Relocating abroad can be an exciting yet daunting endeavor, especially when moving with dependents such as a spouse, children, or elderly parents. The most significant considerations are typically cost of living, safety, quality of healthcare, education, infrastructure, and ease of obtaining residency or citizenship.
In 2024, some of the most affordable destinations for relocation with family include Colombia, Mexico, Portugal, Malaysia, and Ecuador. These destinations offer favorable exchange rates, low costs of living, well-developed infrastructure, and accessible healthcare and schooling.
When analyzing the affordability of a country, it is essential to understand the average monthly cost of living, encompassing expenses like housing, groceries, transportation, utilities, and leisure activities. For example, Numbeo’s cost of living index provides insightful data contrasting costs between different countries.
Comparing incomes and taxation is also prudent, as favorable exchange rates and low living expenses may be offset by high taxes or insufficient earning potential. Relocating Abroad in 2024? Get the Inside Scoop from Real Expat Families ;
Colombia
Colombia has emerged as a leading destination for digital nomads and remote workers thanks to its low cost of living, stunning landscapes, and new digital nomad visa program. Numbeo estimates that a family of four could live comfortably in Colombia’s capital Bogotá for approximately $2,000 per month.
Costs are even lower in smaller cities like Medellín or Bucaramanga.Colombia also offers excellent private schools and medical facilities, especially in major cities like Bogotá, Medellín, and Cali. Reputable institutions like Colegio Bolivar, Colegio Colombo Británico, and Colegio Nueva Granada provide world-class education with fees ranging from $4,000 to $8,000 per year.
Colombia’s tropical climate, Caribbean beaches, vibrant culture, and favorable time zone make it an enticing option for families seeking better work-life balance alongside financial savings.
The country also launched a digital nomad visa in 2023, providing renewable 1-year residency to remote workers earning at least $600 per month. Applicants need health insurance but are not required to pay Colombian income taxes.
Mexico
Mexico is a top choice for American and Canadian expats thanks to its proximity, low cost of living, and established expat communities. Numbeo places Mexico at 39% of New York’s cost of living. Families can comfortably live in cities like Mexico City, Merida, or Queretaro for under $2,500 per month.
Mexico also provides high-quality private education with many schools offering curriculums in English. Average fees range from $4,000 to $15,000 annually. Top picks include The American School Foundation, Edron Academy, and Greengates School. Mexico offers excellent healthcare as well, with first-rate private facilities located in all major cities.
Many doctors have received training in the US or Europe, and costs are significantly lower than the US. For example, a doctor’s visit may cost $30 to $50 in Mexico compared to $100+ in America.
For American and Canadian citizens, Mexico offers easy residency through its Temporary Resident Visa, which provides 1-year renewable residency, allowing holders to remain in Mexico long-term.
Portugal
Portugal is rapidly emerging as a mecca for digital nomads and expats seeking affordable European living thanks to its low cost of living, stunning landscapes, Mediterranean climate, and favorable residency programs.
A family of four can live comfortably in Lisbon for about $3,000 per month, while smaller cities like Porto or Coimbra have even lower costs. Numbeo places Portugal at 47% of New York’s cost of living. Portugal also provides reputable international schools concentrated around Lisbon and Porto. Leading options include St. Dominic’s International School, International Preparatory School, and Carlucci American International School of Lisbon with annual fees averaging $15,000 to $25,000.
Healthcare is readily accessible through Portugal’s network of public and private hospitals and clinics, complemented by the country’s renowned “Golden Visa” program. The Golden Visa provides residency rights in return for property investments over €500,000 or business/capital investments above €350,000.
Malaysia
Malaysia is an up-and-coming Asian destination for expats and digital nomads thanks to its tropical climate, low cost of living, modern infrastructure, and favorable residency programs. Numbeo places Malaysia at 47% of New York’s cost of living, with families able to live comfortably for $2,000 to $3,000 per month in Kuala Lumpur or coastal cities like Penang.
Malaysia also offers high-quality international schools concentrated around Kuala Lumpur and Penang. Leading options include Garden International School, Nexus International School, and Mont Kiara International School with annual fees averaging $15,000 to $30,000. Healthcare infrastructure is world-class, complemented by the country’s “Malaysia My Second Home” (MM2H) residency program.
The MM2H program provides 10-year residency through fixed bank deposits over RM150,000 or offshore income exceeding RM40,000 monthly.
Ecuador
Thanks to its low cost of living and stunning landscapes, Ecuador is an excellent choice for families seeking affordable living paired with a relaxed lifestyle. A family of four can live in Quito for about $1,500 per month, with costs even lower in cities like Cuenca or Vilcabamba. Numbeo places Ecuador at 42% of New York’s cost of living.
Ecuador also provides high-quality bilingual and international schools concentrated around Quito and Guayaquil. Well-regarded options include Academia Cotopaxi, Lincoln International Academy, and Benalcazar International School with annual fees averaging $7,000 to $15,000.
Healthcare is affordable and reputable, especially in major cities like Quito and Guayaquil. Ecuador also offers straightforward residency through investment in real estate over $43,500 or maintaining a bank balance above $32,000.
Final Thoughts
Relocating abroad with dependents requires thoughtful consideration regarding cost of living, infrastructure, healthcare, schooling, and residency rights. Destinations like Colombia, Mexico, Portugal, Malaysia, and Ecuador currently offer the best blend of affordability and family-friendly amenities for those seeking to relocate in 2024.
It is wise to thoroughly research monthly budgets, taxation, visa regulations, healthcare facilities, and school options before committing to an overseas move with children or elderly relatives in tow. Prioritizing quality of life alongside financial incentives is key for long-term satisfaction when uprooting a family.
Proper planning allows families to capitalize on favorable exchange rates and low living costs without sacrificing essential support structures. With prudent decision-making, relocating abroad can be an incredible adventure that brings a family closer together.
Related Articles
- Relocate With Your Family To Canada in 2024: The Newest Community Pathway – This article explains how skilled workers can immigrate to Canada with their families without needing a job offer through the Newest Community Pathway program.
- How to Move to the UK as a Nurse, Midwife or Doctor in 2024 – This article outlines the steps and requirements for nurses, midwives and doctors from overseas who wish to work in the UK’s healthcare system.
- Step by Step Process of Moving to New Zealand as a Carer in 2024 – This article provides a guide for international caregivers who want to move to New Zealand with their dependants in 2024.
