According to the 2024 Expat Insider survey, these are the most affordable countries to live in if you're considering moving overseas
You're not alone if you've ever considered relocating abroad. A study by Wise found that over 75% of British people aspire to retire overseas. Relocating to one of the most affordable countries to live in will be essential to maximizing your income if you're on a fixed income, such as a pension.
Many people think about moving overseas for a variety of reasons, including the cost of living, slow wage growth, unstable real estate prices, and high mortgage rates. You can also add better weather and lower taxes to this list. However, where do you begin your search, and is it worthwhile?
We've looked at the most recent InterNations Expat Insider 2024 survey, which ranked the most affordable places to live, including a number of popular locations like Thailand, Brazil, and Mexico.
Which nations have the lowest cost of living?
In the 2024 Insider survey, foreigners evaluated the countries according to three criteria: overall cost of living, financial satisfaction, and comfortable living. They ranked the countries from one (very bad) to seven (very good). There are at least 50 responders from each nation, and roughly 53 locations reached this level.
Vietnam has topped the list of the cheapest places to live for the fourth consecutive year. Second place went to Colombia, then to Indonesia, Panama, and the Philippines.
Six of the top ten nations are in Asia, and the other four are in Latin America, making these two regions the most desirable for foreigners. Portugal and Spain, ranked 13th and 14th, respectively, were just outside the top 10, but surprisingly, none of the European nations were able to place in the top 10.
Here are the overall 2024 index rankings, arranged from least expensive to most expensive.
The World Population Review is the origin. statistics acquired in 2024. Belarus, Ukraine, and Russia are not on this list because of the ongoing conflict in Ukraine.
Five of Europe's most affordable places to live are not yet EU members. These include Albania, Montenegro, Serbia, Moldova, and North Macedonia.
Bulgaria and Romania are the third and fourth most affordable countries in Europe, respectively, but many EU nations are still very affordable places to live.
It could be worthwhile to find out if you qualify for EU citizenship in order to facilitate your relocation if you intend to take advantage of their low cost of living.
Is it wise to retire overseas.
Although moving to a new, sun-drenched nation may seem appealing, there are a few other factors to take into account if you're a retiree. These include the cost of living.
The fate of your pension and whether you will continue to receive the UK state pension if you retire overseas are two of the most important considerations that will influence your choice. No matter where you live, you can still receive your personal pension and any yearly increases, which is good news. It is imperative that you make arrangements for the transfer of your plan to a "Qualifying Recognised Overseas Pension Scheme" in order to have it implemented overseas.
When you're planning to move abroad, it's also important to understand taxes, both in your new country and how they will affect your UK tax situation.
You can learn more by reading our guide on retiring overseas: things to think about, including pensions and taxes.
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