The Best Country to Live Cheaply Outside the US

Published on May 29, 2024 at 1:24 pm by Khadija Shafaat Khan in News

In this article, we will list down and explore the best country to live outside the US that is so cheap you could quit your job. For a more detailed analysis, you can directly head to our list of 15 Countries to Live Outside the US that Are So Cheap You Could Quit Your Job.

Relocating to a Cheaper Country? Plan Ahead!

Relocating to a cheaper country can be an exciting and financially smart move. However, it’s important to keep the following factors in mind:

Cost of Living: Research the cost of living in your desired country. This includes housing, food, transportation, healthcare, and entertainment. Make sure it aligns with your budget and lifestyle expectations.
Healthcare: Investigate the quality and availability of healthcare services. Check if you need international health insurance and what it covers in your new country.
Visa and Residency Requirements: Understand the visa and residency requirements for the country. Some countries offer long-term visas for retirees or remote workers, while others might have stricter immigration policies.
Language Barrier: Consider the primary language spoken in the country. Learning the local language can significantly improve your experience and ease communication in everyday situations.
Cultural Differences: Be prepared for cultural differences and varying social norms. Understanding and respecting the local culture will help you integrate better and enjoy your new environment.
Safety and Security: Research the safety and security situation in the country. Look into crime rates, political stability, and any travel advisories issued by your home country.
Job Opportunities and Income: If you plan to work abroad, investigate income opportunities and the local job market. Alternatively, if you’re moving to retire, ensure your income sources are stable and sufficient.
Housing and Accommodation: Look into the housing market and find out whether it’s better to rent or buy. Consider the location, cost, and availability of suitable accommodation.
Tax Implications: Understand the tax laws of both your home country and the new country. Double taxation agreements and local tax laws can significantly impact your finances.
Social and Expat Community: Check if there is an active expatriate community. Having a support network of fellow expats can make the transition easier and provide valuable resources and social opportunities.

Upwork: The Go-To Digital Marketplace for Job Shifters and an Attractive Stock?

Platforms like Upwork Inc. (NASDAQ:UPWK) provide a global marketplace for freelancers, enabling them to find clients and projects from anywhere in the world. This means you can live in a country with a low cost of living, and still tap into higher-paying markets in the US or Europe. This financial advantage drives many to consider relocating to more affordable destinations.

Upwork Inc. (NASDAQ:UPWK) recently added GoDaddy Inc. (NYSE:GDDY), a premier website hosting and domain platform, to its Upwork Partners Program to enhance its tech network. This makes GoDaddy Inc. (NYSE:GDDY) its first web presence partner.

Businesses and clients can now go through the Experts page on GoDaddy Inc. (NYSE:GDDY) to find relevant freelancers on Upwork Inc. (NASDAQ:UPWK) who specialize in the kind of extensive development work they require. All Upwork Inc. (NASDAQ:UPWK) freelancers added to the GoDaddy Inc. (NYSE:GDDY) platform will have to meet a stringent criterion, which will work to enhance customer trust in the platform and also open more business opportunities. Hedge funds tracked by Insider Monkey are bullish on UPWK stock because of the growing trend of remote work and the increasing reliance on freelancers by businesses for tasks ranging from software development to graphic design. Collectively hedge funds owned nearly 17% of UPWK’s outstanding shares at the end of March. Upwork shares lost more than a third of their value since peaking in early January and currently trade at a forward PE of only 13. While we acknowledge Upwork’s potential, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than UPWK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Bill Kret/Shutterstock.com

Methodology

To rank the 15 most affordable countries outside the US, we used data from Livingcost.org for cost of living, the World Bank for GDP growth rates, and Speedtest.net for internet infrastructure. Our primary focus was on affordability, prioritizing countries with the lowest expenses.

To ensure economic stability and reliable internet connectivity, we excluded countries with GDP growth rates below 3% in 2022 and internet speeds under 15 Mbps. This ensures that potential movers have access to strong economic conditions and sufficient internet speeds for remote work and daily activities.

We emphasized internet infrastructure because reliable connectivity is essential for remote work, particularly for those quitting their full-time office jobs and opting for freelance or remote work. It is crucial for maintaining productivity, communication, and accessing online services. The final list is ranked in an ascending order.