10 countries for less than €1,500

While costs for food, accommodation, and transportation have been rising for the past years, remote workers can still make use of geo-arbitrage.

Geo-arbitrage is a strategy that gives a cost of living advantage by receiving income from a wealthy country while spending parts of it in a low-cost country.

An IT consultant who works for Canadian or US-American clients will receive a Canadian or US-American income. When living in Cambodia, the cost of living is very low and the consultant can make use of the advantages of geo-arbitrage.

How can you use this concept? Depending on your income, seek out countries with low costs of living. Here is a list of 10 countries with relatively low living costs.

🌱 Affordable travel health insurance

💡 Cheatsheet

*Prices are in €. The current inflation rate of each country is considered.

#1 🇰🇭 Phnom Penh in Cambodia

Cambodia offers a low cost of living, making it an attractive destination if you are on a budget. Accommodation, food, and activities are affordable, allowing you to live comfortably without breaking the bank.

If you want to rent a scooter in Phnom Penh, you can calculate an additional €120 per month. Renting a bicycle costs around €60 per month. For a coworking space, we suggest Workspace1, which is an additional €110 per month. The digital nomad hubs are in Phnom Penh and Siem Reap.

Cambodia offers natural beauty and wildlife in the remote provinces of Mondulkiri and Rattanakiri, and tropical beaches, for example on Koh Rong island.

#2 🇻🇳 Hoi An in Vietnam

Hoi An is a charming coastal city located in central Vietnam, known for its rich history, unique architecture, and idyllic setting between the beach and the rice paddies.

If you want to rent a scooter in Hoi An, you can calculate an additional €150 per month. Renting a bicycle costs around €90 per month. For a coworking space, we suggest Hub Hoi An, which is an additional €175 per month. The digital nomad hubs are in Hanoi, Hoi An, Da Nang, and Saigon.

The best travel time for Hoi An is after Tet Fest, the annual celebrated New Year which marks the end of the rainy season. Start coming in March or April. It is beautiful weather until around October when the rainy season starts again.

#3 🇧🇬 Bansko in Bulgaria

Bulgaria is a beautiful and affordable country in Eastern Europe, and Bansko turned out to be one of the go-to-destinations for international nomads in the past years. In the summer months, Coworking Bansko attracts hundreds of nomads to its annually celebrated Nomad Fest.

If you want to rent a bicycle in Bansko, you can calculate an additional €150 per month. A membership at Coworking Bansko is €155 per month.

The best travel time would be from June to September when the weather is warm and sunny. In winter, Bansko turns into a beautiful sky resort.

#4 🇲🇾 Penang in Malaysia

Historical Georgetown has grown into a larger digital nomad community during the last few years. The good news though, is that you can afford to live here with less than €1,140 a month. Due to the island’s small size, transportation is easy with local busses, scooters,s or bicycle rentals.

If you want to work from a coworking space, check out common ground, which offers flexible desks for €112 a month.

The dry season in Penang is between November and February. During the wet season, from May to October, the island counts fewer tourists.

#5 🇲🇽 Puerto Morelos in Mexico

Puerto Morelos is a small beach town between Cancun and Playa del Carmen. The location is perfect, as you have close proximity to the airport in Cancun and the vibrant lifestyle of Playa del Carmen - if you want to. Taking a collectivo (public bus) to Playa del Carmen takes only 30 minutes and costs you €0.50.

Mexico offers overall affordable cost of living but places like Tulum, Mexico City, and Puerto Vallarta became pretty expensive in recent years. Renting a scooter in Puerto Morelos or Playa del Carmen, where the scooter company will be located, cost around €300 per month extra.

#6 🇱🇦 Luang Prabang in Laos

The small town is nestled between the rivers Nong Khiau and Mekong and the center lies mainly on the peninsula. The center of Luang Prabang consists of a ring road (river promenades) and the main road in the middle where you can find the main sightseeing attractions such as temples, museums, art galleries, famous restaurants, bars, the post office, and the night market.

Renting a scooter in Luang Prabang will cost probably around €200 a month, and a bicycle is a bit cheaper at €100 a month.

#7 🇹🇭 Chiang Mai in Thailand

Thailand has been a perennial favorite as a destination for digital nomads for many years. It is one of the most affordable countries in Southeast Asia and a long-term destination, offering delicious food, beautiful beaches, and a relaxed lifestyle.

The cost of living is low, and you can enjoy a comfortable lifestyle with a budget of around €1,280 per month.

Due to weather conditions, recommended travel time is from November to February. If you consider exploring coworking spaces, check out Yellow for €90 a month.

Renting a scooter for a month in Chiang Mai costs between €100 and €150.

#8 🇬🇹 Antigua in Guatemala

The charming town of Antigua is located in the Panchoy Valley, surrounded by two active volcanoes, Aqua Acatenango, and Fuego. Picturesque scenery, historical buildings, and colorful local markets attract thousands of tourists each year strolling through the cobbled narrow alleys.

The best time to visit Guatemala is during the dry season, which runs from November to April. During this time, the weather is generally dry and sunny, making it an ideal time for outdoor activities such as hiking, exploring ancient ruins, and enjoying the country's stunning natural beauty.

#9 🇨🇴 Medellín in Colombia

Located high in the Andes, Medellín serves the best climate conditions with mild temperatures and a few rainy days. The digital nomad community is well-developed with Facebook groups, meet-ups, and community-focused coworking spaces. For coworking, we can recommend Circular, or Semilla in Medéllin.

Medellín is one of the digital nomad hotspots in Latin America and is still doable with a monthly budget of €1,400. The best way to get around is by taking an Uber which is around €2.50 to €3.00 for a ride across the city.

#10 🇹🇷 Istanbul in Turkey

Istanbul is a vibrant, colorful, and multi-cultural modern metropolis, fun to explore and worth staying in for a month or two. Come in late spring, summer, or autumn, as the winter months can get really cold.

In general, it is worth considering staying in an apartment or condo which offers security services.

For public transport in Istanbul, it is a good idea to purchase the Istanbulkart, a smart card with contactless payment, super handy, and easy to use for the metro, tram, buses, and ferries. The card costs €32 and is valid for 180 rides.

🎀 Conclusion

Although inflation causes rising prices, it is still possible to use geo-arbitrage and live in places that offer a lower cost of living than many Western countries.

Money-saving tips include staying longer in one country, renting longer accommodation, and avoiding frequent country-hopping. Additionally, visiting a place in off- or shoulder season can reduce the costs of accommodation and transport.