A survey has revealed the cheapest and most expensive cities 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 people living abroad to rate their lives based on several 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 expatsValencia
Valencia, on Spain’s sunny Costa Blanca coastline, is officially the cheapest city to live 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.
Valencia, on Spain’s sunny Costa Blanca coastline, is officially the cheapest city to live as an expat
And more than six in 10 (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, ranks 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 10 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.’
The capital of Panama, Panama City, ranks second on the list. More than three quarters (76 per cent) of expats living there are are satisfied with their financial situation
Malaga
Spain rounds off the top three, with coastal city Malaga also among the cheapest destinations to be an expat.
More than seven in 10 (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.
Spain rounds off the top three, with coastal city Malaga also among the cheapest destinations to be an expat
The priciest cities for expatsVancouver
At the other end of the scale, Vancouver ranks as the most unaffordable city to be an expat.
Nearly nine in 10 (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.’
At the other end of the scale, Vancouver ranks as the most unaffordable city to be an expat
Toronto
Another Canadian city is the second priciest city to live 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.
More than half (53 per cent) of expats living in Toronto aren’t happy with their financial situation
London
London ranks as the third most expensive city for expats, with seven in ten (70 per cent) people describing the Big Smoke’s cost of living as too high.
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.’
London ranks as the third most expensive city for expats, with seven in ten (70 per cent) people describing the Big Smoke’s cost of living as too high
THE WORLD’S CHEAPEST AND MOST EXPENSIVE PLACES TO BE AN EXPAT
1. Valencia
2. Panama City
3. Malaga
4. Mexico City
5. Bangkok
6. Alicante
7. Kuala Lumpiur
8. Ras al Khaimah
9. Warsaw
10. Vienna
11. Muscat
12. Riyadh
13. Madrid
14. Tokyo
15. Nairobi
16. Prague
17. Lisbon
18. Dusseldorf
19. Hong Kong
20. Brussels
21. Budapest
22. Jeddah
23. Frankfurt
24. Abu Dhabi
25. Cologne
26. Zurich
27. Barcelona
28. Berlin
29. Basel
30. The Hague
31. Rome
32. Copenhagen
33. Doha
34. Melbourne
35. Stockholm
36. Dubai
37. Hamburg
38. Luxembourg City
39. Amsterdam
40. Istanbul
41. Geneva
42. Sydney
43. Milan
44. Paris
45. New York
46. Auckland
47. Singapore
48. Munich
49. Oslo
50. Dubin
51. London
52. Toronto
53. Vancouver
Source: InterNations
Dublin also ranks among the most expensive cities 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 10 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.
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