About Affordable International Living

There are many advantages to living abroad. Many countries are beautiful and much more affordable than the U.S. or other developed nations. Housing, food, and medical treatment can be much cheaper in a foreign country.
Hundreds of thousands of expatriates have left their home countries in search of affordable international living, and they have found it in every corner of the world.

History

While people have been leaving their home countries in search of affordable international living for centuries, in recent decades there has been an explosion of expatriation from developed nations to more affordable countries abroad. The top reasons for the shift are retirement, avoidance of burdensome taxation, and greater access to economic opportunity in developing nations. Some notable American expatriates were Ernest Hemingway, Miles Davis, and Jim Morrison.

Geography

Generally speaking, the most affordable international living can be found in developing nations throughout Latin America, Africa, and the Far East. Mexico is very popular among American expatriates, and entire towns in Mexico resemble American suburbs.
The Lake Chapala region outside Guadalajara is home to over 15,000 American expatriates.On Isla Mujeres, an apartment can be had for $200 to $300 per month and the island boasts a quiet, idyllic lifestyle only 20 minutes by ferry from Cancun.

Considerations

It is important to do plenty of research before living abroad. Every country is different, and what is considered acceptable in one part of the world may not be in another. Some important things to consider are immigration law, banking and insurance.
What are the laws regarding expatriation to the country of your choice? Will you be allowed to establish residency, or must you continually update your tourist visa? Will you be allowed to establish a bank account denominated in the local currency, or will you be forced to change your currency for a fee? Have you secured international health and liability insurance? What are the laws regarding work permits? These are all important points to consider before leaving your home country.

Misconceptions

Cultural stereotypes do more harm than good when living abroad. For example, if you approach the French as though they hate Americans (a common misconception) you might come off as rude and alienate otherwise friendly people.
Another common misconception about living abroad is that it is somehow dangerous or less safe than in your home country. Of course there are unsafe areas in every country. They are well-known and easily avoided.
But a measure of common sense goes a long way towards your long-term security in whatever country you choose. Remember, people already live there and have for hundreds of years, and they aren't constantly victimized by crime. Do what the locals do, and you won't be victimized either.

Expert Insight

For Americans, there are tax advantages to living abroad. In addition to affordable international living, if you earn an income in your host country it is exempt from American income tax up to a certain point. As of 2008, the exemption was on the first $87,300 in annual income earned while abroad. To qualify for this exemption, you must remain outside the U.S. for 330 out of any 365 day period.

Resources

• International Living
• Escape Artist