If you’re thinking about working overseas but are conscious about the cost, Ecuador, according to expats already living there, should be your first port of call.
According to the latest Expat Insider survey released by InterNations, compiled using responses from 14,000 foreign workers based in 195 countries around the world, not only was Ecuador the cheapest location to live in 2015, but also ranked as the top destination for personal finances globally.
“Foreigners rated Ecuador, Poland and the Czech Republic as the countries with the lowest cost of living,” says the InterNations report. “On the other end of the spectrum, expats encountered the highest living costs in Mozambique, Nigeria and Brazil. Mozambique and Nigeria also rank in the top five for the most expensive housing around the world.”
Demonstrating the low cost nature of daily living expense withing Ecuador, InterNations note that more than half of the survey respondents who disclosed their income had a gross yearly household income of less than $US25,000.
More bang for less buck, essentially.
Despite the small comparative income earned by expats in the nation, Ecuador also took out first place in terms of personal finances for expats, beating out Luxembourg and Mexico who finished in second and third spots respectively.
“Not one expat in Ecuador is completely dissatisfied,” says InterNations. “Just over one-quarter (26%) are completely satisfied, compared to a global average of 15%. Eight in ten are generally pleased with their financial situation, whereas only 65% are worldwide.”
The table below, supplied by InterNations, reveals the top 64 destinations for expats in terms of personal finances and cost of living expense.
Taking into account those factors along with quality of life, ease of settling in, working abroad and family life, Ecuador was ranked as the top expat destination globally in 2015 by survey respondents.