INDIA: Affordability is one of the influential factors in choosing your dream destination, as nowadays, many want to move to new places and upgrade their lives, but they are unable to relocate to their preferred location due to the expenses required to sustain a comfortable life.
The cost of living—which poses a hurdle in reaching a dream destination—is calculated by keeping track of the cost of several necessities, from mortgage/rent and healthcare to a slice of bread, in a place.
Based on various reliable sources, including the International Living Annual Global Retirement Index, which takes input from locals of the places and keeps the real-world context in mind, we have compiled a list of the cheapest countries to live in.
This list is not only for retirees. It’s for anyone who is tired of the 9–5 grind and wants to live a more affordable life, escaping the hectic pace of life, the divisiveness, and the violence. Also, living in a place that is more affordable can provide you with extra money for extracurriculars and give you peace of mind knowing that you are financially stable.
Best cheapest places to live a affordable life
Portugal, which has taken the top spot for places to live this year, offers more than simply an experience—it is the land of delicious wine, seafood, and football. Portugal offers lovely landscapes and pleasant people, So it’s not surprising that many foreigners wish to go there. The beaches and year-round sunny, warm weather it offers will definitely leave you yearning for more.
Portugal’s big cities, like Porto and Lisbon, cost a bit more than smaller towns like Lagos, Tavira, and Vilamoura. Lagos is a historic town located on the warm Algarve coast of Portugal. Tavira, an ancient Roman seaport, is a city full of structures with blue and white tile roofs.
Vilamoura is a beautifully designed resort area with stunning beaches. You can easily save a few bucks while living in a stunning city. For a duo, the day-to-day cost of living will be $2,800 a month and about $2,000 for an individual.
Mexico holds the second spot on the list. Mexico also offers so many options, including hot Caribbean beaches, arid Pacific coasts, colonial cities brimming with art and culture, and lakeside living in places like Chapala, where the temperature is perpetually spring like.
Some locations in Mexico that we recommend are, Playa del Carmen, Lake Chapala, and Queretaro. Playa del Carmen is an esteemed beach city. Lake Chapala is situated in a cold highland region, and Queretaro is an affluent highland city.
For a little under $2,000 a month, a couple may live well in the majority of the places we recommend and for a single person, the budget will lie between $1,500 and $1,900.
Panama has taken the third spot on the list of affordable places. Panama always scores highly across the board, putting itself at the top of the index.
Panama, nestled below the hurricane zone, has excellent visa options that enable expats—whether or not they are retired—of any age to come and stay. Particularly, the pensionado visa is primarily oriented toward retirees and makes it worthwhile for them to come with advantages that include tax breaks and discounts.
Panama has excellent healthcare, especially in the city, and beachfront living is possible within an hour of a bustling city. There are a few Panamanian localities to consider, like Panama City, which all include a mix of skyscrapers and lush areas.
Boquete, which is a highland town, and a sizable residential complex called Coronado, meets nearly all of the needs of expats. For a couple, it will cost around $2,900 a month, and for individuals, it will be around $1,400 a month.
With everything from caverns to national parks and even waterfalls, wonderful cuisine, and brilliant colours, Costa Rica is the soul of nature.
Both Costa Rica’s reputation as the “happiest country on earth” and its long life expectancy are major selling points for people looking to relocate there. The best part is that living expenses in Costa Rica are quite low!
For roughly $2,500 to $3,000 per month, a couple can live comfortably but not necessarily extravagantly.
Ecuador, nestled in the heart of South America, is a country that is mainly unexplored and has not yet become homogenised, but it still provides modern amenities like high-speed fiber-optic internet, a temperate climate, American dollars, reliable public transit, and reasonable healthcare and housing.
If you want to experience spring all year long and adore Spanish colonial architecture, brisk air, and strolling along historic beaches, Ecuador is the perfect destination for you.
There are many expat-friendly places all over Ecuador. Depending on your region and way of life, you may easily get by on $1,500 to $1,800 per month.
Greece, a new entry on the list this year, has made progress in expanding the number of visa alternatives available to allow visitors to stay for longer. It offers intriguing features encased with multiple places well suited to visitors and travelers.
The nation is primarily known for its islands. The Greek Islands can pique visitors’ interest in exploration for a very long time because they have three significant bodies of water and six different island groups. Island-hopping becomes a part of your life if Greece becomes your home.
In Greece, a couple can comfortably live on around $1,900 per month, and a single person can live on about $1,600.But keep in mind that in order to qualify for a renewable residence permit, you must show that you make at least €2,000 per month.
Spain has an amazing range of environments and weather. With 300 to 320 sunny days per year, one of the sunniest areas of Europe, the Mediterranean coast, is a spot where you’ll never have to shovel snow again.
But there are also green areas that resemble Oregon (such as the northwest coast), and for those who enjoy the snow, there are the Pyrenees Mountains.
Spain’s cost of living is still very modest and location-specific, despite a rise over the past year. $1,900 a month can allow you to get by if you choose a calm, small town.