Forbes has ranked Portugal as the cheapest place to live for Americans in 2023. In an article called “Quit Your Job And Move Abroad: 10 Cheapest Places To Live”, Forbes senior contributor Laura Begley Bloom looked at International Living’s Annual Global Retirement Index of the top places to retire.
Bloom argues “this list isn’t just for retirees” but for all those looking for a better and more affordable life. She even goes on to write that some places on this list are “so cheap that you might not have to work.”
This year, Portugal takes the number one spot “in part because of the strength of the US dollar today,” as well as Portugal’s visa options that facilitate staying there long-term.
The Annual Global Retirement Index states that “the day-to-day cost of living is low compared to the States.”
According to the survey, a couple can live comfortably on around $2,800 a month, whereas a single person could live very well on around $2,000 a month (less in rural areas).
The best places to move to were Lagos, Vilamoura, and Tavira, as well as the silver coast. Lisbon and Porto are also suitable options, but they are more expensive than the others.
International Living’s list includes categories such as cost of living, climate, visas, housing, healthcare, and more. However, it is not just numbers and figures as it contains input from real people living in these countries.
Some locations have been dropped from this year’s list due to their current visa situation, despite having a cheap cost of living such as Malaysia and Vietnam.