Udemezue John
Introduction.
Are you an entrepreneur, or digital nomad seeking a tax haven, and low-cost country to move to? Then, I recommend you read this article till the end.
I often tell people who would love to live abroad to calculate the cost of living expenses before deciding to migrate to any country of their choice.
These calculations should cover rent, utility, insurance and income taxes to be sure you are not getting your pocket enslaved in the hands of the government, you don’t want to work so hard to keep paying bills and have nothing else to save.
What are Low-cost(Cheap) Countries?
Low-cost(cheap countries) are developed nations across the nation with a moderately low cost of living.
The amount needed to cover basics like housing, groceries, taxes, and healthcare is way lower when compared to other countries across the globe.
Most times, all you need to have access to the basics are between $500 – $1200 at most for a single person.
Why should you Migrate To Cheap Countries?
Most people expect living abroad to cost a fortune, and that is becoming true if you pick expensive countries, your hard-earned money might not get you that far.
But if you avoid popular, super expensive destinations, like USA or Australia, and stick to some of the cheapest countries in which to live and work, you might be surprised how well you can live on a moderate income and save up the most.
1. Pay Little In Taxes.
Every taxpayer I know wants to pay fewer taxes. Taxes are something anyone seeking to save money should avoid in a new destination.
I am not asking you to evade taxes, or else you may be prosecuted, but you should pay less in taxes to be able to save more.
Taxes are a luxury in cheap countries, you pay little in taxes, and if you happen to earn in foreign currencies, then you might just be middle class.
Take, for example, a country like Russia, the Rubble is significantly as weak to the dollar as it might be, making it easy for people earning in dollars to be on top of the economy.
2. Pay Little for More (Housing, Electricity, Water and Utilities).
Expenses should be another onlooker for those seeking to migrate to any cheap country of their choice.
Having to spend too much on utilities such as housing, Electricity can be a major turn-off and may prevent you from saving as much as possible. Also, Make sure that expenses on utilities do not gulp off your savings.
One thing I love about being in cheap countries is that you don’t get to pay so much in utilities, you don’t get to pay as much as $350 -$500 for a condo apartment.
3. Easy To Start a Business.
Starting a business in a low-cost country is easier as capital is not seen as a barrier. If you are someone who can identify and solve problems, then you might just be on your way to building a branded business in a low-cost country, paying very little in taxes.
4. You get to save more.
One reason why you should migrate to a cheap country is the fact that you get to save a little bit more than you used to.
Let’s assume you are a digital nomad and you earn more than $5,000 from your online business.
In a low-cost country like Russia, Eastern Europe and Southern Africa, you get to spend nothing less than $1,000 every month, putting you ahead with more than $4,000 in savings each month.
Comparing this to living in High-standard countries like the US, and Canada you get to spend over $4,000 depending on your location putting your deficit on your savings.
Low-cost Countries That Anyone can Migrate To.
Most people expect long-term travel or living abroad to cost a fortune, and sure, if you pick expensive countries, your hard-earned money might not get you that far.
But if you avoid popular, super expensive destinations in the west and stick to some of the cheapest countries in which to live and work, you might be surprised how well you can live on a moderate salary.
1. Russia.
Russia is, quite frankly, enormous. Not only does it span two continents – Europe and Asia – it also has a surface area of 17.13 million square kilometres.
This makes it one of the most spacious countries on earth, making it even bigger than the famous ex-planet Pluto, which comes in at just 16.7 million sqm.
You should also know that Russia has some of the most progressive histories before the United States began space Exploration, famous cosmonaut Yuri Gagarin journeyed into outer space in 1961.
Russia is considered of the cheapest countries to live in with expenses for a single person starting at $571 and over $2,000 for a family of four.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
2. Vietnam.
Vietnam is any budget traveller’s dream for those who want to live on a budget. It’s one of the best and cheapest countries to live in for expats.
Vietnam has stunning landscapes to explore, delicious local cuisine for foodies and is also somewhat of an adventure travel destination.
The main cities are Ho Chi Minh city in the south, the capital Hanoi in the north, and Da Nang in the centre of the country. Most jobs will be found in these cities.
The most popular job for foreigners in Vietnam is teaching English. There are many opportunities for English teachers, with average monthly salaries ranging from $1,100 to USD 1,700, which is higher than in many neighbouring countries.
The cost of living in Vietnam depends on the city or region you choose to spend time in.
Cities like Ho Chi Minh and Hanoi are of course more expensive than rural locations, but the pay is also higher.
A small apartment can be rented for around $250 a month while eating out costs are around $1–3 per meal if you stick to local restaurants or street food.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
3. Costa Rica.
The next cheap country you want to migrate to is Costa Rica. Costa Rica is probably the most popular country in Central America, and for a very good reason.
It comprises Lush jungles, tropical beaches, and friendly locals that will make you fall in love with this country.
And you don’t need to go broke while living and working there, because Costa Rica is one of the cheapest countries to live in for Americans.
Cost of living: A meal in a local restaurant will cost around $3-6, rent runs from $300-800 per month depending on the size of the apartment and location, and local transportation starts from $0.70 per trip.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
4. Bulgaria.
Bulgaria is one of the cheapest countries in Europe to live in and has quickly become a favourite among travellers. Most travellers prefer to live in Europe because of the huge economic benefits that come with it.
If you’d love to work and live abroad in Europe but are put off by the high price tags of countries such as Italy and France, turn your gaze to Eastern Europe.
Bulgaria has a vibrant history dating back over 8,000 years ago, so there’s plenty to explore in your time off.
Cost of living: Rent a 1-bedroom apartment starts at $230 per month, a meal in an inexpensive restaurant will set you back around $5 and a trip on public transport can cost as little as $1.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
5. Mexico.
Mexico has something to offer everyone. Think of Mayan ruins in the jungle, turquoise Caribbean waters and laid-back beach towns on the Pacific Ocean.
We should not also forget the fact that Mexico share borders with the USA which can be accessed by Americans and Canadians.
A one-bedroom apartment costs $200-$500 per month, street food starts from $1 per meal, and a monthly pass for local transportation starts at $16.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
6. South Africa.
Do you love Africa? even if there is bad news when it comes to Africa, there are tons of good places to visit in Africa.
Possibly the cheapest English-speaking country to live in is South Africa. Not only can you get by without having to go to language school, but most South African cities also have a high standard of living, similar to Western cities, which will make the transition much easier.
This makes it a strong contender as the cheapest English-speaking country to live in! Rent for a 1-bedroom apartment is around $350-500 per month, domestic beer is around $1.70 and a meal at a local restaurant starts from $8.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
7. China.
China is one country that anyone seeking a high standard of living can relocate to with ease. It might not be your typical work abroad destination but working in China can be both very affordable and very lucrative at the same time.
China is an incredible country to explore and many works abroad programs will host events and even throw in free Mandarin classes, so you might even end up learning a whole new language while there.
The cost of living in China can be surprisingly low if you avoid the biggest cities. Rent for a 1-bed apartment starts at $300, and a meal in local restaurant costs around $3.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
8. South Korea.
South Korea’s modern cities rival those in the US and Europe, the countryside is stunning and diverse, the food is incredible, and the people are friendly, making it a great destination to work, save money, and travel.
South Korea isn’t the cheapest country in which to work and live, but it’s made this list because salaries are very competitive, and programs often include free accommodation, which reduces the cost of living significantly.
Korea is still very affordable when it comes to the cost of living, with rents for 1-bed apartments starting at around $375 and restaurant meals starting from $6.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
9. Thailand.
Thailand remains an attractive destination in Asia which attracts more tourists than most nations in Asia.
No list of the best and cheapest countries in the world would be complete without a mention of Thailand. Living costs are incredibly low here, even in big cities like Bangkok and Chiang Mai.
In Thailand, It’s possible to live perfectly well on $600 in Chiang Mai, for example. You can find $1 meals at street stalls, markets, and food courts in malls.
Rent can be as low as $150 per month for your studio in a Western-style complex. A ride on a public bus starts at around $0.30.
I wrote a comprehensive guide on some of the best travel booking platforms you should know, click the link to the article below.
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