The world’s cheapest city for expats is just 2 hours away from the UK
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A survey has revealed the cheapest and most expensive cities in which to be an expat, with a top holiday destination ranking as the most affordable.
The results come from a survey run by the expat network InterNations, which asked those living abroad to rate their lives based on key personal-finance factors.
Expats were asked about the general cost of living in their new home, their satisfaction with their financial situation and whether their disposable income was enough to ‘lead a comfortable life’.
Find out where the most affordable city to live as an expat is and where you might want to avoid…
The cheapest cities for expats
Valencia
Valencia, on Spain‘s sunny Costa Blanca coastline, is officially the cheapest city to live in as an expat.
Over three quarters (77 per cent) of expats living there are satisfied with their financial situation, much higher than the global average of 54 per cent.
And more than six in ten (61 per cent) say their disposable income is ‘more than enough’ to lead a comfortable life, significantly higher than the global average of 41 per cent.
An American expat tells InterNations: ‘I like that I don’t have to worry about my cost of living, whether housing or healthcare.’
Panama City
The capital of Panama, Panama City, is second on the list. More than three quarters (76 per cent) of expats living there are are satisfied with their financial situation.
Disposable income tends to stretch a long way in Panama, with more than nine in ten expats (91 per cent) saying they have enough to lead a comfortable life.
It’s also a popular retirement destination, with 10 per cent of expats saying they moved to Panama City to enjoy their golden years.
A Jamaican expat tells InterNations: ‘I like the peaceful, affordable life.’
Malaga
Spain rounds off the top three, with coastal city Malaga also among the cheapest destinations in which to be an expat.
More than seven in ten (72 per cent) expats are happy with the city’s cost of living.
And 38 per cent describe themselves as ‘completely satisfied’ with their financial situation.
The priciest cities for expats
Vancouver
At the other end of the scale, Vancouver ranks as the most unaffordable city to live in as an expat.
Nearly nine in ten (88 per cent) expats feel Vancouver is too expensive, with 65 per cent saying their disposable income is not enough to lead a comfortable life.
Just under half (48 per cent) of expats think the cost of living in the Canadian city is ‘very bad’.
One Turkish expat tells InterNations: ‘Life is expensive, especially housing. You need extra money to socialise.’
Toronto
Another Canadian city is the second priciest city to live in as an expat. More than half (53 per cent) of expats living in Toronto aren’t happy with their financial situation.
Around four in five (81 per cent) foreign residents think the city is too expensive.
A Spanish expat tells the survey: ‘Cost of living is crazy expensive. Going out for a meal or drinks feels like a luxury. Overall, it’s impossible for me to have the same social lifestyle I had in Germany or Spain.’
More than half (56 per cent) of those surveyed say their disposable income isn’t enough to lead a comfortable life.
London
Close to two in five (39 per cent) are unhappy with their personal financial situation in London.
Just under half (46 per cent) say their disposable income isn’t enough to lead a comfortable life.
An American expat tells InterNations: ‘I wish our salaries matched the cost of living.’
Dublin also ranks among the most expensive cities in which to be an expat, landing just outside the top three.
Oslo, Munich, Singapore, Auckland, New York and Paris are also tough on foreign residents’ wallets.
On the flipside, three Spanish cities make the top ten cheapest spots with Alicante joining Valencia and Malaga at the top of the table.
Mexico City, Bangkok, Kuala Lumpur, Ras Al Khaimah, Warsaw and Vienna are also good choices for expats looking for an affordable cost of living.
