With the start of the new year, there are always those who plan to change their lives completely, and in many cases, this involves moving abroad. By evaluating the cost and quality of life in countries across the world, Forbes concluded that Portugal is the cheapest country in the world to live in - and also the best - especially for US citizens. The climate, security, low cost of living and ease of obtaining residence visas are factors that explain Portugal's first place on the list of the 10 cheapest countries to live in. Besides Portugal, there are also four other European States in this ranking.
The cheapest countries to live in the world
This list of countries was disclosed by International Living, which publishes every year its Annual Global Retirement Index, gathering the best places for retirees at a global level. To evaluate the cheapest countries with the best quality of life, this index takes into account the cost of living, climate, ease of obtaining visas, access to housing, health and leisure activities, for example.
It is precisely because it assesses a number of factors so comprehensively that this list of the cheapest countries to live in is not only for retirees, but also for those seeking a better and more affordable life, highlights Forbes. The ranking is also for those looking for a refuge to live to escape a hectic routine, violence or even social, political and economic crises they witness in their home countries.
"When there is the possibility of cutting the cost of living by half (...) many doors open to have a better life. If you don't need to work so much or for so long, you can afford to spend your days the way you want and with the people you love most (...) And settle in a country where every day is a new adventure, "shared the executive editor of International Living, Jennifer Stevens, quoted by the magazine.
This is the full list of the 10 cheapest (and best) countries to live in, according to analysis by International Living:
- Portugal
- Mexico
- Panama
- Ecuador
- Costa Rica
- Spain
- Greece
- France
- Italy
- Thailand
What is it like to live in Southern European countries?
This list is, above all, a guide for US citizens who plan to change their lives in 2023 and find a cheaper place to live, where the quality of life is also guaranteed. And since the dollar is higher than the euro today (1 dollar is worth 0.95 euros at the current exchange rate), there are five European countries that make it onto this list: Portugal, Spain, Greece, France and Italy. Let's explore the reasons that put Portugal on this list.
Portugal: life in the cheapest and best country to live in
In the 2023 ranking, Portugal was elected the country that combines the best cost and quality of life. That is, it is the best country to live in and also the cheapest. One of the reasons for this position on the list is precisely the strength of the American dollar against the euro, which makes the cost of living in Portugal even lower than in the USA - even if it is rising due to high inflation.
"The daily cost of living is low compared to the United States of America - a couple can comfortably cover expenses (including house rent and everything else) for around $2,800 a month [about €2,649]," says Jennifer Stevens. "A single person could live well on about $2,000 a month [€1,892], all-inclusive (and even less in rural areas)," she further highlights.
In addition, the same publication points out that the ease of obtaining a residence visa in Portugal makes staying in the country in the long term "relatively easy". It should be remembered that Portugal has a new law for foreigners and a regime for non-habitual residents that has attracted more and more foreign families to live in the country.
As far as house prices in Portugal are concerned, the executive editor of International Living warned that living in "big cities like Lisbon and Porto will cost more and in smaller cities less". And he also highlighted the Algarve cities of Lagos, Vilamoura and Tavira, given their history, landscapes, beaches and traditions.
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