not a coastal city.
One of the reasons why Montenegro is on this list of sunny and cheap countries to retire to is the fact that the cost of living here is quite low compared to Western countries. For instance, renting an apartment with one bedroom in the center of the capital city is around five times cheaper compared to any major European city. The price of groceries is very low and the same goes for their restaurants.
Montenegro has high biological diversity which means that there are micro-regions with different climates there. Yet, the capital city of this country is one of the ten sunniest cities in Europe with almost 2500 hours of sunshine per year. It can get cold during the winter period, but these periods are short. On the other hand, the summer is hot and most of the people are moving to the coast these days. While we are talking about Montenegro and the reasons why someone would want to move and retire there, we should mention the low capital gains taxes, decent property prices and the fact that retirees can use some or all of the pension and health benefits they have in their home country (in most cases).
- Montenegro is a mountainous country in Southeast Europe with access to the Adriatic Sea
- It has low capital gains taxes
- This country has agreements with many countries which allow retirees to use all or at least some of the health and pension benefits they have in their native countries
Cost of living in Montenegro
Milk (1 liter): 0.77 Euros
Wine (1 liter): 4 Euros
Internet (per month): 25 Euros
Rent (one-bedroom apartment in the center of the capital city per month): 300 Euros
2. Macedonia
Capital city: Skopje
Population: around 2 million
Area: 25.713 square kilometers
Currency: Macedonian denar
GDP: $33.8 billion
Macedonia is a county located in a region which has a very long history and interesting traditions. Situated in the middle of Southeast Europe, this place is a crossroad for many people from the Balkans that are traveling in different directions. It’s a relatively small country with a population of two million people. Macedonia gained its independence back in 1991. After a relatively small war conflict in 2001, this country is stable and making slow, but steady progress in the last decade.
There is a transitional climate in Macedonia – from the typical Mediterranean to a continental climate. This means that it’s very likely that Westerners will adjust to the climate here without any problems. Be prepared for hot summers though because the temperatures can get quite high especially in July and August. As for the sunny days, they have the sun as their national symbol which explains a lot of things about the climate and weather.
At the same time, Macedonia has some of the lowest taxes among European countries. The cost of living is among the lowest on the continent. From renting or buying a property even on attractive locations to food and utilities, everything in this country is cheap.
To be honest, the healthcare system is not the best, but they have many modern, high-quality private hospitals that are visited by the citizens of neighboring countries. It’s a good idea to retire to Macedonia if you want to live among friendly people and in a place where almost everything is very cheap. Keep in mind that this is a landlocked country, but they have three big natural lakes including Ohrid Lake which is one of the oldest in Europe.
- Macedonia is a landlocked country with a transitional climate
- This is one of the cheapest European countries
- Macedonians are friendly people
Cost of Living in Macedonia
Milk (1 liter): 0.83 Euros
Wine (1 liter): 4.8 Euros
Internet (per month): 16 Euros
Rent (one-bedroom apartment in the center of the capital city per month): 230 Euros
3. Romania
Capital city: Bucharest
Population: around 19.4 million
Area: 238.397 square kilometers
Currency: Romanian Leu
GDP: $541.8 billion
Romania is one of the countries located on the Balkan Peninsula where the population is dropping every year. The main reason for this is the fact that young people are seeking job opportunities in Western Europe. But, this doesn’t mean that Romania is a bad place to retire to. On the contrary, this is a sunny place (in most cases) and a very cheap place compared to the US, the UK and the rest of the western countries. Don’t forget that this country is a member of both the EU and NATO for a few years now. Yet, this is a cheap country where you can buy a kilo of oranges or rice for just one Euro.
Romania is considered to be a safe country. Just like in any other country in Europe, there is a crime, but the crime rates are dropping. Housing is very cheap around the country and even though it’s a little bit high in the capital city (Bucharest), people from developed countries can afford to live there. If you are considering living out of Bucharest (maybe somewhere close to the Black Sea), then you can find an apartment at a really low price.
There’s no doubt that Romania is a beautiful country and it has a temperate-continental climate which will probably suit you. Romanians are fond of foreigners and they are known for their tasty cuisine. As with other countries that are cheap for living, Romania doesn’t have the perfect public healthcare system, but the good news is that private hospitals are relatively cheap.
- Romania is among the cheapest European countries that are members of the EU and NATO
- It has temperate-continental climate
- Property prices and rents are very cheap
Cost of living in Romania
Milk (1 liter): 1 Euro
Wine (1 liter): 4.2 Euros
Internet (per month): 8 Euros
Rent (one-bedroom apartment in the center of the capital city per month): 400 Euros
4. Portugal
Capital city: Lisbon
Population: around 10.2 million
Area: 92.212 square kilometers
Currency: Euro
GDP: $340.7 billion
Would you consider Portugal as a country where you can retire to? Lisbon is the capital with the highest number of sunny days in Europe while Portugal, in general, belong to the second part on the list of cheapest European countries. Needless to say, Portugal is a stable country which has been part of the European Union for many years now.
Portugal has a very mild Mediterranean climate and this type of climate is present in almost all parts of the country. So, it’s not just the capital city, most places have around 300 days of sunshine per year. This is definitely a good option if you are worried about how weather can affect you in your retirement days. While we are talking about health, we should mention that Portugal has a well-developed national healthcare system. Of course, you can also get private healthcare insurance and use even better healthcare options.
It’s also good to mention that Portugal is among the safest countries not just in Europe, but in the world. If we add the fact that this country is cheap and that retirement income is absolutely free from taxation, you have all the things you need to take Portugal into account as a country where you can retire too. The only downside is that living in the center of the capital city in this country can be expensive, but you’ve got many other attractive options.
- Try to avoid the center of Lisbon as a place for living if you want to save money
- The capital city of this country is the sunniest capital in Europe
- Portugal has an excellent healthcare system
Cost of Living in Portugal
Milk (1 liter): 0.65 Euros
Wine (1 liter): 5 Euros
Internet (per month): 32 Euros
Rent (one-bedroom apartment in the center of the capital city per month): 850 Euros
5. Greece
Capital city: Athens
Population: around 10.8 million
Area: 131.957 square kilometers
Currency: Euro
GDP: $326.7 billion
As you are probably aware, Greece is one of the most popular holiday destinations in the world. This country is also becoming one of the best European countries to retire to. The financial crisis that hit Greece a few years ago has left an impact on their economy, but the country has managed to recover and things are getting in the right direction now.
Greece has access to three seas including the Ionian Sea, Aegean Sea, and the Mediterranean Sea. There are dozens of interesting islands all over the country. On top of that, Greece is a country with a great history and heritage. The dominant climate in Greece is the Mediterranean climate. Many studies have confirmed that this climate is one of the best for longevity in humans. When it comes to the cost of living, you should be prepared to pay a little bit more for accommodation and for food. To be honest, the price of food in restaurants is unusually higher compared to groceries bought in a grocery shop.
On the other hand, we must say that Greek cuisine is excellent and it definitely supports a healthy lifestyle – Greek salad, yogurt, ouzo (their national alcoholic beverage), etc. As expected, private healthcare in this country is better than public healthcare, but there are many true professionals that are working in public hospitals all over Greece. The cost of healthcare services is lower compared to many European countries. All in all, those who want to practice a laid-back lifestyle in their golden ages should definitely consider moving to one of the Greek islands.
- Greece is a country with one of the best types of climate in Europe
- This is a popular holiday destination
- Greece has great cuisine
Cost of Living in Greece
Milk (1 liter): 1.24 Euros
Wine (1 liter): 7 Euros
Internet (per month): 32 Euros
Rent (one-bedroom apartment in the center of the capital city per month): 360 Euros
6. Croatia
Capital city: Zagreb
Population: around 4 million
Area: 56.594 square kilometers
Currency: Kuna
GDP: $113.7 billion
Croatia is another country on the Balkans where people can enjoy their retirement. If you want to retire to a place where you can live a good life and enjoy lots of sunny days, it’s better to head to the Adriatic coast of this country like Rijeka, Pula, Makarska Riviera, Dubrovnik, etc. Tourism is a very strong sector in this country for many years. Croatia is especially popular among Hungarian, German and Austrian tourists.
Due to its specific form, Croatia includes a few different ecoregions with specific climates. As we said before, if you are a fan of good weather, we suggest moving in a place along the coast where you will be enjoying the Mediterranean climate. Remember that this country has dozens of small islands that you can explore.
We should also point out that the cost of living here is very low compared to most European countries. Where else can you get a meal in a restaurant for less than 7 Euros? Of course, we are talking about cheap restaurants, but still, it’s a very low price. The price of properties can be very high, but only in the central areas in the major cities, so if you don’t want to spend a large amount of money for a one-bed apartment, you should avoid the center of Zagreb, Dubrovnik or other big cities in Croatia.
- Croatia is a member of the European Union since 2013
- This country is blessed with amazing nature
- Look for towns or suburbs in cities close to the coast if you want to move there
Cost of Living in Croatia
Milk (1 liter): 0.85 Euros
Wine (1 liter): 5.4 Euros
Internet (per month): 21 Euros
Rent (one-bedroom apartment in the center of the capital city per month): 465 Euros
7. Bulgaria
Capital city: Sofia
Population: around 7 million
Area: 110.993 square kilometers
Currency: Lev
GDP: $170.6 billion
When we take a closer look at the statistics, we will see something out of the ordinary when it comes to Bulgaria’s population. Namely, the number of people who live there keeps going down. But, this doesn’t mean that people should avoid Bulgaria. On the contrary, this is one of the European countries that you should take into account when you want to retire due to many reasons. The main reason why the number of residents in Bulgaria is dropping is the fact that the youth is looking for work outside of this country just like the young people of many other countries.
Bulgaria is a country with changeable and varied climate, but the fact is that the capital city (Sofia) has many sunny days over the year. While we are talking about retiring in this country, we should mention that healthcare is free for citizens of the EU. But, there’s a downside and that the fact that high-quality doctors and medical personnel is missing. Of course, if you are willing to pay a decent amount of money, you can use private hospitals which are equipped with everything patient need.
In addition to the low cost of living, this country has very low taxes. For example, they have a flat income tax rate of just 10%. Pensions and health insurance costs are low too. Even the prices of properties are relatively low compared to other European countries. For example, you can buy a cheap apartment even in the center of the capital city. Food in general and eating in restaurants are inexpensive too.
- The population of Bulgaria is aging which means that you will be accepted well there
- Bulgaria has many nice regions with mountains, valleys, and access to the sea
- Low taxes and low cost of living
Cost of Living in Bulgaria
Milk (1 liter): 1.04 Euros
Wine (1 liter): 4.9 Euros
Internet (per month): 10.9 Euros
Rent (one-bedroom apartment in the center of the capital city per month): 365 Euros
8. Spain
Capital city: Madrid
Population: around 46.9 million
Area: 505.990 square kilometers
Currency: Euro
GDP: $1.864 trillion
People know Spain for many things. For instance, this European country is a very popular holiday destination. In addition, Spain is known for its tasty cuisine and great weather. Did you know that the capital city of Spain (Madrid) has 350 sunny days a year? But, when we are talking about Spain as one of the sunny and cheap European countries where you can retire, we should mention that Spain covers a huge area and almost every part of this country is suitable for foreigners that want to spend their last days abroad. For example, you can move somewhere on the long coast of this country and enjoy the beach and summer activities.
Spain has a relatively cheaper cost of living compared to other developed European countries. They have a warm climate and the best part is that the Spanish people are used to a relaxed way of life. Many people know English, but the Spanish language is relatively easy to learn too. Remember that moving to this country will allow you to invite your friends and family during the summer period and we all know that people love Spain as a holiday destination.
- Spain is a beautiful country where you can find many great places to retire to
- Most people are moving to the coastal area of this country
- The cost of living in Spain is cheaper compared to other developed countries in Europe
Cost of Living in Spain
Milk (1 liter): 0.81 Euros
Wine (1 liter): 6 Euros
Internet (per month): 41 Euros
Rent (one-bedroom apartment in the center of the capital city per month): 900 Euros
