If you are tired of sky-high rent in a high-cost city, you’re not alone as many countries abroad offer a viable option for you to relocate and enjoy quality life at an affordable cost.
Whether for remote work, a sabbatical, or adventure, some destinations offer a lower cost of living, stunning scenery, and rich culture.
Here are 5 affordable countries where you can stretch your budget without sacrificing quality of life, based on the Global Retirement Index.
1. Colombia
If you crave vibrant city life without the hefty price tag, Colombia is a fantastic choice. Major cities like Medellín and Cartagena offer two-bedroom rentals ranging from $500 to $2,000 per month, depending on the location and amenities. The country’s rich coffee culture, diverse cuisine, and lively history make everyday life an adventure.
On weekends, you can explore Colombia’s varied landscapes—from rainforests and mountains to tropical islands. Plus, securing a digital nomad visa is relatively straightforward, allowing remote workers to stay for up to two years.
2. Portugal
Portugal has become a magnet for expats, thanks to its affordable cost of living compared to other Western European countries. In Lisbon, you can find a furnished one-bedroom apartment for under $1,000 per month. That means more budget flexibility for indulging in cozy cafés, exploring historic cobblestone streets, and enjoying beach getaways.
Digital nomads can apply for a visa to stay in Portugal for up to two years, while visitors can enjoy up to 90 days visa-free.
3. Costa Rica
For those who prioritize sustainability and natural beauty, Costa Rica is an excellent choice. A two-bedroom apartment rents for around $800, and the cost of fresh, organic food is surprisingly low. Whether you prefer lush rainforests or serene beaches, there are plenty of expat-friendly towns to choose from.
Costa Rica offers a 180-day tourist visa, making it ideal for a six-month trial run to see if the country’s laid-back, eco-conscious lifestyle suits you.
4. Mexico
From the bustling energy of Mexico City to the artistic charm of Oaxaca and the stunning coastal towns, Mexico offers an affordable and diverse living experience. You can rent a studio near the beach for as little as $600 per month or opt for a more walkable, historic location like San Miguel de Allende, where rents start around $900.
Mexico’s temporary work visa allows stays from six months to four years, giving you ample time to explore different regions before committing to a long-term move.
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5. Panama
Panama stands out for its convenience—U.S. dollars are the official currency, making financial transactions easy for American expats. Rent is relatively affordable, with houses in the mountains averaging $800 per month and two-bedroom apartments in Panama City ranging from $600 to $1,000.
As one of the world’s few carbon-neutral countries, Panama is an excellent choice for those seeking a more sustainable lifestyle. The digital nomad visa allows remote workers to stay for up to nine months, offering plenty of time to soak up the tropical climate and rich culture.
