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It’s about time you lived your dream. Quit your job, move abroad and enjoy life in a country where it costs so little to live that you might not even need to work at all.
If you’re thinking of making 2020 the year that you take the plunge and relocate to a different country, then our guide to the cheapest places to live around the globe might help you make your decision on where to go.
Portugal is way out in front as one of the cheapest places to live in 2020. The cost of living in Portugal is much lower than in other parts of the world. For example, rent in the centre of Lisbon is a third of the price of what you would pay in London. In addition to this, the price of groceries and property are also much more affordable in comparison to other countries in the world.
Not only does money stretch further but the quality of life remains high and the healthcare is excellent. This combined with the beautiful summer weather, extremely friendly people and quiet roads make Portugal one of the most attractive expat destinations for 2020.
If you’re looking for a simple life, then you don’t need to look any further than Mexico. This North American country has the whole package; stunning beaches, a dynamic cultural scene, high-quality healthcare and, the reason for its appearance on this list, a low cost of living.
Mexico is notoriously affordable and in Most Mexican cities even a moderate salary will comfortably cover most daily expenses. Accommodation is also reasonable and is almost always cheaper for expats than the price of rent in their home country. The closer you move to the city centre the more costly renting or property prices will be.
If the warm, tropical weather and breath-taking beaches aren’t enough to make this an alluring expat destination the low cost of living is sure to seal the deal. It’s no secret that Panama is a top destination for retirees and it’s no surprise considering you can live comfortably there from £800 to £1,500 per month.
The cost of living does depend on the type of lifestyle you want to lead but in general one of the main reasons that people move to Panama is because they can live on a smaller budget in most areas in the country.
Back to Europe where Spain has a very high standard of living for a lot less than most countries. It has one of the lowest costs of living in Western Europe, even in the main cities. You can live simply on around £1,500 a month even in the capital, Madrid. Rent is cheaper and if you’re living in the city centre you won’t need a car as the transport network is so extensive and efficient, which will save you a significant amount of money.
You’ll also get the beautiful Mediterranean climate, beaches and relaxed lifestyle for free.
Colombia has been creeping up on the rankings of the best destinations for expats due to its mesmerising scenery, world-class healthcare, welcoming people and low-cost living. Going out to eat is particularly cheap, you can enjoy breakfast or lunch for just £4 and a nice dinner for only £8.
The country offers most of the first-world amenities and infrastructure that you would find in other expensive locations for much less. Again, the cost of living does depend on factors such as where you choose to live and what kind of lifestyle you wish to lead.
Don’t forget to purchase one way travel insurance when moving abroad to cover your journey.
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Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.