Monday, 1 October 2018

Top 10 Cheapest Places To Live In The World | 2018

Expats move abroad for new job opportunities, for relationships, or even just to live a simpler life. There are millions of people who have taken this step, saying goodbye to high living expenses by moving abroad or becoming a digital nomad, flitting between the cheapest places to live. Keeping these things in mind, TipsLake gathered for you the top ten cheapest countries in the world where you can think to reside.


·               Local purchasing power is 26.9% higher
·               Rent is 87.5% cheaper
·               Groceries are 71% cheaper
·               Local goods and services are 65.8% cheaper
South Africa is the cheapest country to live or retire. It’s also the world’s largest producer of platinum, gold and chromium, which goes far to enrich the country and its economy. This resulted in a local purchasing power that’s significantly higher than what New Yorkers face, which is the most favorable factor that puts South Africa at No. 1.

Along with a higher local purchasing power, South Africa also offers lower prices on consumer goods and groceries, and rent costs that are typical of the 50 cheapest countries. In the major city of Cape Town, for instance, monthly expenses total just under $400 while the average rent costs are reflected by the typical price to rent a one-bedroom in Durban of around $280 a month.

 2) INDIA:

India is the most populous country among the 50 cheapest, home to 1.25 billion residents. Its major industries include textiles, chemicals and food processing. India also has a relatively high local purchasing power in the major cities surveyed. Living in India can be cheap; it has the second-lowest rent index of the 50 cheapest countries (after neighbor Nepal). India also has some of the lowest prices for consumer goods and groceries, with typical monthly expenses for these priced around $285 a month for a single person living in Kolkata.


The eastern European country dominates the top of the ranking, thanks 45% of expats saying that the cost of living is extremely affordable. This is well above the worldwide average of 14%. Around 75% also say that the low cost of living was one of the biggest draws to them moving there in the first place.


Money goes a long way for expats as food, transport, and accommodation are cheap when compared to Western countries.


Hot, chaotic, and technically communist, Vietnam attracts a lot of foreigners thanks to its long coastline, interesting food, and very low cost of living. In some ways it’s a better place to base a business than Thailand, with many well-trained tech people who speak English in Ho Chi Minh City (Saigon). Be prepared to adjust to riding a motorbike everywhere though and arriving in a very sweaty shirt. Health care here is better than in Cambodia or Laos, but not up to Thai or Malay standards. The visa situation is easy though, as long as you’re willing to leave the country every three months to get a new one. It’s easy to get a short-term rental that includes a maid and laundry for $350 to $700 per month.


Many places in Mexico, such as Cancun, are hotspots for US tourists but still draw in expats for work. While the cost of living is one of the cheapest in the world, it is becoming more expensive due to the number of expats going over there.


Costs here vie with parts of India as the cheapest in the world, but Nepal loses out to Cambodia because of a tough visa situation, poor infrastructure, and a lack of attractive cities where you can put down roots. The two big ones of Kathmandu and Pokhara are both choked with traffic, overbuilt, and overcrowded. Blackouts are frequent and the internet is iffy in most spots. Beer is taxed heavily and is expensive. But oh those mountains! And look at these prices in Nepal! When I visited there in May, I found prices that were almost the same as the ones in my notes from 20 years ago. There’s been some inflation, but the currency has weakened at the same time, so you can live quite well on what would be poverty level in the USA.


Besides low prices, it is one of the easiest places in the world to stay put for a while as a foreigner. You can buy a business visa for a few hundred bucks that is good for an entire year. With that you can work, start a business, or just be left alone. As long as you stay within the law, you can keep renewing it after that, making this one of the cheapest countries to live and work legally.

This is a very poor country, so keep your expectations in check when it comes to infrastructure and healthcare. It may be the least expensive place to live in Asia for a reason. Most people budget in regular flights to Bangkok for healthcare beyond the routine things. Plus if you want a western-style apartment, you’re going to pay far more than a local living on a few hundred dollars a month. Speaking of dollars, that’s the real currency in use here. You only tend to see the local one in markets and rural areas. This is one of the cheapest places in Asia to party, eat, and get a legit massage, so you’ll be relaxed and happy if you don’t mind the heat.


If you’re looking at moving abroad to get away from a racist, autocratic government, this is probably not the best country to move to right now. Apart from the politics, Hungary has a lot going for it. It’s warmer and sunnier than much of Europe, with a red wine district that’s similar to southern France. Budapest enchants most who visit, but the smaller towns and cities here are quite attractive as well. You can eat and drink for reasonable prices. Rents keep creeping up—especially in Budapest—but in a country where the average salary is still around 600 euros, they can’t go but so high.


These two countries were once one and they share a similar culture and language. Prices are also similar, though you have to remove Prague and Bratislava from the cheap living equation unless you get out of the center. Both are inundated with tourists, the latter because it’s a major river cruise stop. Secondary cities like Bruno and Kosice are going to provide a much better value. Both countries have good wine, even better beer, and plenty of attractive countryside to explore. The Czech Republic is one of the best countries in the world for cyclists, with a lot of designated greenways away from traffic. Both have real winters, but good places to ski for cheap as a consolation. Be advised both of these are in the Schengen zone though, so only three months are allowed if you’re not a resident.

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