The COVID-19 pandemic has led to widespread alterations around the world. The cost of living has skyrocketed in most nations, forcing people to take drastic steps. Even advanced economies are reeling under the pressure of rising inflation and decreasing purchasing power. It is thus, no wonder, that a search for a better standard of living, with low cost, has contributed to a surge for relocation to another country.
The United States for instance, is experiencing some unprecedented scenarios in the aftermath of the coronavirus. With their budget tightening, residents are making permanent moves, particularly to European nations like Portugal, France, Germany, and Spain. While the scenic marvels of these nations are alluring aspects for US residents, other reasons such as affordable excellent healthcare, property, and quality of life are also strong drivers behind this action. The situation in the United Kingdom is no better. The cost of living rose significantly during 2021-2022, with the inflation figure recorded at 11.1% in October 2022 -- a 41-year high. In addition, 557,000 people left the country by the end of December, 2022.
Desperate for the Cheapest Destination?
People, anywhere and everywhere, evaluate the necessities of life highly, and this becomes even more crucial while making a decision that would uproot your whole life. A decision about moving to a different country, and in some cases, a different continent, is not something that can be done on just a cursory analysis. In fact, it should be based on a calculated assessment of multiple indicators, such as the cost of living, security, political stability, civil strife, and the business environment. While constant worsening financial status might urge one to throw caution to the wind, long-term success would dictate a careful selection. Many countries have a very low cost of living, including Pakistan, Afghanistan, India, Sri- Lanka, and Tunisia, etc. However, these countries are beset with certain other problems that can greatly hamper quality of life. Therefore, the final decision should be based upon a thorough country-specific breakdown of essential social and economic indicators.
Permanent Residency
Permanent residency is a legal status by which a person is allowed to stay permanently in the country that awards him/her this right. However, this status does not grant them citizenship in that country. The benefits accrued from this status are that one can live and work in that country on a long-term basis. They can also take advantage of any tax benefits offered in the country, and this permit usually leads to citizenship. The IOM World Migration Report, 2022, reported Europe as the main attraction for expats from around the world -- 86%. With such high demands for their residency, the European states have also responded, and many countries are offering various forms of permanent residency programs. For more detailed information about residency or citizenship programs by investment in Europe, see our article 10 Cheapest Residency or Citizenship by Investment Programs in Europe.
Integrating in the Society
While moving to a foreign nation, a language barrier can significantly hinder one’s integration into society as well as day-to-day activities. Therefore, learning the prevalent language becomes an essential step for expats. In some places, especially in Europe, English is widely spoken and acknowledged. However, acquiring local and national language skills should still be a priority. In this technological world, this feat does not seem as daunting as it would have been some years back. There are several online language platforms where people can learn a variety of languages, such as Duolingo, Inc. (NASDAQ: DUOL).
Duolingo, Inc. (NASDAQ: DUOL) is an American online language learning platform. Their free mobile app and web interface provides daily access to small lessons, significantly mitigating language-related obstacles in the lives of new expats. With the assistance of AI, the lessons can be tailor-made for each individual, enhancing learning efficiency. Duolingo, Inc. (NASDAQ: DUOL) serves 83 million monthly active users (MAU) worldwide, covering lessons for 100 different languages.
The company's AI-driven app, Duolingo Max, launched early last year, is particularly useful for English speakers learning Spanish and French. It utilizes OpenAI GPT-4 to help learners grow through features like "Role Play" and "Explain My Answer." The former provides a real-life interactive speaking experience, while the latter explains whether the answer was correct or not.
Although a little dated, Artisan Small Cap Fund made the following comment about Duolingo, Inc. (NASDAQ:DUOL) in its second quarter 2023 investor letter:
“We initiated new GardenSM positions in Duolingo, Inc. (NASDAQ:DUOL), SPX Technologies and Smartsheet. Duolingo is an app-based learning platform that currently derives most of its revenues from subscriptions to its language learning app. However, it has expanded into new education verticals with the launch of Duolingo ABC, an early childhood education app, and elementary math. The company uses an ad[1]supported freemium model, and it is the most downloaded language learning app in most countries outside China. Duolingo has differentiated itself with a unique gamified approach that is at the core of its user engagement strategy while its machine learning algorithms leverage monthly users and daily tracking events to improve the overall learning experience and adapt personalized learning pathways for each user.”
15 Cheapest countries to get permanent residency Heading into 2024
15 Cheapest countries to get permanent residency Heading into 2024
Methodology
To determine the 15 cheapest countries to obtain permanent residency heading into 2024, our focus was on isolating countries that were not only economically affordable but also among the most peaceful in the world. To identify the cheapest countries, we referred to the World Population Review's ranking of 'the cheapest countries to live in.' From this list, we specifically selected countries that ranked in the top 30 of the Global Peace Index (GPI) 2023, produced by the Institute of Economics and Peace (IEP).
After this initial selection, we further analyzed two metrics related to 'permanent residency and nationality.' We relied on data from the Migrant Integration Policy Index, 2020 for permanent residency and access to nationality scores as our other two metrics. By averaging these two scores, we were able to identify the 15 cheapest countries for permanent residency, ensuring they were also among the most peaceful nations. A higher average score indicates a more favorable ranking.
NOTE: Our focus was finding countries that have no trade-off when it comes to high quality of life while still being relatively cheaper than other advanced economies with high cost of living.
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Let’s now move to our list of 15 Cheapest countries to get permanent residency, Heading into 2024.
15 Cheapest Countries to Get Permanent Residency Heading into 2024
15. Latvia
Permanent Residency Score: 46
Access to Nationality score: 24
Insider Monkey average score: 35
One of the three Baltic states, Latvia is situated in Eastern Europe. The country boasts stunning beaches and extravagant natural landscapes, complemented by friendly people and diverse cuisines. While these factors are undoubtedly considered in relocation decisions, there are other financial and practical aspects that are equally crucial. For instance, Latvia offers a low cost of living, amounting to just $938 per month. This becomes even more appealing when considering the high quality of life that the country provides, including better access to education and healthcare. Furthermore, Latvia is ranked 27th on the Global Peace Index (GPI), indicating it is a safe nation for setting down roots. Although Latvia may rank lower in the security of achieving permanent residency and access to nationality compared to some other countries, it still performs well in comparison. Considering all these factors, Latvia emerges as one of the cheapest countries to obtain permanent residency, heading into 2024.
14. Croatia
Permanent Residency Score: 54
Access to Nationality score: 19
Insider Monkey average score: 36.5
Croatia is a favorite spot for the expat community, captivating them with its beautiful scenery and rich cultural background. The country is not only aesthetically pleasing but also affordable, with a monthly cost of living estimated at only $1,001. The high quality of life in this southeastern European country makes it an enticing option for permanent residency. Citizens of Croatia can enjoy a top-notch healthcare system and peace of mind regarding safety, as the country is ranked at number 14 in the Global Peace Index (GPI), making it an ideal place for families. The integration process for permanent residency in the country further adds to its appeal. While the path to nationality may be somewhat challenging, it remains better than that of most other countries. Considering all these factors, Croatia stands out as one of the cheapest countries to obtain permanent residency heading into 2024.
13. Bulgaria
Permanent Residency Score: 69
Access to Nationality score: 13
Insider Monkey average score: 41
When deciding to move to Bulgaria, several positive features come into play. Firstly, the country falls under the category of the cheapest European states, boasting a monthly living cost of $654. This affordability indicates that amenities of life are reasonably priced, making day-to-day living easy on the pocket. While cost is a crucial factor, it gains significance when combined with the country's overall stability. Bulgaria, positioned at the 30th place on the Global Peace Index (GPI), is considered a peaceful nation, thus, providing a secure lifestyle.
The process for permanent residency in Bulgaria is also relatively comfortable, allowing immigrants to achieve their goal with ease. However, it's essential to note that Bulgaria scores lower on the access to nationality index, impacting its position in our ranking. Despite this drawback, the overall average score for the country still makes it one of the cheapest countries to obtain permanent residency heading into 2024.
12. Czech Republic
Permanent Residency Score: 50
Access to Nationality score: 36
Insider Monkey average score: 43
When one thinks of European countries, images of gorgeous beaches, landscapes, hills, mountains, and delectable cuisine often comes to mind. Expats considering the Czech Republic would find it fulfilling all these criteria and more. With a monthly living expense of around $1,014, expats can enjoy the scenic beauties and maintain a comfortable lifestyle. The country is known for its low crime rates, and there is no political upheaval threatening its existence. Consequently, Czechia is positioned at number 12 in the Global Peace Index (GPI), making it a highly alluring place for relocation.
Moreover, immigrants encounter few hindrances in their path towards permanent residency and nationality. Therefore, it's no wonder that the Czech Republic is considered one of the cheapest countries to obtain permanent residency, firmly in the running for those seeking a favorable destination.
11. Estonia
Permanent Residency Score: 75
Access to Nationality score: 16
Insider Monkey average score: 45.5
Resplendent with history and culture, Estonia has beckoned many expats to its land. These attractions become even more alluring when you can enjoy them at a fraction of the cost. With monthly living expense as low as $1,040, Estonia allows its residents to experience high-quality education and healthcare facilities, making it an extremely desirable place to move. The Global Peace Index (GPI) also ranks the country among the top 30 most peaceful nations, securing the 25th place. Adding into the mix a high probability of achieving permanent residency with ease and a decent access to nationality score, the country emerges as one of the cheapest and most accessible options for obtaining permanent residency.
10. Slovakia
Permanent Residency Score: 65
Access to Nationality score: 28
Insider Monkey average score: 46.5
Similar to other European countries, Slovakia offers a wealth of natural beauty and heritage, with friendly people providing an added bonus during the transition. The high quality of life further enhances the appeal for those considering a move to this charming country. What makes it even more enticing is the fact that all these advantages can be attained with a relatively low monthly cost of $990, making it an opportunity that's hard to overlook.
Beyond the aesthetic and lifestyle considerations, the safety situation in Slovakia also merits attention. The country ranks 26th in the Global Peace Index (GPI), meeting our cut-off point for safety. Additionally, the integration of immigrants into Slovakian society, both as permanent residents and eventual nationality status, is easily achievable, adding another layer to its attractiveness for those seeking a new home.
9. Germany
Permanent Residency Score: 54
Access to Nationality score: 42
Insider Monkey average score: 48
When looking for a highly developed and economically robust country, Germany would immediately be included in the list. It is interesting to note that despite various additional amenities like excellent healthcare and high education standards, the cost of living in Germany remains at a low monthly rate of $1,414. Given such prosperous conditions at home, it is not surprising to see the country living in harmony, and therefore, Germany secures the 15th place on the Global Peace Index (GPI). Their policies for permanent residency and, ultimately, nationality, are also very encouraging, as indicated by their scores. Thus, we can confidently say that Germany is one of the cheapest countries that can be a viable and attractive option for permanent residency, come 2024.
8. Slovenia
Permanent Residency Score: 77
Access to Nationality score: 22
Insider Monkey average score: 49.5
Home to stunning natural scenery, diverse culture, and cuisine, Slovenia is a haven for expats in search of an epic experience of a lifetime. However, the country has something to offer for everyone. For those aiming to settle down with family in a place that provides a high standard of living while keeping low pressure on the pocket, Slovenia proves to be more than satisfying. The monthly cost of living has been estimated at a low amount of $1,175. The country's high Global Peace Index (GPI) ranking--8th place--is also a crucial and favorable factor. Immigrants can benefit from ease in the permanent residency process, and the access to nationality score also portrays an acceptable picture. Thus, Slovenia stands out as one of the cheapest countries to obtain permanent residency, heading into 2024.
7. Poland
Permanent Residency Score: 50
Access to Nationality score: 50
Insider Monkey average score: 50
History lovers are in for a treat when it comes to Poland. Imbibing its ancient architecture and traditional folk music while strolling down cobbled streets and savoring exquisite food, expats can experience life in this picturesque country on a whole new dimension. The added allure is the fact that the monthly cost of living is just $882. However, before a hasty decision is made, a consideration of other significant realities of life is paramount. Poland's ranking as the 29th most peaceful place, according to the Global Peace Index (GPI), adds to its appeal. Moreover, the Polish government is actively implementing policies geared to encourage immigrants to obtain residency and nationality. Therefore, in our list of the cheapest countries to obtain permanent residency in 2024, Poland rightfully deserves a place.
6. Hungary
Permanent Residency Score: 81
Access to Nationality score: 25
Insider Monkey average score: 53
One of the cheapest European nations, Hungary stands out as a favorite expat destination. With a remarkably low monthly cost of living at $817, abundant job opportunities, quality healthcare at affordable rates, and free public education, the country offers a well-rounded package for those considering a move. Hungary also boasts a peaceful environment and has earned the 18th place in the Global Peace Index (GPI). For individuals seeking permanent residency, the country provides an easy path, bringing access to nationality one step closer as well. Thus, Hungary emerges as one of the most affordable and attractive options for obtaining permanent residency, heading into 2024.
