10 Cheapest countries to live or retire in 2020

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You often dream of quitting your job, ditchingit all and moving to paradise.

In this blog, International Living revealedtop 10 cheapest places to live & retire for 2019, and the reasons why we think these are the best places to consider.

The list isn’t just for retirees, it’s alsofor people who want to live somewhere so cheap that they don’t have to work.

10. Spain.

Spain is one of the most popular Europeancountries for those looking to live and retire overseas. Beaches, mountains, fabulous cities, colorfulfestivals and sunshine almost everyplace.

One of the biggest factors attracting peoplehere is Spain’s cost of living. A couple should be able to live comfortablyon about $2,000 a month or less.

Many fruits and vegetables sell for €1 akilo or less and the quality is superb.

Even in larger cities with more tourist trafficsuch as Madrid or Barcelona.The cost of living is pennies on the dollar compared to othermajor European and United States cities.

If you are buying Spanish property, the averageproperty price per square metre in Barcelona is around €4,500–€6,000.

9. Thailand.

This diverse country has it all.

Some of the world’s most beautiful beachesare located in the south of the country. From the bustling seaside resorts to the moretranquil islands, there is something for everyone who dreams of retirement in the tropics.

You can live here comfortably on around $500a month. It all depends on which part of the countryyou want to live in and what kind of lifestyle you prefer.

There are many places where you can dine welland still leave the table with change from $5. A full check-up by a Western-trained doctorin a modern hospital will cost you less than $40.

8. Peru.

Best known as the home of the mountaintopInca citadel, Machu Picchu, Peru still remains fairly undiscovered as a retirement destination.

The cost of living is one of the cheapestanywhere with rents starting as low as $150 per month and filling three-course lunchesstarting at $2.5, including a drink.

Compared to other Latin American countries,Peru has an average cost of living.

It’s cheaper than Brazil, Colombia or Chile,but more expensive than Bolivia or Paraguay. In general services, food, transport, accommodationand clothes are cheaper than in Europe or the US.

But technical and electronic products, aswell as imported food and clothes are more expensive than in their countries of origin.

7. Portugal.

With a sliver of coastline and an interiorthat can take you back centuries in time, Portugal in many ways still belongs to anearlier era.

People are friendly and courteous. The low cost of living is a big draw for thosewho choose to live in Portugal.

Even in the capital, Lisbon—one of Europe’smost charming cities—a couple can live comfortably from about $2,200 a month. A lunch for two at an inexpensive restaurantruns $16; pay double that for a mid-range eatery.

A one-bedroom rental in cities averages $690,and outside the city center you’ll pay $450. Utilities average about $110, and internetusage about $27 for one month.

Romance, culture, and adventure awaits youin your ideal spot in Portugal.

6. Colombia.

Located at South America, Colombia is wherethe Pacific and the Caribbean collide with the Andes and the Amazon.

It’s a country that is more beautiful, dramatic,and diverse than nearly any other.

And Colombia boasts beautiful areas wherethe cost of living is the lowest you’ll find anywhere in South America. You can live here comfortably on around $1,000to $2,000 per month. Utility costs including water, electricity,garbage service and broadband Internet service average about $110.

The national average for an apartment in bothcentral city districts and suburbs is less than $270 per month.

5. Malaysia.

Malaysia has everything that may want to makesomeone relocate there.

Besides, the rainforests, islands and beaches,Malaysia is known for being a modern, robust and ever-evolving country to live in.

The country’s diverse ethnic mix makes beinga stranger here easy.

It is also a prefect destination for thoselooking for an affordable retirement. A family of six, or six friends, can dineout in a good local restaurant for less than $6 per person, including beer.

The climate in Malaysia means that fruit andvegetables are grown all year round. In general, food products in markets willcost half what they do in the UK or the US.

4. Ecuador.

Ecuador, one of the best retirement havensfor years, lies in the northwestern corner of South America, bordered by Colombia tothe north,Peru to the south and east, and the PacificOcean to the west.

Since the land produces excellent food, mostlywith year-round growing seasons, prices at local markets are so low,it is difficult to carry more than $15 worth of fruits and vegetables.

You can own a home on a Pacific Coast beachfor less than $150,000.

Apartment rental prices depend on the locationin the city, but tend to cost about $80-$450 per month. Monthly budget comes in at less than $1,500a month.

3. Mexico.  

Mexico always features among top retirementhavens.

It’s home to more North American expatsthan any other country in the world. Wherever you go in Mexico, the people willcharm you, the natural beauty will seduce you.

The remarkably affordable cost ofliving will entice you to stay.

Accommodation in Mexico is affordable, whetheryou choose to live with flatmates or by yourself. The closer you are to the city centre or thebeach, the more costly it becomes.

Many couples live a very comfortable lifefor $1,500 to $2,000 a month. Although Mexico is affordable, but banks andmoney exchange services are still wildly inconsistent.

2. Costa Rica.

Costa Rica is one of the safest spots andbest places to live in Central America. It welcomes foreigners with open arms.

Expats are attracted to Costa Rica for numerousreasons, which include the low cost of living, excellent healthcare, beautiful beaches, rainforests,and cool mountains…

Many families also look to Costa Rica fortheir education system.

A couples can live well on $1,500 per monthin expenses, including housing, transportation, food, medical… The average local salary is about $750, sothat is usually the absolute lowest you could expect, but $1,000 is a better super-budgetbaseline for foreigners.

1. Panama.

Panama is an excellent spot for expats, retirees,and even digital nomads. It’s modern, comfortable, safe, and friendly.

The lush mountain towns of Panama rank amongthe best retirement destinations in the world. And many people choose Panama because of theweather and ease of living.

It’s possible to live in Panama for as lowas $1,000 per month. Those looking to buy an apartment should expectto pay around $200 per square foot in the city center. Healthcare in Panama is good and affordablefor minor problems.

Most clinics charge a nominal fee of between$20 and $60 for an office visit. Hospitals in larger cities are all of thestate-of-the-art equipment and specialists can be found in any field.

But because “cheap” is a relative term, youneed to calculate your budget and then find a country.

Where you can get the right balance between cost of living and standard of living so thatyou can be happy and comfortable in your retirement abroad.

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