Top 10 Countries to Move To For Financial Reasons

If you’re deep in debt and considering something drastic or ready to retire but finding that you come up a bit short, here a several countries to consider where the cost of living is considerably less than countries like America, Great Britain or Australia. Countries like those, with high costs of living, can make getting ahead really difficult. Moving to a new country for financial reasons, even if it’s just for a few years, could be the best thing you ever do!

Ecuador

Something you probably didn’t know about Ecuador – it’s main form of currency is the US dollar, so if you’re heading over there from the US, that’s one less thing to worry about. Linda over at As We Saw It has some terrific tips on how to pick the right apartment in Ecuador if you’re looking to move there. The cost of living there is nearly 40% lower than the United States and rent is a whopping 69% lower.

New ZealandNew Zealand

When thinking of New Zealand, the first thing to come to mind might be how far away it is… or hobbits. Either way, the first thing that comes to mind probably isn’t that every dollar you spend there only costs an American 77 cents. The country provides such good value for your money that even Australians are migrating to NZ.

Thailand

If tropical paradises are your thing, you might feel at home in Thailand. Steeped in culture, both historical (numerous ancient temples) and unusual (like the Monkey Buffet festival on the last Sunday of November each year), Thailand has a lot to offer, not the least of which is it’s incredibly cheap cost of living. Overall cost of living is 43% lower than in the US and 46% lower than in Australia. Rent prices are even lower, around a 60% difference!

Indonesia

Dragons are real and they live in Indonesia – at least, the komodo kind do – and so can you. The cost of living in Bali is 368% LOWER than in Sydney, Australia. For Americans, Indonesia will lower your cost of living by just over 49%. You can rent an apartment for less than $300 American dollars a month.

Philippines

If you’ve ever been on a cruise, you may have felt a little bad for the crazy hours the Filipinos onboard seem to work as such a lower pay rate than you’re used to. In reality, that pay rate buys them a very comfortable life for themselves and their families back home. You can really stretch your income if you head over to the Philippines. Their big cities like Manila have all the modern comforts you’re used to at home and if you really want to save big, you can head further away from the big cities. You’ll trade some modern conveniences, but the prices can really be dirt cheap. Rent in the Philippines is 164% LESS than in the United States and 180% LESS than in Australia.

Canada

Most of the time when you hear folks talking about heading to Canada, it’s Americans who are disgruntled by our own politics. However, the cost of living in Canada has always been much lower than many other countries (why do you think most of the HGTV house hunter specials are based there??). It’s also got a huge Australian expatriate community and a very familiar culture. Additionally, they have a terrific national healthcare system.

Morocco

If you don’t mind the heat, you can head over to Morrocco. $30 can stretch pretty far over there. The average traveler can get a hotel room, eat and go on a tour for that much there. You can find a decent apartment for under $500 a month and eat on less than $5 a day. Larger cities like Casablanca and Tangier also have close knit expatriate communities so home doesn’t feel so far away.

PeruPeru

If more than just the rain and fog have you feeling down living somewhere like London, you’ll find that you can pay, on average, 144% LESS to live in Peru. As a matter of fact, Simeon over at the Global Post points out that one of the main benefits of moving to Peru is that a raincoat is never needed there!

Croatia

One of the best benefits to Croatia, if you have children, is the free education. This includes college. However, taxes can be brutal an immigrants if you’re making your living in the country. If all of your income comes from abroad, (say you’re a fabulously wealthy blogger or a retiree on a pension) this becomes a non-issue. If you buy a residence and reside in it for 183 days a year, your tax situation also becomes much more reasonable. That being said, Croatia is gorgeous and about 50% cheaper than all other European Union nations. Rental prices in the United States are about 270% higher than in Croatia and groceries are 78% LESS there too.

 

**All numbers are taken from Numbeo, a great cost of living comparison site!

6 thoughts on “Top 10 Countries to Move To For Financial Reasons

  1. So cool. I never thought New Zealand would be on this list — I had heard it’s expensive! I’ve definitely wanted to go there for some time.

    Oh, Canada — I’ve been watching Love It or List It Too lately, and have just fallen in love with the houses. Not that any of those areas would fall under the “move here for financial reasons” category!
    Alexandra @RealSimpleFinances recently posted…Money Making Challenge: $4,500 in 90 DaysMy Profile

  2. Indonesia could be interesting. Unfortunately, they are cracking down on LGBT folks there, and I try not to travel or live where my life is at risk because my girlfriend is pretty.

    I also worry about subjecting myself to the vagaries of international politics. Situations can change drastically overnight. I wouldn’t want a country I did not understand freezing or seizing my accounts. Or having to move back to the US after years overseas due to political unrest.
    ZJ Thorne recently posted…Treat Your Employees Well – The Easiest InvestmentMy Profile

    • Yeah, you might want to skip Indonesia till they get hip to the human rights process.

      As for political situations – you never know what’ll happen anywhere, including the US. I mean, for pete’s sakes, look at who might be our next president!

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