Affordability is frequently the single most crucial factor for many people when deciding where to retire abroad. The following is a list of the most affordable international locations where your money will go further than in the United States.
PORTUGAL
If you think, as the majority of people do, that living in Europe is out of your price range, Portugal, a small country, might surprise you. North Americans have only recently learned about the charms of this Iberian gem, but tourists from all over the world have long known about them.
Every budget can enjoy first-world amenities in Portugal, including some of the world’s best healthcare at a fraction of home-country prices. It also takes great pride in being among the safest countries in the world. With one of the best highway systems in Europe, Portugal provides a selection of rest areas with a variety of food and beverage options. There is almost universal access to high-speed internet, delicious, drinkable tap water, and harmonious coexistence between people of all races and skin tones. Likewise, electricity is very dependable.
The standard of care is on par with or even higher than in the United States, which is surprising given the low healthcare costs. Residents of Portugal have access to both the public and private healthcare systems, but most choose the private system because it is easier to find a doctor who speaks English and there are shorter wait times for appointments or procedures. In a private hospital, the average cost of a mammogram with ultrasound is €166, a colonoscopy is €500, a bone density test is €94, and an ER visit is €102.
Most foreigners in Portugal can live comfortably on $2,500 per month; living inland is less expensive than living near the coast. Rent typically accounts for the majority of this amount and can range anywhere from $400 in small rural communities to $1,000 or more in coastal towns. Utilities (electric, water, gas, and trash removal) should be added for another $100 or so, and private health insurance for a couple starts at $100 but increases with age and the type of policy. Internet packages start at $37.
Many people claim you can live comfortably on $2,100 to $2,300 per month in Burgau, a coastal town in the Algarve. Just steps from the beach, a two-bedroom furnished flat in this area rents for less than $1,000.
In the morning, both locals and visitors in Portugal can enjoy a delectable pastry and a cup of coffee for a few euros at one of the country’s thriving cafés. It’s perfectly acceptable to spend the entire afternoon with friends while sipping Portuguese wine for just €3 a glass. The wait staff won’t even bring you the bill or suggest that you leave if you don’t ask.
When your stomach starts to grumble, take advantage of the meal of the day at nearby restaurants, which can be had for anywhere from €6 to €12. You can find a wide variety of food, including Indian, Mexican, seafood, Thai, Chinese, Italian, and more, even in smaller towns.
In Portugal, housing costs vary depending on location, distance from the coast, whether or not it is furnished, size, number of bedrooms, and square footage. In rural areas of the interior, rents for an older, furnished two-bedroom home start at about €350. In a complex with a pool and garage shared by all residents, more recent, contemporary homes start at about €600.
After succumbing to the allure of this stunning, hospitable, and surprisingly affordable European hotspot, more than 500,000 foreigners now call Portugal home. Every budget can find something in Portugal.
ITALY
The idea that living in Italy is expensive is a common one. This myth is only strengthened by the hordes of tourists who visit well-known Italian locations like Venice, Rome, Florence, Naples, Milan, and Tuscany and then return home with tales of beauty and expense. Living like a tourist in Italy is very expensive.
The cost of living in Italy, however, is roughly half that of living in the United States for the 50 million Italians who live there permanently and outside of the tourist areas.
Living in a small town is significantly less expensive than living in a big city, and living in the north of Italy is more expensive than living in the south or the centre. “The budget’s biggest expense is rent,” “Rents in Italy are typically less expensive than those in the US.
Expats describe healthcare costs as reasonable, despite the fact that prices vary depending on a number of factors, such as region and whether you have private insurance or not. Italy consistently has one of the best healthcare systems in the world.
Aside from housing costs, the cost of living in Italy is fairly consistent throughout the country; you can always find both high-end, expensive restaurants and low-cost, family-style eateries.
Living outside of the larger cities need not mean sacrificing the quality of life, as there are still cultural events, historical sites, and an essentially Italian way of life in provincial cities. One can live extremely well on $3,500 a month.
ECUADOR
Many expats choose to live in Ecuador because of its low cost of living, which can be very advantageous if you have a fixed income. The cost of renting is half that of the US or Europe and frequently includes furnishings. If you own property, your property taxes will be significantly lower than those in the US.
In many places, you don’t need heating or air conditioning to survive, and even a car can be an extravagance. Fresh produce is always available at local markets year-round, so little that you cannot carry what $20 will buy.
Cuenca’s standard of living is on par with American standards. $400 is the rent, including utilities, and $55 is the cost of health insurance each month.
With less than $18,000 per year, a couple can retire comfortably in Ecuador; if you’re single, you can get by on $1,000 per month, but you may need to adjust your current lifestyle to make the most of that low cost of living. You can save a few hundred dollars on rent by moving to a larger indigenous community’s outskirts. Compared to what you’re used to, buying vegetables and meat from larger indigenous communities will be more expensive.
In Cotacachi, Ecuador, a tiny indigenous village of 8,000 people located in the northern Andes mountains, 45 minutes north of Quito, you can rent a small casita for $250 and quickly make friends in the close-knit community of 1,000 ex-pats (the capital of Ecuador).
Since most towns are walkable and there is a lot of public transport, it is possible to live on a budget here. Taxis cost about $3.50 to get almost anywhere, and public buses and the Tranva have a maximum fare of 35 cents. Because the weather is mild almost everywhere in the country, neither heating nor cooling is necessary. IESS, the public health program, cost about $1 million.
You can buy your preferred Italian, Thai, Chinese, or Mexican products at a fair price, and restaurants serving international cuisine start at around $7 for lunch. Small eateries that serve the neighborhood can provide you with an almuerzo (lunch), which costs $3 and includes fruit juice, chicken, rice, and dessert.
There are fiestas all over Ecuador, countless parades, nightly fireworks, craft fairs, and various forms of free or inexpensive entertainment on most weekends. You can join a variety of social groups in Cuenca for nothing at all to pursue your interests in photography, hiking, pickleball, trivia, or card games.
International flights from Quito International Airport cost roughly the same as those departing from points along the east coast of the United States. If visiting Patagonia, Uruguay, or Chile is on your bucket list, travel agents in Ecuador can make those aspirations a reality. Retirees receive a retirement benefit that includes a 50% discount on air travel but excludes taxes and fees.
It gets even better if you are 65 or older. In Ecuador, people who are considered to be in their “Third Age” (tercera edad, which translates to “Third Age”) enjoy many advantages, including $1.50 bus rides to nearby cities, discounted admission to sporting and cultural events, and a $12 executive comfortable bus ride for the four-hour trip from Cuenca to Guayaquil’s International Airport.
When groceries and rent are not included, monthly costs for electricity, internet, water, sewage, and IESS health insurance come to just $200.
MEXICO
You can find a climate in Mexico that suits you, whether you prefer a warm climate with a constant sea breeze, a hot and dry semi-arid or desert climate, or a place that is cool enough that you need a jacket. Mexico offers a wide variety of attractions, including hip neighborhoods and luxurious resorts, countless beaches, world-class diving and snorkeling, lush jungles, high-altitude deserts, snow-capped mountains, and stunning Spanish colonial cities.
For two people living comfortably in the middle class, the average monthly budget won’t be more than $2,000, and it’s certainly doable to get by on much less. It’s also a great place to retire on any budget.
In the city of Oaxaca, a furnished, two-bedroom flat rents for between $800 and $900 per month. Fortunately, multi-course meals of excellent quality can be easily found at sit-down restaurants for under $3 per person. These “food on the run” or “comida corrida” menus usually include soup or pasta, an entree with salad, rice and beans, tortillas or bread, a pitcher of the agua del diá (the day’s fruit-infused water), and sometimes a small appetizer or dessert.
In general, you’ll benefit from prices that seem absurdly low if you live like a local.
Experts charge about $75, and even lower fees are charged by medical professionals at consultorios, small clinics frequently connected to pharmacies. Without a doctor’s appointment, electrocardiograms cost only $3, CT scans are less than $100, and X-rays are about $25. Additionally, dental work is affordable.
There are two publicly funded healthcare systems in Mexico, INSABI (Instituto Nacional de Salud para el Bienestar) and IMSS (Instituto Mexicano de Seguro Social). INSABI (Instituto Nacional de Salud para el Bienestar) targets low-income Mexicans and lawful non-Mexican residents, although the care is typically basic and the wait times for treatments can be lengthy, there is no charge.
There are many JCI-accredited hospitals in Mexico, as well as many others that provide top-notch care, staff who speak English, and cutting-edge technology. These hospitals’ costs are less than half what they would be in the United States, as are all other healthcare-related expenses there. If you have private insurance, you’ll have access to some of the best hospitals in the nation and even some of the best in the entire world.
Real estate in Mexico is also less expensive than in the US, and foreigners are allowed to buy homes there. To buy a home within 62 miles of an international border or within 31 miles of a beach, a fideicomiso must be established. With this document, the title to the property is held in trust by a bank; however, the bank does not own the property; rather, you do, and you will have all rights to use the property as you see fit, including the right to build on it.
Even in some coastal areas, modern condos and homes in move-in condition start in the low $100,000s; for about $200,000, you can find a tonne of luxury homes in the Riviera Maya and other prestigious areas across the nation. Homes by the beach abroad are significantly less expensive than comparable homes in the U.S., but homes by the beach in the U.S. typically cost more than homes inland.
Affordable luxury in Mexico is hiring a gardener or housekeeper. A once-weekly housekeeper works for about four hours each visit and costs $60 per month, plus a $10 tip. The cost will vary depending on where you live, but you probably won’t pay more than $200 per month for twice-weekly housecleaning.
THAILAND
In the well-known and thriving South East Asian country of Thailand, which is nestled between Myanmar, Laos, and Cambodia and shares a border with Malaysia as well as a long history and culture, even upscale experiences can be had for a fair price.
Bangkok, locally known as Krung Thep, is ideal for people seeking a more cosmopolitan lifestyle filled with fashion, cutting-edge technology, and vibrant nightlife. Expats are dispersed contentedly across many provinces because this diverse nation offers a variety of retirement lifestyles and can offer affordable experiences for most budgets.
Lofty condo apartments, aging traditional housing, or less expensive studio condos are all options to consider. For only $626 a month, you can rent a chic one-bedroom apartment in Bangkok’s trendy Sukhumvit neighborhood close to dining and nightlife. For $475 a month, you can rent a three-bedroom villa on Koh Samui that is only a short walk from the beach. For as little as $184 a month, you can rent a city studio with a kitchenette.
Many foreigners immerse themselves in the Thai food culture, which emphasises daily fresh food preparation. Thai restaurants come in all sizes and shapes, from rotating skyscrapers to plastic chairs on the sidewalk, but they all promise exquisite culinary experiences. Prices for fragrant and spicier street food start at $1.72.
There are plenty of Western options if Asian cuisine is not your thing: a ten-inch pepperoni pizza costs under $7 and a hamburger and chips are only about $5.20. If you prefer to spend more money or have a more opulent experience, you can eat at a Michelin-starred restaurant in Bangkok for less than $50.
The average price of a latte is $1.30, and you can frequently find tempting cakes and pastries for as little as $2.60. Thanks to the nation’s exponential growth of the coffee culture over the past ten years, there are thousands of coffee shops where friends can gather.
Bangkok Hospital, which operates hospitals throughout Thailand, tries to negotiate special rates for annual health examinations for foreign residents. The initial visit to a specialist will only cost you about $10, which won’t make much of a dent in your wallet. All specialists speak English, and many of them received their training in the United States or England. Bangkok Hospital operates hospitals throughout Thailand.
The trains in Bangkok are efficient and dependable, offering a more cost-effective way to travel to other parts of the country like Hua Hin and Chiang Mai. You can rent a car for about $30 per day, and the roads are all in excellent condition throughout the country. These secure highways can take you to Ayuttaya’s historic sites, which are located south of Bangkok, or to the town of Mae Hong Son.
New expats frequently try to estimate the cost of living, but there are so many different factors. “Here, a good quality of life costs about $2,000 per month,” they say.
COLUMBIA
A low cost of living is just one of the benefits of living in Colombia, which also offers many of the infrastructure and amenities of the first world that one would expect in a much more expensive location.
According to them, “Colombia is going through a wave of immigration like never before.” “They come here because the cost of living is still significantly lower in Colombia than it is in the majority of their home countries, despite the current inflation.
Foreigners can still afford to live in affluent neighbourhoods despite recent increases in living costs, starting at $1,000 per month for small cities like Manizales and Pereira and $2,000 per month for larger cities like Bogota and Medellin.
It is important to remember that utilities like electricity, natural gas, water, and phone and internet service are priced according to a tiered, estrato system in Colombia. Each neighborhood is given an estrato number by the system, which is based on the mean income of the local population. In lower estrato neighborhoods compared to higher estrato neighborhoods, rates are lower.
Rents for a nice area in bigger cities like Medellin and Bogota can start at about $1,000 per month. Prices in smaller cities like Cali, Pereira, and Bucaramanga start at around $500 per month.
Erin suggests in strata 5 or 6: “For example, in urban areas like Medellin and Bogota, the cost of natural gas, electricity, and water would be examples of this. Internet and TV services can cost anywhere from $20 to $30 per month to $50 to $100 per month.
In a small town, a cup of coffee might cost you more than $0.20; if you’re buying low-quality commercial brew in a big city, you should budget at least $1 for a decent black coffee, or half that amount. Your diet requirements, food preferences, and whether you cook at home or eat out will all influence what you eat.
The cost of a typical lunch includes soup, a main dish (meat, rice, or salad), and a beverage. In fancier restaurants, a meal will run you about $10 per person. If one person in strata 5,6 goes out on the weekends and eats out once a day, their monthly spending will be at least $300.
You must now have travel health insurance (retiree) to enter Colombia as a tourist, visitor (student), or immigrant. The cost is significantly influenced by your age, your income, and the type of insurance you need.
In Medellin, a VA representative is on hand to assist. Veterans who are totally disabled receive full payment for all medical expenses, and those who are partially disabled get paid for disability-related expenses through the Foreign Medical Program Veterans Administration benefits.
Government-subsidized workplace healthcare is provided by EPS insurance, which can cost as little as $50 for an independent. The other, more exclusive health insurance providers will base their decisions on your age and income.
“There are numerous activities available in Colombia. In larger cities, depending on the quality and strata, the majority of lessons for learning a new skill—such as dancing, playing an instrument, or even sports—cost between $10 and $20 per hour for private instruction and between $10 and $20 per month for group instruction.
National brews start at $1 per bottle in a tiny corner tienda, and in strata 5 or 6, they cost $2 to $3 per bottle. A bottle of rum or aguardiente costs $7 in retail outlets and $15 in bars.
Theaters are popular in Colombia as well, but typically they only show English-language films on Monday or Tuesday of the week. To confirm the exact date, check with the nearby venues in your preferred city. Typically, a movie ticket costs $3. Additionally, Colombia is renowned for its varied cuisine, with dishes like arepas, bandeja paisa, and empanadas among its most well-known offerings. Visitors can engage in a variety of outdoor pursuits like hiking in the Andes or discovering the Caribbean coast’s beaches.
