Retiring at home is a dream of many people, but some might think it lacks a certain zest to it. Whether you want to enjoy your retirement travelling around the globe or you always wish you could live abroad, and it finally seems possible now, retiring in the Czech Republic as an ex-pat can be an absolute blast. But how much does it cost?
And what are some of the other things to think about when you want to retire in Czechia? We put together this short article to answer these questions.
Cost of retiring and living in the Czech Republic
The cost of retiring do not differ too much from simply moving there for work. You will still need a visa or be an EU citizen. You still need to transport yourself and your things physically. You still need to figure out your finances, savings accounts, and so on.
There are currently no retirement visas – though some have found a workaround, applied for study visas, and enrolled in Czech language classes. This is also useful for later if you choose to become a permanent resident.
However, the general cost of living in the Czech Republic is very affordable. Rent has risen due to the economic complications connected with the pandemic, but the rest is very reasonable.
Pensions in the Czech Republic
Czechia has a national pension scheme which is mandatory to pay into if your income comes from the Czech Republic. Instead, this money isn’t yours but is redistributed among the now living senior population.
To be eligible for pension in the Czech Republic, you have to be at least 65 years old, and you have to have had paid into the scheme for a least 35 years. This means that if you are looking into retiring in the Czech Republic after living and working somewhere else your whole life, you won’t be eligible for receiving any pensions.
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Benefits of retiring in the Czech Republic
Reading the situation above, you might think it sounds like a lot of hustle for no gain. But this is not true. Czechia has loads to offer to any retiree. First, the country is safe and well interconnected with other countries, making it an excellent base for travelling around Europe. Secondly, by moving there, you will gain access to Czechia’s healthcare which is much more affordable and sometimes even more quality than in more prosperous nations such as the UK.
Some ex-pats even cite Czechia’s healthcare system as one of the main reasons they moved there. And thirdly, you can experience the quiet but beautiful countryside of the Czech Republic. Czechia may seem tame compared to other nations when it comes to natural sights, but there is a lot to enjoy there.
From mountains to lush forests to large lakes, the Czech landscape is calm and picturesque – ideal for a relaxed exploration.
