Let’s face it – with everything going wrong with the market and inflation being at an all-time high, you and your family may be considering moving to a more affordable location. Here are 10 places around the world where you can start an exciting new life and simultaneously reduce financial hardships without sacrificing the cozy lifestyle you’re used to.
1. Colombia
Infamous for being a country riddled with crime and corruption, Colombia has since made significant progress in decreasing the crime rate, thus creating a more stable and safer environment for foreigners who live abroad. There’s an overall consensus that the city of Medellin is currently one of the safest areas in Colombia. Though public education is free, it’s recommended that foreigners look to private education for better learning opportunities. In Colombia’s case, the fees for a reputable private school are fairly reasonable, which makes the endeavor well worth the cost.
2. Malaysia
Malaysia is one of the best countries in Asia for anyone wanting to live comfortably on a low budget. Although international students are required to pay tuition for public schools, the amount is not nearly as high as in other parts of Asia, like Hong Kong. Not only is the country rich in eco-diversity, but with its low cost of food, public transportation, and living expenses, it’s understandable how Malaysia has maintained a reputation for being a fantastic option for both singles and larger families.
3. Ecuador
Home to the famous Galapagos Islands, Ecuador is not just a top tourist destination but became the first country ever to constitutionalize nature’s rights. Furthermore, the cheap living costs and highly ranked healthcare system make moving to Ecuador desirable. Private schools for foreign families tend to be most sensible when considering a good balance between cost and quality of education. The safest and most popular city for Ecuador’s expat community is Cuenca.
4. Thailand
Thailand consistently wins the topic of expat living when it comes to affordability. Not only do you get to enjoy the rich culture and delicious food, but it doesn’t cost much to get around. The biggest con for a family with school-aged children would be the cost of attending school since education here is not free. These prices range wildly depending on quality, location, and type of curriculum. However, with the other aspects of Thai life being so cheap, this added expense may still be within your family’s financial budget.
5. Mexico
Located directly below the U.S.’s southern border, Americans can conveniently drive their items to Mexico without spending a fortune on shipping costs or paying a moving company. No matter where in Mexico you’re headed, there’s no denying that the country’s cost of living is significantly cheaper than other developing nations with a comparable economic size. Though not mandatory, some additional factors you may want to consider include possible private school enrollment for your children or increasing your health insurance coverage for better medical care. Otherwise, the U.S. is a mere hop, skip, and jump away should you need anything Mexico doesn’t provide.
6. Portugal
As far as European countries are concerned, Portugal is one of the cheapest and most favorable options for many travelers across the world. Aside from the excellent weather and friendly locals, Portugal is also one of the safest places for foreigners to live in. As legal residents, expats can enjoy free public healthcare and free education, which are fantastic benefits for those moving with children.
7. Spain
Who wouldn’t want to move to Spain at the drop of a hat? As one of the most desirable European travel destinations, you wouldn’t think that Spain would be an affordable option for foreigners to move to. Spain has delicious food and incredible sights, and there’s also easy public transportation, healthy work-life balance, cheap healthcare, and free public education to solidify the country’s appeal further.
8. Costa Rica
The abundance of beaches and wildlife isn’t the only perk of living in Costa Rica. Affordable healthcare, drinkable tap water, and the Pensioner visa program are fantastic benefits expats can take advantage of for a better living outside the U.S. To qualify for temporary residency as a retiree, you only need to make $1000 of monthly income through military pensions, work pensions, annuities, and securities. Multiple forms of pensions can even be combined to reach the qualification threshold.
9. Taiwan
Being a highly developed country with excellent healthcare, a low crime rate, and almost no poverty, the quality of life for what you pay for is practically a steal. There’s also affordable public transportation for Taipei city dwellers. Most people do not need vehicles unless they live on the outskirts or in rural areas. Taiwan is a more financially realistic option for single nomads than families with children. Still, by simply choosing to live outside the city’s center or eating at cheaper night markets, costs can be greatly reduced without significant differences in comfort.
10. Malta
Though slightly more expensive than the other countries listed, this Mediterranean archipelago remains a popular gateway towards European citizenship. While its comfortable climate and UNESCO World Heritage Sites draw in large crowds of tourists every year, the excellent free healthcare, lower cost of living, and high level of safety turn those tourists into long-term residents. The biggest pro of all is that Malta’s public schools are not just free for citizens; they’re accessible for expat children as well.
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