WEBVTT 00:00.000 --> 00:05.900 The numbers are in. The most affordable places to live as an expat. We're going to cover the top 10 00:05.900 --> 00:09.980 and I'm going to tell you which are actually accessible to entrepreneurs and investors. 00:13.900 --> 00:17.740 We do help seven and eight figure entrepreneurs, investors here at Nomad 00:17.740 --> 00:21.020 Accomplished. One of the challenges of these cheapest places to live, 00:21.300 --> 00:26.280 best places for expats list are often that a lot of expats are employees. They get moved 00:26.280 --> 00:31.240 there by a company. And if you don't have a company to move you there, that country may be tougher 00:31.240 --> 00:36.500 to go to. Qatar is one example that you see in some studies. It is not as easy to go to Qatar 00:36.500 --> 00:41.280 as an entrepreneur or an investor, but very easy if you get a job working with Qatar Airways, 00:41.380 --> 00:46.920 for example. And so if you are someone who is running your own show, where do you go? 00:47.440 --> 00:52.680 So here's the headline. Vietnam is the cheapest place, the most affordable country for expats 00:52.680 --> 00:56.220 in 2024. We're going to cover that in a moment and go through the entire top 10. 00:56.600 --> 01:01.840 Even if you are a multi-millionaire, I'll tell you, I mean, there's something nice about not only 01:01.840 --> 01:07.420 seeing the world transpire right before your very eyes in some of these emerging countries 01:07.420 --> 01:12.440 like in Southeast Asia where Vietnam is. But hey, why not put more money back into your 01:12.440 --> 01:15.780 business? Why not put more money back into your portfolio? Why not live more of the 01:15.780 --> 01:20.120 high life at a lower price by going to a more affordable place? We see a lot of Western 01:20.120 --> 01:25.140 clients who are saying, I can afford the prices in my Western legacy brand country, 01:25.400 --> 01:29.940 but why am I paying them when I can get better service at the restaurant? I can get, you know, 01:30.200 --> 01:34.320 massages in my home. I just get more service. You know, if you go to places like Latin America, 01:34.760 --> 01:38.900 Southeast Asia, the Middle East, people have living maids. They have drivers. They have 01:38.900 --> 01:44.920 things that are luxurious because those countries are more affordable. So this is a report from 01:44.920 --> 01:51.460 the expat insider 2024 in conjunction with Internations. They talked to 12,000 different expats 01:51.460 --> 01:57.020 from pretty much every country on earth. And they compile the report, which talked about 01:57.020 --> 02:02.700 the most affordable countries in the world. Number one was Vietnam. Now, Vietnam is opening up. 02:03.040 --> 02:07.620 It's becoming a bit easier to invest there. I think a lot of the more digital nomad types 02:07.620 --> 02:11.660 who go to Vietnam are using visas and they're just cycling in and out on different visas. 02:12.300 --> 02:18.760 Not as many options yet in Vietnam to live there. I was in Vietnam about a year ago. I think it's a 02:18.760 --> 02:23.980 fascinating place. I think Hanoi is actually more interesting, despite being less of a business 02:23.980 --> 02:31.480 hub than Ho Chi Minh City. But very interesting country. It's a place that I invest in from 02:31.480 --> 02:36.520 afar, but a little bit harder to get into. Number two, a country we've talked about a lot. We have 02:36.520 --> 02:41.680 our own Live Like a King video in Bogota, Colombia, number two most affordable country. 02:42.260 --> 02:47.400 It is becoming more expensive. The world is becoming more expensive and yet very low-based 02:47.400 --> 02:52.040 to start from in Colombia. If you look at some of the cheapest cities to live in, 02:52.180 --> 02:56.740 cheapest cities for real estate, Bogota is pretty affordable. But then you looked at 02:56.740 --> 03:02.360 Medellin and Cali, those are going to be really affordable. And so those secondary cities, 03:02.360 --> 03:09.040 Medellin, obviously very well frequented by digital nomad types, Cali not so much, 03:09.120 --> 03:13.740 the Coast not so much. Those are some of the best value places. And you can get a residence permit 03:13.740 --> 03:17.540 in Colombia. Depending on how much time you actually want to spend living there, there are 03:17.540 --> 03:21.640 still permits for real estate investors that are relatively affordable. If you want to buy 03:21.640 --> 03:25.400 your own home, you can get in. There's other ways to immigrate to Colombia. That's common 03:25.400 --> 03:29.400 in Latin America. It's easier to immigrate to Latin American countries at a lower price 03:29.400 --> 03:33.100 than Asian countries. So that remains an option. Here's the other concern though. 03:33.480 --> 03:39.740 It may be affordable, but Colombia does have relatively high taxes. It's some of the lowest 03:39.740 --> 03:44.820 taxes in the OECD. That's the Western country's high tax lobbying group. So they're pretty low 03:44.820 --> 03:49.400 among their peers. But compared to most of the tax-friendly countries we talk about, 03:49.660 --> 03:55.140 it is a bit more of a pain and it's a lot more expensive. So if you start to earn more 03:55.140 --> 03:59.980 money living full time in Colombia might not be as affordable for you. Because if you're 03:59.980 --> 04:03.560 going to be moving overseas, you might as well at least reduce the amount of tax that you're paying 04:03.560 --> 04:08.160 because we've seen that there's no correlation between how safe you are or the services you get 04:08.160 --> 04:12.300 in that country and the taxes that you pay. Number three in the list is Indonesia. They do 04:12.300 --> 04:17.040 have more immigration options now such as the My Second Home program there where you 04:17.040 --> 04:21.480 make a reasonable six-figure investment. There are plenty of other ways to move there. Now 04:21.480 --> 04:26.640 Indonesia has talked about being more tax favorable. People who have certain residence permits do need 04:26.640 --> 04:31.440 to be aware of taxation in Indonesia. It is not as friendly as some of the other Southeast Asian 04:31.440 --> 04:35.040 countries and I think a lot of people again, the kind of digital nomads living in Bali, 04:35.220 --> 04:39.140 are just saying, hey, they're not going to get me. I am the goody two shoes of the 04:39.140 --> 04:43.800 offshore business. We encourage you to follow all the laws. There's plenty of places to go 04:43.800 --> 04:48.620 if you want to pay zero or low taxes. Indonesia is not one of them. So keep in mind, 04:48.620 --> 04:55.340 in these more emerging countries, there's more favorable tax laws in terms of there's not as 04:55.340 --> 05:01.360 many ways for them to get you into the tax net. So you could theoretically spend one third of your 05:01.360 --> 05:05.960 year in Colombia, one third of your year in Indonesia, one third of your year somewhere else, 05:06.340 --> 05:11.960 basically my trifecta method as I've called it for years, and you may be in a good tax situation 05:11.960 --> 05:15.720 more so than you would be if you did that in three different Western countries. But if you 05:15.720 --> 05:19.760 spend full time in Colombia or Indonesia, it's not going to be as affordable because you should be 05:19.760 --> 05:24.360 sucked into the tax net. And just thinking they're not going to get you isn't the approach that I 05:24.360 --> 05:30.100 would take. Number four, tax-friendly Panama is one of the most affordable places. Now, 05:30.360 --> 05:34.780 Panama uses the dollar. And so even when I first went to Panama a decade or so ago, 05:34.860 --> 05:39.660 I found it to be much more expensive than other places. Colombia to me is cheaper in part. 05:39.760 --> 05:44.380 They have their own currency. The currency, while it's been relatively stable in recent 05:44.380 --> 05:49.640 months, historically has gone down and down and down versus the dollar, the euro, etc. Panama 05:49.640 --> 05:54.320 doesn't have that issue. And so you're not benefiting from a weaker currency. Panama, 05:54.660 --> 06:00.140 I would not think was actually as high ranked as it was in terms of being affordable. But 06:00.660 --> 06:05.000 number four on the list, tax-friendly. And so if you structure yourself properly, 06:05.140 --> 06:08.720 you could live there year round and have a very good tax situation. 06:09.120 --> 06:11.960 Same tax situation in the number five country in the Philippines, 06:12.400 --> 06:17.180 they've rolled out some new residence programs recently. This is one of the more affordable 06:17.180 --> 06:22.300 countries in Asia to get a residence. You can get in for $75,000 under a couple of different programs. 06:22.520 --> 06:25.820 That's an investment in the Philippines. There's other ways you can get in as well, 06:25.860 --> 06:31.080 but for someone who just wants to put some money aside and live there, tax-friendly country, 06:31.240 --> 06:34.480 one of the few countries in Asia where you can work your way towards citizenship, 06:34.480 --> 06:38.620 there's a couple reasons why it may not be advisable. But the Philippines is affordable. 06:38.620 --> 06:42.520 You're seeing as the Asian currencies have strengthened against the dollar recently, 06:42.780 --> 06:46.700 it's become a bit more expensive, but their currency has not been the best performer 06:47.260 --> 06:53.460 over the years as well. Number six, India, to live well in India. It's more expensive than you 06:53.460 --> 06:57.380 might think. This is a misconception people have about these very emerging countries like India 06:57.380 --> 07:03.080 or certain African countries is, oh, how must be super, super duper cheap. And yes, if you 07:03.080 --> 07:06.340 look at some of the smaller Indian cities, they are some of the cheapest places in the world, 07:06.340 --> 07:09.880 actually Pakistan next to where I think has the cheapest cities in the world. 07:10.240 --> 07:14.680 But if you want to live a good expat life in India, it may cost more than other places 07:14.680 --> 07:20.120 because there's such a different levels of life. Number seven, Mexico, the currency is weaker 07:20.640 --> 07:24.560 against the US dollar since the presidential election there. I stocked up on some stuff 07:24.560 --> 07:28.340 in Mexico when that happened and have been reading some articles recently on why did 07:28.340 --> 07:33.520 Mexico get beaten up so badly. This is a buying opportunity. A lot of Americans have 07:33.520 --> 07:37.480 moved to Mexico. Places like Mexico City have become more expensive, San Miguel de Allende, 07:37.760 --> 07:41.960 Cabo, a lot of people have gone there, you know, Playa del Carmen, Talum, obviously, you know, 07:42.040 --> 07:47.900 very developed cities in that country, very affordable. It's a place we can get citizenship 07:47.900 --> 07:52.000 and a very good citizenship of that. So out of all these places, Colombia, you could get 07:52.000 --> 07:58.900 citizenship, but it would be most likely less tax friendly. Mexico has a very unique 07:59.640 --> 08:02.960 tax program where you could be able to live there a good chunk of the year, 08:03.220 --> 08:07.800 have a very tax friendly situation and work towards naturalization. Now, once you're a citizen, 08:07.960 --> 08:13.300 the taxes could change. But great lifestyle, great food, great times. And if you're used to 08:13.300 --> 08:17.820 working with North America, Mexico, the number seventh country on the list. Thailand comes 08:17.820 --> 08:21.440 in at number eight. Their currency got banged up a little bit over the last couple of years. 08:21.560 --> 08:25.940 It's strengthening a bit more now. Asia is a place where they want you to invest money 08:25.940 --> 08:30.400 in general to live there. They do have some of these shorter term visas, but if you want longevity 08:30.400 --> 08:34.020 in a place like Thailand, you're going to be investing a couple hundred thousand dollars. 08:34.480 --> 08:40.440 But putting some money in the bank, I think their banks are relatively well run. That is 08:40.440 --> 08:45.840 number eight. And you've got Bangkok, which is, I think, real estate is kind of topped out there. 08:46.220 --> 08:49.360 I think real estate, the number of places in Thailand is topped out. I'm not sure that's 08:49.360 --> 08:54.280 so affordable, quite frankly, compared to Kuala Lumpur. Real estate is going to be a lot 08:54.280 --> 08:59.040 cheaper there. So if you're buying property, I don't think Thailand is the most affordable place 08:59.040 --> 09:04.780 or one of them in Asia. But for just day-to-day life, they ranked it number eight in the world. 09:05.160 --> 09:09.760 Number nine, Brazil, same issue with the currency, same issue with the tax problems. If you live 09:09.760 --> 09:12.740 there, it's going to be a tax issue. But it's a place where you can get citizenship, 09:13.680 --> 09:19.780 including in, let's call it two years all in. If you have a child there, if you give birth 09:19.780 --> 09:24.420 there, or if you marry a Brazilian. So that's one of the most favorable countries for citizenship. 09:25.020 --> 09:28.760 It's a pretty cheap place. Safety in some areas is not as good. A lot of people go to 09:28.760 --> 09:33.300 the South, like Florianapolis. That's a bit better there. China came in at number 10. That's 09:33.300 --> 09:39.460 pretty much people who are working at companies rather than entrepreneurs and investors going to 09:39.460 --> 09:43.560 China. I was surprised not to see Malaysia on the list. We do talk about Malaysia a lot. 09:43.760 --> 09:48.020 Nomad Capitalist Live, our annual event, is in Malaysia. And one of the reasons why we 09:48.020 --> 09:55.120 have it there is Malaysia is very affordable. Now the currency has done very well in recent 09:55.120 --> 10:00.360 weeks against the dollar. It was at like 28 year lows, and it really surged. And so I'm 10:00.360 --> 10:04.000 glad we paid some of our expenses for Nomad Capitalist Live when the currency was a lot weaker. We 10:04.000 --> 10:08.260 converted in because we were able to get bank accounts that allowed us to hold Malaysia and 10:08.260 --> 10:12.200 ring it because that's what we do here. We diversify ourselves and we have bank accounts 10:12.200 --> 10:15.160 and companies and all that stuff all around the world. You know, I think Malaysia is one 10:15.160 --> 10:18.780 of the more affordable places. River State is some of the cheapest per square foot, per 10:18.780 --> 10:25.240 square meter in Southeast Asia. And so for me, if I'm going to stay somewhere long-term, I can 10:25.240 --> 10:29.220 get long-term residence permits in Thailand, which is a bit less tax friendly, but still 10:29.220 --> 10:34.180 manageable versus what it used to be. Malaysia is still tax friendly. Even if they change 10:34.180 --> 10:38.380 that in the next few years, I think it'll still be manageable. You know, out of all 10:38.380 --> 10:42.360 the places in Southeast Asia, Malaysia has some of the cheapest property. And if you're 10:42.360 --> 10:47.020 going to stay there long-term, I think you want to own a property. It's a form of asset 10:47.020 --> 10:51.440 protection. It's a form of asset diversification. And if you were to buy stuff, you know, when 10:51.440 --> 10:55.140 the currency was at that 28-year low, you've got a nice little paper profit on that right 10:55.140 --> 10:58.220 now. But that's not why you're doing it. You're doing it because you don't just 10:58.220 --> 11:02.320 want the most affordable place. You want to lock in places, you know, like at 11:02.320 --> 11:06.540 Malaysia or some folks would say like at Thailand, friendly people, you know, low 11:06.540 --> 11:11.600 cost of living. Government kind of leaves you alone. You want to lock that in. And 11:11.600 --> 11:15.260 I think renting long-term is not the best reason. You can make up your own mind on 11:15.260 --> 11:19.600 that for sure. But I think that Malaysia should be on here. One place that also I 11:19.600 --> 11:23.340 think should be on here that a lot of people are asking us about recently is 11:23.340 --> 11:29.200 Argentina. It is quite affordable, both for living, for hiring people, for a whole 11:29.200 --> 11:33.240 lot of stuff, especially if you're bringing money in dollars, for example. So 11:33.240 --> 11:36.860 those are two I'm kind of surprised aren't there. The considerations for 11:36.860 --> 11:41.760 where to go. Can I move there? You can go to Vietnam as a tourist. You can go there. 11:42.240 --> 11:45.580 Some of these countries have digital nomad visas, but for longevity, if you decide 11:45.580 --> 11:49.920 you like it, you know, can I get a residence permit? So Colombia, Indonesia, 11:50.200 --> 11:55.160 Panama, Philippines, Mexico, Thailand, Brazil, easier for that. You know, is it 11:55.160 --> 11:59.280 tax friendly? The biggest expense most people have in their life is taxes, 11:59.500 --> 12:03.940 especially in the West. That takes a big chunk. So a Panama, a Philippines, 12:04.340 --> 12:09.260 maybe a Mexico of structure properly. To some extent Thailand, Malaysia, which I 12:09.260 --> 12:13.600 mentioned, those are going to be more tax friendly. Safety, people look at. You know, 12:13.640 --> 12:16.560 some of these countries are more safe than others. Middle East and Asia tend to be 12:16.560 --> 12:20.160 safer. So, you know, affordability is good. What am I getting for my money? 12:20.340 --> 12:23.580 Am I getting a passport? You know, Latin American countries are more likely to 12:23.580 --> 12:27.600 give you the passport. European countries, no European countries that are 12:27.600 --> 12:30.340 affordable here, they're more likely to give you a passport. So, hey, 12:30.340 --> 12:36.160 do I pay a little bit more to live in a place, whether it's in taxes or cost of living, 12:36.560 --> 12:40.600 but, you know, three, five, seven years down the line, I've got a second citizenship. 12:40.960 --> 12:44.940 And if I didn't get that second citizenship by naturalization, I would have to go to a Caribbean 12:44.940 --> 12:49.280 citizenship by investment and donate $200,000, for example. And maybe the passport I'm 12:49.280 --> 12:53.160 getting is better. So these are all the factors that you want to consider when affordability 12:53.160 --> 12:56.780 comes into play, especially if you are a high earner or a high net worth individual. 12:56.780 --> 13:00.480 That's what Nomad Capitalist specializes in. We've helped, I think, at this point, 13:00.860 --> 13:05.160 over 2,000 clients figure out how do you put all these puzzle pieces together? 13:05.540 --> 13:08.960 How do you leave your country and go to one of these countries? How do you handle your taxes? 13:09.140 --> 13:12.000 How do you handle your banking? How do you handle your corporation, your business, 13:12.180 --> 13:14.700 your structure, your employees, all the things you've got to think about, 13:14.960 --> 13:18.320 including lots of things you haven't even thought about, the unknown unknowns. 13:18.640 --> 13:23.120 Go to nomadcapitalist.com slash apply. We'd be happy to work with you and figure out 13:23.120 --> 13:27.440 your holistic plan on where you want to move. And even if you're not ready to move yet, 13:27.560 --> 13:31.840 these places could be a plan B. You can get a residence permit in Mexico or the Philippines 13:31.840 --> 13:35.800 and just kind of keep it in your back pocket. And if one day you're ready for affordability, 13:36.160 --> 13:40.620 for lower taxes, maybe for more safety, for whatever you're looking for, you could always 13:40.620 --> 13:45.700 execute that. So it's a good idea to have some of these places already in your life before you need them.