cheapest countries in Latin America to live

Latin American countries are witnessing a high influx of immigrants and investors thanks to stable political systems and low cost of living. Countries like Costa Rica, Panama, and Argentina are very stable democratic societies with growing economies and one of the cheapest countries in Latin America to live in.

Daily life in these countries will offer you plenty of savings, overall rent is within reach, cost of food and prices of property are based on what locals can pay and odds are you are in an ideal situation monetarily than most local people. A mid-range lifestyle for a family of four in these countries can cost you anywhere between $1000 to $3000 per month depending on which place you choose to reside.

According to international living, all of the countries mentioned in this article are safe and welcoming to foreigners particularly retirees but keep in mind that the countries mentioned in this article are not ranked according to their number, every country is unique in its way. so here are the 10 cheapest countries in Latin America to live in.

10. Chile


Chile is one of the most secured and politically stable nations in South America, with a grounded working class, great clinical offices, and an all around created foundation.

The country boasts a range of accommodation options for immigrants and even top quality housing tends to be affordable when compared to other major destinations. buying and renting prices in the country are among the cheapest in Latin America, the national average for a one-bedroom apartment in a city is about $350 per month and if you want more space the national average for a three-bedroom villa or apartment ranges between $700 to $1000 in a city center.

Chile is also a very popular tourist hot spot each year more than 3.5 million tourists head to Chile to enjoy the beaches, national parks, wine tours, and natural beauty.

9. Peru


This country features everything from vibrant cities to mountainous regions and quiet farming towns. Notwithstanding where you stay the average cost of living will in general lay on the lower side compared with other Latin American nations..

When it comes to renting immigrants are often pleased to discover that accommodation is typically 80% cheaper than other major destinations and one of the cheapest countries in Latin America to live comfortably in. According to international living, you can live comfortably on $1500 a month or less, the organization also claims you can find a family apartment in an upscale district for around $800 a month also groceries in Peru are extremely cheap and your retirement or ex-pat salary will go far.

8. Nicaragua 

nicaragua affordability

Nicaragua is home to a vibrant culture with friendly people, spectacular beaches, and an amazing real estate investment opportunity. It is the cheapest place you can retire in the Americas for the highest quality of life.

You can have a quiet laid-back beach lifestyle or one full of adventure, either way, you choose to live it is affordable and the prices will exceed your expectations.

According to international living rent of a one-bedroom apartment in the city is about $250 per month and a three-bedroom could cost you just under $500 per month. It likewise offers an extraordinary chance to buy stunning beachfront, lake, or colonial real estate at fantastic costs. The property taxes are low and the government offers all sorts of incentives to foreigners from opening businesses to real estate investments.

7. Argentina

cheapest countries in Latin America to live

Living in Argentina guarantees a satisfying life in an excellent, different, and socially rich country. It is the second-biggest country in South America and the eighth biggest on the planet.

Argentina is often cited as a desirable place to retire as it offers ex-pats a good and affordable lifestyle, the country is also known for having one of the best health care systems in the region. Many ex-pats and retirees manage to live quite comfortably on $1000 to $1300 per month and couples on around $1500 to $1800 a month.

Cheap rent provides a big boost to Argentina’s affordability especially for those who choose to reside outside the more popular tourist districts although renting a property in the country is quite affordable but most ex-pats and retirees tend to buy their property outside the major metropolitan areas with the average price of a villa ranging between $60,000 to $200,000.

6. Belize


With great all year climate, low populace, and easy access to major urban communities across North America it’s no big surprise that an ever increasing number of individuals are deciding to move to Belize.

There is no language barrier when it comes to communicating with local people in Belize because English is the official language.

Belize has some of the region’s most lenient residency laws, you can declare permanent residency even if you only spend two weeks of the year in the country. The country imposes very low property taxes, no capital gains tax, and places no restrictions on foreigners buying, selling, or renting property making Belize a great place to invest hard-earned assets. For about $50,000 you can get a modest three-bedroom cottage by sea with all amenities.

Top 10 Cheapest Countries that offer Citizenship by Investment in 2021

5. Uruguay 

cheapest countries in Latin America to live

Uruguay the richest state in Latin America stands out in the region as a liberal and modern country with developed social security, health, and educational systems. Uruguay creates a favorable atmosphere for business investments offering a zero percent income tax rate for income received from Non-Uruguayan sources.

For couples that own an apartment, the average cost of living in the country can be a little over $1200 per month. It is not a surprise that an increasing number of people choose Uruguay as their retirement destination, overall the country is very safe and cheap offering plenty to ex-pats and retirees alike.

4. Colombia

cheapest countries in Latin America to live

An ever-increasing number of individuals are moving to Colombia nowadays whether it’s digital nomads heading to Medellin for the warm climate or entrepreneurs and business people attracted by Colombia’s growing economy. Colombia had a violent reputation in the past but its crime rate has decreased significantly in the past decade.

You can live in many parts of Colombia for $1000 per month or less because this country is just beginning to become recognized by ex-pats as an affordable retirement haven for its low cost of living and lifestyle. The top reasons for the influx of ex-pats into Colombia include a growing economy, stable government, universal education, and near-universal healthcare.

3. Ecuador

top amazing and cheapest countries in Latin America to live in

Foreigners are drawn to moving to Ecuador for a variety of reasons, if you move to Ecuador you will find an ex-pat community of entrepreneurs, travelers, advisors, foreign officials, diplomats, businessmen of all stripes, and obviously retired people hoping to extend their cash and experience an alternate lifestyle.

Everything from the price of real estate and rent to the cost of hiring a full-time maid and dinner out is cheap. The ease of living in Ecuador permits retired folks to increase their movement, take up new diversions, and by generally enjoy a better quality of life.

You can get a nice two-bedroom, a two-bathroom condo will cost you around $500, generally speaking, the ex-pats who have moved to Ecuador are those who tend to blend into the society rather than live together in non-integrated ex-pat oriented communities.

10 Amazing Places to Visit in the World

2. Panama

cheapest countries in Latin America to live

Panama typically ranks amongst the top favorite destinations for ex-pats and one of the best places to retire. With a tropical climate, an advantageous tax system, a vibrant capital, and an eccentric culinary scene Panama is seen by many as a land of opportunities.

Panama is viewed as perhaps the most well-established tax havens in the planet, in the event that you work online or have your own business and invoice international clients your tax rates will be close to zero.

In Panama, you can live very well on a lot less than in many other countries, as a couple you could live comfortably in Panama on a budget of $2000 a month, but you can spend as much or as little as you want to find your perfect comfortable lifestyle. The country offers many citizenship programs for foreigners who want a second passport.

1. Costa Rica 

cheapest countries in Latin America to live

This tropical paradise is one of the most popular places for ex-pats to retire and live. The country’s natural beauty and abundant wildlife also make it one of the most exciting destinations in the world for adventure seekers.

10 Amazing Places to Visit in the World

The overall cost of living in Costa Rica is much lower than the cost of living in other similar countries consumer prices, rent prices, restaurant prices, and grocery prices are all considerably lower than its neighboring countries.

A single person can live comfortably on a monthly budget of $1200 per month while many retired couples live well on $2000 per month. The cost of living varies depending on lifestyle and choices, those living in popular tourist destinations can expect to pay more daily but overall newcomers will find the country to be fairly affordable.


Please enter your comment!
Please enter your name here