Here are the cheapest, most practical places for Americans to live abroad

So, you travel all the time — so often in fact, that you’re thinking about giving up life on the road for easy living on a slice of tropical paradise somewhere.

Well, travel writer and digital nomad Tim Leffel’s got your back.

Leffel publishes an annual list/review of the cheapest places to live in the world. This has become a popular topic in the post-economic collapse age, not only for digital nomads that are looking for an affordable and agreeable place to hunker down, but also for people planning for imminent or distant retirement and even location-independent families. He breaks down the planet by region, highlighting inexpensive destinations in Latin America (Argentina, Mexico, Nicaragua), Asia (Cambodia, Vietnam, Thailand), Europe (Portugal, Bulgaria, Hungary), and even Africa (Morocco).

Though many of these destinations remain relatively stable, the list is updated annually for those locations prone to political upheaval, unfavorable exchange rate fluctuations, changes in visa policies, banking regulations, or a change in the general environment for foreigners.

So what are some of the general criteria for favorable places to live abroad? Generous tourist visas and/or painless resident/business visas are critical. Settling in a place with frequent, affordable flights to the U.S. can also be important, not only so you don’t erase all your savings by flying home once or twice a year, but also so friends and family won’t be discouraged from visiting. For digital nomads, comparable time zones are a huge plus, meaning Latin America, so one’s work schedule and things like conference calls aren’t happening in the middle of the night.

Leffel and his family currently live in Mexico. What does he enjoy most? “…It’s the most popular destination for American expats since it’s so close. Easy flight options throughout the country, straightforward residency rules, or you can come for 180 days just on a tourist visa. There’s a wide range of climates, from ‘eternal spring’ places in the highlands to hot tropical beaches. It’s easy to live a half-price life in much of the country and right now the dollar is very strong against the peso.”

His other personal recommendations? “Panama and Ecuador are also very popular, the first because of its generous expat retiree incentives, great health care in the capital, and easy residency access. The latter because of easy residency access, a very low cost of living, and agreeable climate. Both those countries use the U.S. dollar as their currency.”

Bottom line, where’s the cheapest place to live? “If a low monthly income is the main reason for moving, Nicaragua would be the cheapest place to live overall in this hemisphere.”

For a more comprehensive guide, check out Leffel’s new book, A Better Life for Half the Price: How to prosper on less money in the cheapest places to live, which explains why, how, and where to go abroad to cut your living expenses in half.