If you’re thinking of moving to another country, whether permanently or temporarily, it’s important to consider the cost of living.
Luckily, the cheapest places to live in the world are also some of the best. Countries like Cambodia, Argentina, Portugal and Colombia, for example are all beautiful and affordable. If you have the luxury of choice for where you move to next, be sure to consider one of these places.
Cost of Living in Cambodia
Securing a Visa
In order to live abroad you need a visa, and for some countries this is both expensive and difficult. In Cambodia, it is the opposite. Getting a business visa is relatively simple and if you love living in Cambodia and want to stay longer, it is only $280 to extend for another year. There are many places to extend your visa and the turnaround time is a mere days. It is really convenient.
Housing
What you pay for accommodation in Cambodia does vary, depending if it is in the country or the city but overall it is still a country with the lowest cost of living in the world. Prices for a one bedroom condo in the capitol Phnom Penh is about $250 to $300 per month, or for a multi bedroom condo $400 to $650 per month.
In contrast, the city of Siem Reap is much cheaper. There $600 a month will get you a villa with a pool. The further out in the country you go, the cheaper Housing becomes. If you’re retiring and looking for a cheap place to stay and a quiet local, this is a great option.
Food and Drink
Next to accommodation, another marker of the cost of living in a country is the price of Food and Drink. In Cambodia, a meal at a mid-range restaurant can be had for only $3. Beer is only $1 and a coke is less than $1. At the supermarket, bread is around $1.25 and a dozen eggs are $1.50.
Whether you eat out or prepare your own food, Cambodia has great prices for even the smallest of budgets.
Cost of Living in Argentina
Securing a Visa
Argentina lives by its Latin principles which includes not having too many rules. This applies to the visa situation as well. When you first come to Argentina a visa can be expensive as the country charges you the same price as your country charges Argentinians. This is called a retaliatory visa fee policy.
However, the visa is then good for 10 years of the life of your passport, so you might not need to worry about renewing it. You can always make frequent trips every three months which then automatically renews your visa. If you forget to renew it, don’t worry as Argentina is fairly lax about it. You may be fined about $40.
Housing
Argentina is a very large country, and Housing costs vary greatly depending on where you’re living. As always, prices are more expensive in larger cities than in smaller towns. In certain parts of Buenos Aires you can find an apartment for rent for $500 to $700. In the countryside, however, a multi bedroom house with acreage can go for the bargain price of $350.
Buying a house in Argentina is a bit different as many people pay in cash. This may seem odd, and possibly unrealistic, but with interest rates so high, nobody wants to get a mortgage.
Food and Drink
An average meal at a restaurant in Buenos Aires will cost about $11. If you’re in a smaller town it will be considerably less. Beer is about $2.50 and a coke about $1.50. While city restaurants are not real bargains, supermarkets offer better food pricing. Bread costs $1.80 and a dozen eggs $2.00.
If you like the supermarket prices, but don’t want to cook, Argentina has very affordable as you can employ a maid or a cook for only $10 a day.
Cost of Living in Portugal
Securing a Visa
If you are an EU resident moving to Portugal, all you need to do is prove your income and that you will be able to support yourself. If you can do this, then you’ll be granted permanent residency in Portugal for five years.
However, if you are not from Europe, you will most likely need to employ a lawyer to help you with the application process for a residency visa and it will take about six months.
Housing
Portugal is one of the cheapest places to live in the world and this is reflected in Housing costs. A two bedroom apartment in the city can cost about $550 to $600. As you go further out into the countryside, Housing costs get even cheaper.
If you are able to buy in Portugal, prices are very reasonable. A two or three bedroom apartment in the city would cost about $250,000 while the same apartment in a more rural area would be half the price.
Portugal was hit hard by the recession in the last decade and there are a number of homes on the market at bargain prices. And a lot of banks will even offer 100% mortgages so if you don’t have a very large down payment you can still purchase a new home.
Food and Drink
A meal at a restaurant in Lisbon would cost a person about $8 and a beer is about $1.70. A coke would cost $1.30. Overall, restaurant prices in Portugal are low and eating out is a convenient option.
For supermarket prices, bread costs $1.25 and a dozen eggs costs $2.00. Anything that is local including produce, meat and fish is very reasonable to purchase. The Portuguese love to eat delicious food and they make sure that everyone can afford it.
Cost of Living in Colombia
Securing a Visa
When travelling to Colombia for short amounts of time, it is very easy to get a visa. A visa is good for three months and can be extended for only $40. However, the extension is only good for another six months. If you want to stay longer there are many options to choose from; so many that it is recommended to get advice from an attorney.
Housing
An apartment in Bogota, the capital city will cost about $650 per month. The range, though is anywhere from $400 to $1000 per month, depending on the size, location and condition of the apartment. A lot of people in Colombia end up sharing apartments so that you can get a nicer, bigger place, but pay a cheaper amount of rent.
Food and Drink
Eating in Colombia is very cheap. At a restaurant, an average meal will cost about $4. Beer is only $1 and coke is less than $1. Many people eat out regularly in Colombia because it is so affordable.
A trip to the supermarket can be overwhelming at first because of the great prices. Bread costs less than $1 and a dozen eggs costs $1.50. Overall, you won’t have to budget too much for food.
There are many cheap places to live in the world, but it’s important to pair living costs with desirability. Luckily, there are many countries to choose from that meet both criteria.
Countries with the lowest cost of living in the world like Cambodia, Argentina, Portugal and Colombia are beautiful places to spend time in and, as a bonus are all affordable, no matter what your budget.
