How To Retire In Poland
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).
Our services include providing income-related investments to retirees.
Table of Contents
Introduction
If you are planning to retire in Poland, the country has a lot to offer the frugal retiree who is considering spending their golden years abroad.
Even its capital, Warsaw, Poland is a relatively affordable place to retire compared to some of its neighbours in other European countries.
You’ll discover that the nation blends the best of Western and Eastern Europe’s architecture, cuisine, and cultures as it sits at a long-established crossroads between the two.
Life in Poland
With cold winters and hot, sunny, rainy summers, Poland has a temperate continental climate. Its climate and vegetation are therefore comparable to those of countries in Western Europe, despite its proximity to Russia.
The summertime high in Warsaw is 25°C (77°F), while the wintertime high is 0°C (32°F). During the winter, temperatures can drop well below freezing, and significant snowfall is frequent.
Poland has an extensive public transportation network that includes trains that connect many cities, buses, trams, and trolleybuses for getting around the nation. There is a sophisticated subway system in Warsaw.
Look into the marzanna if you want to learn more about the practices in your area. This annual, national custom entails building a sizable effigy, lighting it on fire, and throwing it into a river on the first day of spring.
It is named after the pagan Slavic goddess of death, winter, and nature. This ceremony aims to drive away winter and promote the growth of new crops.
A word of advice: wear a raincoat if you plan to stroll through town on the Monday following Easter. On that day, the town celebrates Migus-Dyngus, which is essentially a large-scale, all-day water fight.
Combatants engage in a free-for-all where they drench anyone they come across, including unwitting strangers, with water pistols, bottles, and water balloons.
People from Poland are known for being laid back, moving at a slower pace, and having a strong connection to nature. Even in cities, many homes have a “garden house” because gardening is a popular pastime.
Learn a little Polish before you go because Poland isn’t as English-friendly as some other countries in Western Europe. The Polish people are typically affable and open once you’ve mastered a few basic phrases.
As you begin to make friends, expect to be invited to dinner parties and offered plenty of pierogi, kielbasa, and Polish vodka because the people of Poland enjoy both eating and drinking.
Without the price shock of a Paris or an Oslo, Poland is a hidden gem where you can find much of what people love about European culture, including architecture, scenic beauty, museums, food, drink, and festivals.
You can create a retirement that meets your needs and goals by choosing from a variety of geographic areas and cities.
Where to Live in Poland
Geographically speaking, Poland is primarily a wide plain with scattered farms, but there are many picturesque areas spread throughout the nation that would be ideal for settling.
One of the most well-liked tourist destinations in the nation is the Masurian Lakes Region, which is made up of more than 2,000 lakes spread across northeastern Poland.
Boaters can easily navigate between the lakes thanks to the extensive network of rivers and canals that connect them. This area might be ideal for you if you enjoy nature in general, water sports, fishing, or sailing.
You might choose to make Olsztyn, a medium-sized city nearby that consistently ranks highly in quality of life, health care, affordability, and safety, as your base of operations. Olsztyn is regarded as one of the happiest cities in the nation.
Consider the northern city of Gdansk, which is on the Baltic Sea, if living near water is important to you. Gdansk, one of the busiest port cities in the Baltic, has long been known for its multiculturalism and tolerance.
Additionally, some of the most exquisite architecture in the nation is thought to be found there. There, you’d have access to a number of white sand beaches and have the opportunity to spend your weekends sailing and fishing in the clear waters of Gdansk Bay.
If you prefer rocky vistas, hiking, and skiing, consider visiting the Tatras mountains in the southern part of the country, close to the Slovakian border.
A retiree who is itching to hit the trails—or slopes—would be well-suited to the resort town of Zakopane, which is renowned for its vibrant art scene and charming wooden chalets.
There’s always the bustling capital and biggest city, Warsaw, if you can’t decide between the mountains, the coast, or the plains and want a good mix of different qualities.
The two million-person city is located in the centre of the nation, only a short train ride from either the mountains in the south or the Baltic Sea in the north. In fact, the town’s historic district is a UNESCO World Heritage Site.
The largest urban park in Europe is located in Lodz, the third-largest city in the nation, and it might be a good fit for you if you are torn between the city and the countryside.
Although Warsaw is a fantastic business hub with a booming job market, it is also busy and has the most expensive housing in the nation.
The nation’s second city, Krakow, might be a better fit for a retiree who desires a slower pace of life but still wants to live in a city One of the few European cities that survived World War II largely intact was Poland’s former capital.
A market square that is regarded as one of the best in the world, as well as numerous other historical attractions and museums, are all a result of its well-preserved historical architecture.
The Old Town district of Krakow is home to many fantastic bars, restaurants, art galleries, and shops. It is a small, safe city that is easy to navigate on foot.
Cost of Living and Rent
When rent is excluded, according to the cost-of-living database Numbeo, consumer prices in Poland are approximately 41.53% less expensive than those in the United States.
When rent is taken into account, the cost of living in the nation of eastern Europe is 55.60% less than it is in the United States.
Because of this, American retirees who want to lower expenses and comfortably live off of a pension choose to retire in Poland.
Let’s examine Warsaw, the most populous city in Poland, the capital of Eastern Europe, for a more detailed comparison. Compared to New York City, rent in this capital is 74.76% less expensive.
A one-bedroom apartment in the heart of Warsaw will cost you about $772.02 a month to rent. However, renting a one-bedroom in the heart of New York City will run you about $4 times as much, or $3,269.65.
Consumer prices, including rent, are 53.38% less expensive in Warsaw than they are in Los Angeles, 47.57% less expensive than they are in Chicago, 32.81% less expensive than they are in Houston, and 31.73% less expensive than they are in Phoenix.
Amount Needed to Retire in Poland
Poland is affordable enough that you might be able to purchase an apartment in major cities like Warsaw or Krakow, though it is always possible to purchase a small, inexpensive farmhouse in the countryside.
There are apartments for sale between €85,000 and €250,000 ($100,000 and $290,000). In many European capitals, where owning a home is out of the price range of the average person, you won’t find that.
With such a low cost of living, you could live comfortably in Poland with about $100,000 in savings. If you can make a modest living, you may be able to purchase or rent a chic apartment in a desirable area of a sizable Polish city.
If you have enough money to live comfortably in retirement, you could purchase a sizable home in the Polish countryside, along with perhaps a few acres of land, and still have money left over for excursions to the Masurian lakes or Tatra mountains.
Visa and Residence Permit Requirements
In comparison to other European nations, Poland has a lower legal residency requirement. You must get in touch with the Polish consulate in your home country and apply for a National Long-Stay Visa if you want to live in Poland legally.
A passport, evidence of health insurance, a letter outlining the reason for your move, and documentation demonstrating your ability to support yourself financially (such as a pension, social security, 401(k), real estate, or stock investments) are all required in order to obtain a visa.
Americans can enter Poland without a visa for up to 90 days. However, you must get in touch with a Polish consulate in the US to apply for a temporary or flat residence permit if you want to establish yourself as a legal resident of the Eastern European nation.
Make sure all of your paperwork is in order because you might need to provide proof that you have the money to support your stay.
A residency card that will assist you in finding housing and filing your taxes will be given to you once your residency permit has been approved. The initial residence permit has a three-year maximum validity period but may be extended.
The option to apply for permanent residence will become available after you have lived in Poland for approximately five years.
This has two requirements: a steady source of income and a place to live that you either own or rent. Then, every ten years, you must renew your permanent resident card.
Remember that depending on the type of permit you are applying for, there may be base processing costs. Therefore, expect to pay at least $120 for yours.
Healthcare in Poland
All of Poland’s citizens are entitled to free hospitalization and medical care under Article 68 of the country’s constitution. American retirees could join the national health fund in the eastern European nation to gain access to emergency care and coverage for pre-existing conditions.
Many Poles supplement their access to free healthcare with private insurance. Private insurance sometimes enables covered individuals to receive medical appointments and treatments more quickly, despite the fact that Poland’s public facilities offer more treatment options than their equivalent private health centers.
Before submitting an application for public health insurance, expats must obtain a personal identification number (PESEL). In order to get the most comprehensive coverage for their medical needs, they should also think about looking into private medical insurance.
Tax Implications to American Expats Choosing to Retire in Poland
Poland, like many other European nations, has various income tax laws depending on your residency status.
While non-residents are only subject to Polish income tax, naturalized citizens are subject to worldwide income tax. Therefore, you are exempt from paying income tax if your employer is not a Polish resident.
However, you can anticipate paying a flat-rate tax in Poland for the first 183 days of the tax year which will be roughly 20% of your income. You will be subject to the same progressive tax rates, which range between 18% and 32%, as a resident once you have lived in the nation for more than six months.
Keep in mind that you must still file a tax return in the United States even if you have paid your taxes in accordance with your status as a resident of Poland.
Final Thoughts
The cost of living in Poland is among the lowest in Europe, and the country keeps up with its neighbours in terms of healthcare and culture. The Eastern European nation will be safe, comfortable, and easy to travel in. Retire in Poland if you want to enjoy a slower pace of life while still feeling very connected to nature.
Pained by financial indecision? Want to invest with Adam?
Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.
