Some people dream of spending their retirement on beaches, but others find joy in quaint villages, winter sports, snowy landscapes or dramatic views of glassy smooth fjords nestled between soaring mountain peaks. If the latter is more your style, you may want to consider retiring in Norway. If are for you, this article lays out everything you need to know, from the cost of living to healthcare to immigration and visa laws. Before making the big move you may want to make sure your finances are in order with the help of a financial advisor.
Cost of Living and Housing in Norway
On average, the cost of living in Norway is about 17% higher than in the U.S., not including rent, according to Numbeo, although rental prices are about 55% lower than in the U.S. If you plan to live exclusively off your Social Security retirement benefit, it will be challenging to do in Norway.
Purchasing a home in Norway is significantly more expensive than in the U.S. The average price per square foot to purchase an apartment in the U.S. in a city center is about $411, but to purchase in a city center in Norway costs an average of $602 per square foot. Therefore, your dollar will go much further if you choose to rent in Norway rather than buy.
Norway Visas
Unlike some European countries, Norway does not have a retirement permit or retirement visa available. Therefore, to live in Norway without a work permit, a person must have a permanent residence and enough money to sustain themselves.
Although there is no retirement visa, Norway does grant citizenship and permanent residence visas. To obtain permanent residence, a person must meet several criteria, including an annual income of at least NOK 191,422, or about $21,300. Applicants must also learn Norwegian and pass the relevant tests. Be sure to investigate the Royal Norwegian Embassy’s website to learn more about applying for a permanent residency.
Healthcare in Norway
Healthcare in Norway is free for permanent residents and citizens. To obtain a health card, residents and citizens simply order it online. They will need to show proof of their citizenship or permanent residency by providing their Norwegian ID number to order a card.
Each resident or citizen pays taxes, which cover healthcare costs through the National Insurance Scheme. Each adult must also pay a deductible each year before becoming eligible for an exemption card, but the out-of-pocket cost per person is $860.
All Norwegians and Norwegian residents have access to quality care regardless of their social or economic status. Primary, preventative and nursing care are all organized locally, and the local governments organize initiatives and campaigns to promote healthy lifestyles.
Norway Taxes
It is well known that taxes in Norway are high. However, the taxes that people pay contribute to national healthcare, infrastructure and more. While Norwegian residents pay taxes on the income they earn worldwide, retirees living in Norway only pay taxes on the income they earn within Norway.
Therefore, if you earn an income in Norway, the income tax is 22%, and a progressive tax bracket is in place for people who earn more than about $19,416 per year. The maximum income tax that someone will pay in Norway is 38.2%.
Norway Safety
Norway is one of the safest nations in the world. And it has beengetting saferin recent years.According to one gauge, it is as safe as Switzerland. The country compares favorably with the U.S., which,one study found, has a total crime rate 36 times higher than Norway’s. It is even safe compared to its Scandinavian neighbors: S
ince 2002, its murder rate is estimated to be half that of Sweden’s. Such crime as does occur is mostly in the capital of Oslo, and the overwhelming majority of these offenses are property crimes like theft. Still, even property crimes are uncommon, which may, in part, account for many people’s practice of leaving their bicycles outside unlocked.
The Bottom Line
Norway is a beautiful country full of small towns and gorgeous landscapes. While it can be challenging to obtain permanent residence status there, the superior healthcare and incredible range of available activities make it well worth it.If you’d like to build an international retirement plan, be sure to speak with your financial advisor. They can help you plan appropriately and connect you with individuals to make your international transition easier.
Tips on Retiring
- As you explore possible places to retire consider talking to a financial advisor to help you sort through the costs of various options and which options you can afford. Finding the right financial advisorwho fits your needs doesn’t have to be hard.SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals,get started now.
- Part of sorting through your ability to afford retirement locations is knowing what your monthly Social Security check will be. ASocial Security calculatorwill give you a pretty good estimate.
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FAQs
Although there is no retirement visa, Norway does grant citizenship and permanent residence visas. To obtain permanent residence, a person must meet several criteria, including an annual income of at least NOK 191,422, or about $21,300. Applicants must also learn Norwegian and pass the relevant tests.
How much does it cost to retire to Norway? ›
The cultural scene is rich, and the healthcare system is well-developed. On average, the monthly cost of living for an individual retiree is $2,840, which includes $1,130 rent.
How much do Norwegians get in retirement? ›
The guarantee pension and the minimum pension level for a single pensioner were on average NOK 207 189 and NOK 230 170 in 2022, respectively, equivalent to about 33 and 37% of average earnings. As of 2021, the minimum pension level and guaranteed pension level have been regulated by average wage and price growth.
Can U.S. citizens retire to Scandinavian countries? ›
If you are a U.S. citizen and you are planning to retire to Sweden, you will need a Schengen visa, which you must apply for before leaving your home country. Apply at a Swedish consulate or embassy in the U.S. you must provide a valid passport, financial statements, et cetera during your application.
What benefits do Norwegian citizens get? ›
Norway's mandatory social security scheme covers every employee and provides universal disability insurance, unemployment benefits, and health insurance for all citizens and residents.
Can a retired US citizen move to Norway? ›
Although there is no retirement visa, Norway does grant citizenship and permanent residence visas. To obtain permanent residence, a person must meet several criteria, including an annual income of at least NOK 191,422, or about $21,300. Applicants must also learn Norwegian and pass the relevant tests.
What salary is needed to live comfortably in Norway? ›
However, according to the figures in Numbeo, a single person (living outside of Oslo) should be comfortable on a 500,000 - 600,000 NOK salary per year, while a family (living outside of Oslo) should be comfortable on an 800,000 - 1,000,000 NOK annual salary.
Where is the cheapest place to live in Norway? ›
The most affordable cities in Norway are Hedmark, Telemark, Oppland, and rural Østfold.
What are the retirement rules in Norway? ›
In Norway, the retirement age is 67. It is up to you to decide when and how you wish to draw your retirement pension, and how much you want to work in parallel.
How much is social security in Norway? ›
| Related | Last | Unit |
|---|
| Social Security Rate | 21.90 | percent |
| Social Security Rate For Companies | 14.10 | percent |
| Social Security Rate For Employees | 7.80 | percent |
| Withholding Tax Rate | 15.00 | percent |
2 more rowsPortugal. Besides being one of the easiest places to get a retirement visa, Portugal is also one of the cheapest countries to retire in. It is a popular destination among retirees who want a place with warm temperatures, a low cost of living, excellent healthcare, and high quality of life.
What is the easiest country to retire to from the USA? ›
With its stunning beaches, lush rainforests and affordable cost of living, Costa Rica constantly ranks among the best places for U.S. expats to retire. The benefits of retiring in Costa Rica include: An affordable cost of living – Costa Rica generally offers a lower cost of living than many areas in the United States.
What is the easiest European country for Americans to retire in? ›
Portugal is the best country in Europe for retirement. It's one of the most affordable European countries because of its low cost of living. On average, the cost of living, excluding rent, is almost 29% lower than in the U.S., according to SmartAsset.
Does Norway tax US social security? ›
If you are covered under U.S. Social Security, you and your employer (if you are an employee) must pay U.S. Social Security taxes. If you are covered under the Norwegian system, you and your employer (if you are an employee) must pay Norwegian Social Security taxes.
Is healthcare free in Norway? ›
While public healthcare is available across Norway, it is only free for people 16 years and younger. It also free for pregnant and/or nursing women, regardless of coverage. Everyone else must pay an annual deductible equivalent to an average of 2,040 NOK (222 USD).
What does Norway do for the elderly? ›
Successful aging requires a lot of different factors, and Norway seems to do well on all of them. For example, older Norwegians have high-income security through a generous universal pension system. They also benefit from a health care system that supports all Norwegians from the time they are born.
Can a US citizen live in Norway? ›
Citizens of the United States (holding an american passport) do not need a visitor's visa but if you plan to stay longer than 90 days, you must apply for a residence permit. No other mission is involved in the process and should not be contacted regarding immigration cases.
Is healthcare in Norway free? ›
While public healthcare is available across Norway, it is only free for people 16 years and younger. It also free for pregnant and/or nursing women, regardless of coverage. Everyone else must pay an annual deductible equivalent to an average of 2,040 NOK (222 USD).
Is Norway a nice place to retire? ›
Norway ranks as the best country to retire in 2024, with a score of 83% due to its high life expectancy, significant investment in healthcare, and low unemployment rate. Norway also boasts a high quality of life, ranking second globally, with factors such as safety and environmental quality contributing to its score.
Is it hard to live in Norway as a foreigner? ›
Living in Norway as a foreigner can be a very rewarding experience. The country offers extraordinary natural beauty, a high standard of living, and friendly people. However, there are also several challenges that must be faced, such as cultural and language differences.
