Considering moving abroad? Cost of living could determine whether you wind up happy with your choice.
InterNations’ Best & Worst Countries for Your Wallet survey recently looked at the most and least affordable countries for expats.
Canada ranked lowest for affordability, with more than half of respondents (53%) saying their disposable household income there isn’t enough to lead a comfortable life. That’s compared to 30% who say the same globally. “The cost of living is crazy expensive,” a Spanish expat told the survey. “Going out for a meal or drinks feels like a luxury.”
While Finland ranked 52nd out of 53 countries for affordability, expats there said they were the unhappiest worldwide when it comes to their financial situation overall. Fully 58% rate the cost of living negatively, compared to 39% globally.
Singapore, Ireland, New Zealand and the United Kingdom also rated poorly for affordability.
Aside from affordability, other important relocation factors to consider include:
- Internet infrastructure. If you’re working remotely, make sure the country has reliable internet in place.
- Visa options. More than 60 countries now offer “digital nomad” visas for remote workers. Some countries offer investment-based residency programs for Americans who, for example, are willing to a buy a home in that country. There are also retirement visas in some countries, for seniors with stable pensions or investment income. Work visas are possible too, but they usually require a job offer from a local employer willing to sponsor your applications.
- Source of income. Many expats work remotely for a U.S.-based company, or some are digital entrepreneurs, running their own online companies in content creation, consulting and other fields. In countries where it’s possible to do so, Americans often start tourism businesses, restaurants or other local businesses. Investment or passive income — from rental properties in the U.S., for example — is also a solution for many.
- Taxes. Americans have to file U.S. taxes regardless of where they live. It’s important to check the tax implications of whatever you choose to do.
- Healthcare systems and health insurance options. Private international health insurance usually offers the most comprehensive coverage, but it’s also usually possible to buy private health insurance locally, in the country where you relocate.
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