boraviti

1. to stay; to reside
   Trenutno boravi u Beogradu kod rođaka. — He's currently staying in Belgrade with relatives.
   Stranci koji ovde borave moraju da se prijave. — Foreigners staying here must register.
2. to spend time; to be
   Deca treba više da borave napolju. — Children should spend more time outdoors.

Used with u/na + locative; it sounds more formal than živeti.