Here are the Cheapest Countries for Expats to Live Abroad
Dreaming of moving abroad and starting a new expatriate life? Planning to move overseas, but worried about relocation expenses? All your dreams may come true if you do the necessary research and plan in advance. There are many destinations worldwide where you won’t need too much money to enjoy a relaxed and peaceful life.
Apart from the cost of living, other factors like salary package and relocation allowances may influence you to choose a particular destination.
Here is a list of the world’s top five cheapest places to live a comfortable life as an expat:
1. Cambodia
Cambodia ranks first in the list of cheapest countries to live as expats. Conveniently located in Southeast Asia’s heart, this country enjoyed massive economic and tourism growth in the last 15 years. As an expat you will love to visit the ancient temples, royal palaces, and the gorgeous beaches that welcome visitors all year round.
This “Kingdom of Wonder” is a haven for expat retirees from all across the globe. They can live a convenient or easy lifestyle, even with a modest budget.
You can plan to spend your expatriate days in Phnom Penh, the nation’s largest city. The historic cultural landmarks and old colonial buildings will bedazzle you during your stay. The quality of life is excellent, making it a great option for expats from Western countries. Also, the people, culture and sights throughout the country are excellent. It really is a great destination for global nomads and expats.
2. Vietnam
Expats from all parts of the globe are in love with Vietnam’s vibrant ambiance and innate natural beauty. It is all up to you if you want to keep yourself busy in the hustle-bustle of a major city or nestle up in a peaceful abode in the pine-forested mountains or a sun-kissed beach.
Finding accommodation that is of international standard and with modern facilities is very easy. Accommodation rates are far less than what you would have to spend in the Americas or Europe. You can relocate with a small family to Vietnam for as little as $1,600 per month. Note that if you are living in rural areas, the costs can be even more reasonable.
3. Bolivia
Looking for a place where you can maximize your money’s value? Bolivia is a country where you can live an easy life with limited money in hand. This South American country offers various lifestyle options and a fraction of the costs you would incur in a North American city.
Bolivians are welcoming for newcomers, and the moderate climate may suit you too. You can enjoy almost all the modern facilities despite the low cost of living. You can rent accommodation for as little as $300 per month. Bolivia has everything that makes it a favorite for expats.
4. Peru
Peru is a haven for expats looking for a relaxed life in Latin America. Affordable accommodation, cheap transportation, and fresh food are reasons that are good enough to attract expats from all parts of the globe. Retirees can expect a high quality of life and that too at a low cost. It is also important to know that the locality where you intend to stay will greatly impact your daily expenses.
Living in smaller towns can be quite affordable, but taking up accommodation near a beach can be expensive. Lifestyle costs will be higher if you plan to live in urban areas like Arequipa or Lima. You can save a lot of money because of the availability of cheap local produce. You don’t have to buy a personal vehicle because public transportation facilities are excellent.
5. Ecuador
Ecuador can be a great option for you if you are looking for an expat hub where living expenses are low. Apart from real estate, everything from housemaid to restaurants are quite affordable. Major hubs like Quito, Guayaquil, and Cuenca have world-class facilities.
You can live comfortably in this country by spending just about $20,000 per year. Retirees can explore the country and try out various hobbies to make their stay exciting. The lack of state income taxes implies that you can also save a lot of your hard-earned cash. Finally, note that you should make sure you have adequate international health insurance coverage for your stay abroad. The Cigna Global Health Options plan offered via Expat Financial is a great choice for expats living in the above countries.
