Moving to another country is a responsible decision that requires careful preparation and consideration of quality of life. One of the key aspects is financial. In this article, we will look at the best and most affordable countries in the world, where you can feel comfortable without spending all your savings.
Many people consider relocating, but the high costs in countries such as the US, the UK, or Switzerland can be discouraging. However, many other destinations offer affordable prices for housing, food, and services, as well as favorable conditions for work and business.
We'll tell you about locations that offer great value for money. For example, in Southeast Asia you can find real estate and products at affordable prices. The cheapest countries to live in Latin America attract not only with their warm climate but also with affordability of goods and services. In Eastern Europe, you can find a comfortable and safe environment for relatively little money.
Join us to discover the cheapest countries to move to with minimal financial outlay, but with maximum convenience and opportunities for personal and professional growth.
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Criteria for choosing a country for immigration
Several basic factors influence the choice of a destination for relocation:
- Economic opportunities. Job availability and economic stability are important. Look for information about the labor market, salary levels in your field, and business conditions. Developed countries with dynamic economies, such as Germany, Canada, or Australia, often offer good career prospects.
- Quality of life. It includes the availability of medicine, education, infrastructure, environmental conditions, and level of security. For example, Northern European countries such as Norway and Sweden are known for their high level of social protection and quality public services.
- It is important to understand if there is high or low cost of living in the chosen region. The budget includes the prices of housing, groceries, transportation, utilities, and other everyday expenses. Southeast Asian countries such as Thailand and Vietnam are attractive in this aspect.
- Visa and immigration laws. Each country has its own rules; somewhere you can easily obtain citizenship for investment, in another case you will have to limit yourself to a long-term residence permit. For example, in the UAE it is extremely difficult for an expat to obtain citizenship, while in Turkey it is enough to buy an apartment or a house.
- Climate and nature. Here, everything is individual. Some people prefer warm and sunny weather, like in Spain or Australia, while others prefer a temperate climate. Natural conditions can also influence your choice—the presence of mountains, sea, forests, lakes, etc.
- Cultural and linguistic characteristics. Knowledge of the language and culture can greatly affect the success of integration into a new environment. If you are planning to move to a country with an unfamiliar language, it may be a good idea to start learning it beforehand.
- Social and political conditions. The country's social stability and political environment are also important. Learn about human rights, crime rates, and the general political situation. States with low levels of corruption and high levels of civil liberties, such as Canada and Switzerland, often attract expats.
- Diaspora presence. Look for locations where there are already established communities from your region. This will help you adapt to unfamiliar situations and get help if needed.
Cost of living in the world's most popular countries
In 2024, several countries stand out as the most popular destinations for expats to relocate to. Here are some of them:
- France attracts with its developed economy, cultural heritage, and excellent work/leisure balance. It is often chosen by families and retirees who value affordable and quality education and healthcare. The average monthly cost per person is about $1,554.
- Finland is known for its efficient public services, stable political system, and beautiful nature. The average price tag is $1,580 per month.
- Sweden is characterized by high income, low crime rate, and good living and working conditions. Here you can enjoy safety and a variety of amenities while spending from $1,479 per month.
- Switzerland is one of the most stable and prosperous countries. It has an excellent healthcare system, great salaries, and low taxes. Switzerland attracts expats looking for political and economic stability. The average monthly expenditure is $2,896.
- Italy is particularly suited to lovers of history, culture, and gastronomy. It offers a variety of landscapes, from the Mediterranean coastline to picturesque rural areas. The country is also known for its health care system and excellent vacation opportunities. You will have to spend about $1,405 per month.
- Portugal is a quiet country with a mild climate, friendly population, and low prices comparing to other European countries. There is excellent medicine and affordable housing. The average spending is $1,180 per month.
Countries with the lowest cost of living in the world
Sorting out which are the cheapest countries in the world and yet allow you to maintain a modern level of amenities, there are a few.
India is one of the most affordable places to live in. The cost of rent, groceries, and transportation is much lower here than in most Western countries. India also offers a rich cultural and historical environment, which makes it a good option for connoisseurs of exoticism. The average spending is only $440 per month.
Vietnam is also a cheap country to live in. Here, you can find affordable housing, cheap food and services. Vietnam is also known for its hospitality and safe environment, making it popular among those looking for a budget-friendly place to live. You can spend $628 per month here.
Nicaragua is another example of the cheapest places in the world to live. Here you can find affordable housing and inexpensive groceries. Nicaragua also offers beautiful natural scenery and a warm climate, making it a great choice for those looking for an affordable place to live. Expenses are $699 per month.
Top 10 cheapest places to live in
| Rating | Country | Cost of living |
|---|---|---|
| 1 | Pakistan | $332 |
| 2 | Egypt | $350 |
| 3 | Nepal | $374 |
| 4 | Bhutan | $409 |
| 5 | Burundi | $428 |
| 6 | Libya | $429 |
| 7 | Tunisia | $431 |
| 8 | Algeria | $439 |
| 9 | India | $440 |
| 10 | Afghanistan | $441 |
Countries with the best quality of life among the cheapest places to live overseas
The cheapest places to live internationally with a high level of comfort include:
- Thailand is a country with beautiful beaches and developed infrastructure. Housing, food, transportation, and medical services are available here at very reasonable prices. Expenses are $790 per month.
- Malaysia is a perfect combination of oriental culture and modern conveniences. Monthly spending here is one of the lowest in Asia—$598, and the country has a well-developed infrastructure.
- Mexico is known for its picturesque landscapes. Life here is much cheaper than in the US—$982 per month, while its quality remains at a decent level.
- Bulgaria offers some of the lowest housing prices in Europe, beautiful nature, and extensive historical heritage. Remote workers and retirees will appreciate the low taxes and affordable prices of $773 per month.
Top 30 cheapest and safest places to live in the world
| Rating | Country | Average monthly cost of living | Position in the WJP Rule of Law Index |
|---|---|---|---|
| 1 | Latvia | $1,002 | 22 |
| 2 | Chile | $1,040 | 33 |
| 3 | Costa Rica | $1,073 | 29 |
| 4 | Slovakia | $1,091 | 34 |
| 5 | Lithuania | $1,107 | 18 |
| 6 | South Korea | $1,138 | 19 |
| 7 | Japan | $1,155 | 14 |
| 8 | Portugal | $1,180 | 28 |
| 9 | Uruguay | $1,196 | 25 |
| 10 | Estonia | $1,224 | 9 |
| 11 | Slovenia | $1,230 | 27 |
| 12 | Czech Republic | $1,284 | 20 |
| 13 | Spain | $1,318 | 24 |
| 14 | Barbados | $1,343 | 35 |
| 15 | Italy | $1,405 | 32 |
| 16 | Malta | $1,471 | 30 |
| 17 | Sweden | $1,479 | 4 |
| 18 | Belgium | $1,520 | 16 |
| 19 | Cyprus | $1,530 | 31 |
| 20 | Germany | $1,533 | 5 |
| 21 | France | $1,554 | 21 |
| 22 | Finland | $1,580 | 3 |
| 23 | Austria | $1,668 | 11 |
| 24 | Netherlands | $1,862 | 7 |
| 25 | New Zealand | $1,876 | 8 |
| 26 | Canada | $1,901 | 12 |
| 27 | Denmark | $1,922 | 1 |
| 28 | Norway | $1,964 | 2 |
| 29 | United Kingdom | $2,017 | 15 |
| 30 | Australia | $2,212 | 13 |
The cheapest country to live in Europe
Among the cheapest countries to live in Europe are:
- Turkey, with the average monthly expenses at $515.
- Northern Macedonia – $629.
- Moldova – $640.
- Bosnia and Herzegovina – $655.
- Romania – $784.
- Serbia – $977.
- Latvia – $1,002.
Security
Romania, Serbia, and Moldova rank 44th, 46th, and 49th in the Social Progress Index (SPI). Thanks to Romania's membership in the European Union, its citizens enjoy the protection of EU laws, have access to quality health and education services, and are free to live and work in other member countries.
Standard of living
In terms of security, Latvia and Romania are recognized as the safest countries among the most accessible in Europe. They are ranked 22nd and 40th in the WJP Rule of Law Index. Northern Macedonia and Moldova are ranked 67th and 68th respectively.
Relocation opportunities
Romania offers visas for digital nomads with a minimum monthly income of €3,700. Latvia allows a residence permit for business investments of €60,000 or more. Turkey and Northern Macedonia have citizenship programs for high net worth individuals. In the first case, it is possible to make an investment of $400,000, in the second to make a non-refundable donation of €200,000.
The cheapest places to live in the Americas
In this part of the world, the cheapest countries are:
- Haiti, where the average price tag is $572 per month.
- Paraguay – $566.
- Argentina – $603.
- Nicaragua – $642.
- Colombia – $646.
Security
According to the WJP ranking, the safest country listed is Costa Rica, which is ranked 29th in the world due to the fact that the country values the basic rights of its people. Costa Ricans rarely face discrimination based on gender, social status, and ethnicity. Argentina ranks 63rd and Colombia ranks 94th.
Standard of living
This varies: Argentina ranks 41st in the SPI, Colombia at 70th. Paraguay, Nicaragua, and Haiti are ranked 79th, 115th, and 159th respectively.
Relocation opportunities
Argentina attracts foreign retirees with a special visa that allows residency for at least a year. There is a low-cost residence permit option for an investment of ARS 1.5 million ($1,600). There are also plans to introduce a visa for digital nomads. Expats who have chosen Argentina praise the local culture and favorable prices, but note the unreliable internet and distance from the U.S. and European countries, which increases travel time and cost.
The cheapest country to live in Southeast Asia for immigration
Southeast Asia attracts expats and digital nomads with its affordable prices, relaxed atmosphere, warm climate, and picturesque scenery. Some of the most affordable locations in the region include East Timor, where you can spend as little as $523 per month, Indonesia at $573, Malaysia at $598, the Philippines at $623, and Vietnam at $628. Meanwhile, Malaysia and Vietnam are ranked 47th and 66th in the SPI.
Security
In terms of security, Malaysia and Indonesia are considered among the safest countries in the region, ranking 55th and 66th in the WJP Rule of Law Index.
Standard of living
Expats in Malaysia and Vietnam can enjoy upscale and affordable vacations. These are countries with beautiful beaches, warm seas, and rainforests. Their capital cities are major transportation hubs providing affordable flights throughout Asia, as well as Australia and New Zealand.
Relocation opportunities
Malaysia and Indonesia offer visas for retirees and digital nomads. The Philippines is also planning to introduce the latter type. Vietnamese law allows most foreigners to stay freely from 15 to 90 days, depending on their nationality.
The cheapest country in Africa
Probably, the cheapest country to live in Africa is Tunisia. However, it is not among the best options for expats. Security here is average, as is the quality of healthcare and education. There is little English spoken in Tunisia, which will make it difficult to communicate with the local population. The state has high rates of poverty and unemployment, and few natural resources.
Egypt ranks 108th out of 170 in the SPI, which along with economic and political instability, poor ecology, and high levels of corruption is also not very attractive to foreigners.
How to relocate to another country for a better quality of life
Here are some tips on how to organize your relocation to make it as smooth as possible and get the expected results:
- Start by exploring locations with a high level of social protection and good working conditions. It is possible to find the safest and cheapest places to live abroad with family or alone. It is important to consider economic stability, quality of medical services, educational opportunities, safety and climate.
- Learn about visa requirements and procedures for obtaining a residence permit. Many states offer visas for skilled professionals, entrepreneurs, or investors. For example, if you buy real estate, you can get a residence permit in Cyprus.
- Evaluate your financial capacity. In addition to the general price level, it is important to take into account inflation, the tax system, and investment opportunities.
- It can be difficult to find the cheapest country to live in that speaks English. If an unfamiliar language prevails in the country, start learning it in advance. This will greatly simplify adaptation and everyday communication.
- Prepare necessary documents such as diplomas, birth certificates, marriage certificates, etc. These will need to be translated into the local language and legalized.
Conclusion on the countries with the lowest cost of living in the world
Specialists from Citizenship-By.Investment website will help you choose a country with a high level of security and the best conditions for relocation, advise on obtaining a residence permit for investment, and provide all the necessary assistance.