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Slovakia - Retiring to Slovakia and Pension Issues


Retirement

Slovakia does not enjoy a sunny coastline, and its winters can be severe, but that has not dampened its increasing popularity as a retirement destination.

One of the primary reasons for this gradual increase in interest by expatriate retirees is value for money. Real estate costs lag behind that of most of the European Union, and the overall cost of living is far lower than in the industrialized countries of western Europe.

Add to that the beautiful mountain scenery, the wide variety of cultural and historic sites of interest, and excellent local beer, and it is easy to understand why a number of expatriates living on fixed retirement incomes are making Slovakia their home.

There are a number of clubs and organizations in the Slovak Republic (primarily in Bratislava) that provide a means for retired people from a variety of nations to gather together socially.


Pensions

Generally speaking, foreign residents in Slovakia are taxed on their worldwide income, so persons receiving pension or social security income should consult a tax professional to ascertain their precise tax liability. The Slovak Republic has signed double-tax treaties with most developed countries, so if your retirement income is taxed in your country of origin you may be eligible for an equivalent deduction in Slovakia. Again, it is prudent to consult an international tax specialist before making the decision to retire abroad.


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