The prospect of moving to a different country can be an intimidating one — especially
since many Americans have never even left their own state! But the prospect of living
large on relatively meager savings is a big draw, because it can be difficult to have
the kind of lifestyle you might crave in more expensive countries like the United States
and Canada.
But the question you might be asking yourself before making such a significant move is,
“Which countries can I both afford and enjoy living in? Which countries will be safe and
offer adequate healthcare in my old age? Which countries have friendly visa requirements
so I don’t have to break any laws to live there?”
The good news is that I’ve done the research for you. In this video, I’ll break down
the pros and cons of living in each country — and even provide realistic budgets, along
with costs of popular items like beer and local delicacies.
I made a prior video looking at the cheapest countries to retire in for $1000/month. A
lot of you asked for a follow up looking at slightly budget countries. So in this video,
I looked at 38 countries that repeatedly show up on lists of the best countries to retire
in. And after totaling up and comparing all the costs — including healthcare, entertainment,
overall safety, and the ease of getting a visa, I’ve put together this list of the
five countries I believe to be the best to live luxuriously for about $2,000 a month
or less. The results are coming up right now…
Let’s jump in! Here are the top five countries where you can live more than comfortably on
$2,000 a month or less, in alphabetical order.
Italy The country of Italy hardly needs an introduction.
Since the days of the Roman Empire it’s been one of the world’s great centers of
culture, art and luxury. It’s got pristine sandy beaches, lush countryside, friendly
people — and, of course, a wealth of famous dishes and wines. Bordered by France, Switzerland
and Austria to the north, Italy is a peninsula surrounded on three sides by the Mediterranean
sea, which lends it a mild climate year-round.
Your experience in Italy will vary greatly depending on which city you choose to live
in — and they’re all worth visiting prior to your making a decision on one of them.
Milan, in the north, is a fashion capital with plenty of upscale culture. Rome is a
lively fast-paced metropolis not unlike New York City. Florence, home of the Renaissance,
is the hub of Tuscan art and wine culture. And Naples, in the south, is a beachside city
with a year-round tropical climate. High-speed trains run throughout the country, and modern
highways, railways and airports connect it with the rest of Europe.
Italy’s major cities are, of course, world-famous tourist attractions — which means it’s
easy to find people who speak English in these areas, but also means food and apartments
tend to be wildly overpriced. So do what the locals do: head out to the suburbs, where
you can easily find a spacious modern apartment for under $600 a month. Some of the smaller
countryside towns even offer financial subsidies to foreigners who move there to study, to
fix up old houses, or to teach English.
Wherever you decide to move in Italy, you’ll find plenty of options for affordable dining
and entertainment. Even the smallest towns have cafes offering excellent coffee for around
$1 a cup, and restaurants offering fresh homemade pasta dishes for around $10. Beer and wine
start at around $5 a glass — though, this being Italy, you’ll also have endless options
for fine dining and world-class wine whenever you want to splurge. All Italy’s cities
have active nightlife scenes featuring as many different bars, clubs and theaters as
you’d find in any American metropolis.
Italy’s crime rate is significantly lower than in the US — and its rate of violent
crime is only one-fifth of America’s. The country has about twice as many police officers
as the United States, and its rates of murder and gun-related crime, in particular, are
about five times less than those in America. The main safety concerns in Italy’s large
cities are pickpocketing and petty theft — both of which can be avoided as long as you stay
alert when walking at night.
The national health service in Italy, Servizio Sanitario Nazionale (SSN), provides residents
— including expats — with free or low-cost healthcare, including access to general practitioners
(GPs), treatment at public hospitals, and subsidies for medications. Quality of care
and facilities tend to be higher in northern Italy than in the south (around Naples), but
access to essential health services and medicines won’t be an issue. If you choose to carry
private health insurance, you can expect to pay around $100 a month.
It’s important to keep in mind that since Italy is part of the EU, its visa requirements
for non-EU citizens tend to be fairly strict. You may be required to prove you have a certain
level of income or savings to be given a residence visa — and you’ll want to check this with
an Italian consulate in America before planning your move. Here’s a realistic budget.
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Panama
Though it may not attract as much attention as tourist hotspots like Mexico and Costa
Rica, Panama offers the same lush tropical climate as those more famous paradises. With
sandy coastlines on both the Caribbean Sea and the North Pacific Ocean, it borders Colombia
(and South America) to the southeast — and Costa Rica (and North America) to the northwest.
Most American expats move to Panama City, widely considered the most modern city in
all Central America. It offers a wealth of shopping and dining options — from high-end
malls to local boutiques — a well-developed system of taxis and metro buses, and plenty
of dining and entertainment. The more adventurous prefer to make their home in Balboa, surrounded
by whitewater rafting, zip lining, rock climbing — and world-famous coffee plantations. These
are both major tourist areas, which means you’ll find many people who speak English.
One reason so many Americans are moving to Panama is the low cost of luxurious living.
While it may be cheaper to live in other Central American countries, you can easily rent an
apartment in one of Panama’s city centers — or a full-sized multi-bedroom house on
the outskirts — for only $800 a month. In the cities you’ll have no problem finding
a place with reliable high-speed internet and other modern conveniences.
Although Panama’s overall crime levels have been increasing over the past three years,
the country’s overall crime rate remains about 10 percent lower than America’s. Violent
crime is somewhat of a concern out in the countryside — much less so in Panama City’s
upscale neighborhoods, where police are out in force. Even petty robberies are rarer than
in the US, and the main safety issue in the major cities is simply pickpocketing.
Another big reason Panama made it on this list is that its visa and residency programs
are famously welcoming to US citizens. Through the “Friendly Nations” visa, Americans
can easily qualify for permanent residency simply by opening a bank account in Panama,
getting a job or opening a business there, or buying real estate in the country. Plus,
the country doesn’t tax income earned outside its borders — which is excellent if you’re
a digital nomad or freelancer!
If you come to Panama as an expat on the Friendly Nations Visa (or on an employment Visa), a
social-security paycheck deduction may make you eligible for free public health care.
Even if you end up having to pay, though, the costs are a mind-bogglingly tiny fraction
of what American health facilities would charge. $3 doctor visits, $5 specialist visits, and
outpatient procedures for as little as $30 make health insurance an unnecessary expense
in Panama. If you do decide to carry insurance to cover the costs of more upscale clinics,
your premiums will range from $80 to $200+ per month, depending on coverage.
Portugal
One of the safest, friendliest and most affordable countries in Western Europe is Portugal. You
will find your expenses to be about one third of that in the U.S. Portugal’s combination
of relatively low cost of living, temperate climate, quality healthcare and high safety
ratings is hard to beat. Add to this great food and a rich culture dating back millennia,
and it’s no surprise that Portugal is at or near the top of many lists of best places
to retire. If you fancy urban lifestyle than Portugal’s
capital, Lisbon is perhaps your best bet. It happens to be the oldest city in Western
Europe, so there are plenty of museums and ancient ruins to explore. But Lisbon will
be one of the most expensive places to live in Portugal and may stretch your $2000 budget.
Much lower costs can be had in some of the smaller but charming cities like Castelo de
Vide, with lots of shopping, small cafés, restaurants and awe inspiring mountain views.
If you like living near the water, then Peniche on Portugal’s sliver coast would be good
bet. You can rent a comfortable 2 bedroom villa here for about $600 per month.
Beer will cost you about $2, espresso is about $1, and nice dinner for 2 will run about $40.
Portugal is relatively stable politically, and according to the 2019 Global Finance Safety
Index rankings, Portugal is the 4th safest country in the world.
Portugal has universal health coverage through its SNS national health service. It is ranked
as the 13 best health system in Europe, which is higher than the U.K. It is free for EU
residents because of reciprocal agreements with their home countries. For Americans,
out of pocket cost is very reasonable compared to the United states. And private health insurance
can be had for two people for about $80-$150 per month.
The best option for immigrating to Portugal is through something called the D7 visa program.
This requires you to show that you have sufficient income for a 12 month duration, which is about
$13,000 for a couple.
Here’s a monthly budget for Portugal:
Romania Although Romania doesn’t attract as many
tourists as nearby Italy and Greece, this charming country offers just as many natural
and cultural riches — from modern cities to fairytale towns; from exciting nightlife
to peaceful forests — not to mention one of Europe’s largest collections of genuine
medieval castles... including one (allegedly) inhabited by Count Dracula himself!
Nestled on the southern shore of the Black Sea, Romania has a temperate climate, not
unlike the Midwestern US. Its largest city, Bucharest, offers a blend of Old-World elegance
and modern luxury, with its classically designed art museums and theaters, and its newer high-rise
buildings with pristine apartments and condos — equipped with some of Europe’s fastest
broadband internet.
You can easily rent a comfortable one-bedroom flat for less than $500 $800 a month — even
in an upscale area with lots of restaurants and nightlife. Food and beverage prices in
the cities tend to be about the same as the US — but in smaller towns you can order
up a huge spread of cârnați (homemade sausage) for $20 or less. Another little-known fact
about Romania is that the country is famous for its wineries, where you can sample a whole
flight of delicious reds for a fraction of what you’d pay in Napa Valley.
In fact, Romania’s whole countryside is well worth exploring. The famously spooky
province of Transylvania is home to towns like Sighisoara — which looks like something
straight out of a storybook — and Brasov, home of Dracula’s Castle. Many of Romania’s
towns and cities get a steady flow of tourist traffic, which means a lot of local people
speak at least some English. You’ll find it easy to get around on Romania’s national
rail system — but taxis are so affordable (around $5 to $20 a trip) that you might consider
hiring one to drive you from town to town.
Romania’s overall crime rate is only about half of America’s. While police corruption
is a well-known issue, local people are often eager to help prevent and stop petty crimes
in tourist areas, since foreign tourism is such a major economic sector. In big cities
like Bucharest, you’ll definitely want to know where you’re going at night, as it
can be fairly easy to wander into an unsafe neighborhood. But even then, you’re far
more likely to get robbed than seriously hurt — and as long as you keep to well-lit areas,
you’ll be totally fine.
Romania offers free public health care to its citizens — but to be eligible, expats
need to contribute to the social security system for at least six months during the
last 12 calendar months. Otherwise, you’ll need health insurance to cover the costs of
clinic and hospital visits, which can be as high as in a first-world country. Expect to
pay around $80 to $90 per month for insurance, and US-level prices for visits and medication.
While Romania is part of the EU, the country has its own independent visa system. Residence
is easy for people with EU citizenship, but policies for US citizens have changed quite
a bit over the past few years. Your best bet is to check with a Romanian consulate in the
US, and find out what kind of documentation you’ll need to bring.
Spain Spain has got gorgeous weather, friendly people,
beautiful cities, famous food and wine, and beaches to spare. Its climate is a lot like
California’s: blue-skied and sunny year-round. And with the Atlantic and Mediterranean seas
just a short drive or train ride away from the major cities, it’s easy to see why Spain
is a wildly popular retirement destination for Europeans — and for a growing number
of Americans, too.
The cities that attract the most expats are Madrid and Barcelona. Madrid is a fully modern
metropolis, with high-rise apartments, high-speed metro rail, and enough dining and nightlife
to keep you busy for a very long time. Barcelona is home to a wealth of art and architecture
— including the world-famous Sagrada Familia cathedral — and its outlying towns and suburbs
offer laid-back beachside living that — along with the fact that many people speak English
— is guaranteed to make any native Californian feel right at home.
Even in big cities like these, you can easily find a comfortable one-bedroom apartment for
less then $800. In outlying towns, or in the countryside, you may find a whole house for
that monthly rate. Groceries are super affordable, too, and you’ll quickly get spoiled dining
on fresh jamon serrano, manchego cheese, and succulent local fruit every day. At the local
tapas bars, beer and wine go for around $5 a glass, and a nice dinner can be had for
less than $20.
High-speed trains and highways crisscross the country — and besides the beaches, you’ll
definitely want to visit the south, where cities like Granada and Malaga preserve gorgeous
Moorish art and architecture. As a country that attracts its share of tourists, Spain
is famous for its beachside bars and nightclubs, as well as its urban nightlife. Wherever in
the country you roam, you’re guaranteed never to get bored!
Spain is, on the whole, a much safer country to live in than the US. Its rate of gun ownership
is only about one-eighth of America’s, and its rate of violent crime is one-fifth that
in the US. Police corruption is very rare in Spain, and you can rely on most cops to
keep urban areas safe, and to respond quickly if you’re a victim of theft. Of course,
you’ll still want to practice sensible safety precautions, just as you would in any major
city — but in general, Spain is probably the safest country on this list.
Like most countries in the EU, Spain provides free health care for all workers who have
social security payments deducted from their paychecks. If you’re earning your income
outside of Spain, on the other hand, you’ll need to carry private health insurance, or
pay the full costs of clinic and hospital visits, as well as medicine — all of which
come with US-level price tags. Private health insurance runs around $120 to $250 a month,
depending on coverage.
Because Spain is part of the EU, you’ll want to check with your American Spanish embassy
before planning a move there. Visa requirements are often the most flexible for US citizens
who plan to study, work, or buy real estate in Spain.
Did I miss any countries you think I should’ve mentioned? Which countries are your favorites
for living on $2,000 a month or less? Let me know — and I’ll see you in the comments
below!