So, you’re thinking about moving abroad? You’re not alone—nearly 40% of new Canadians are considering leaving their province, or even the country, because of skyrocketing living expenses.
Imagine waking up everyday to a sunrise in the mountains of Portugal or enjoying a sunset on the beach in Thailand. In this video, I break down 11 countries Canadians should consider moving to.
But before you pack your bags, let’s talk about the one thing that can make or break your dream: your finances. I’ve travelled and lived extensively around the world, so stick around until the end, and I’m share some insider tips that could save you thousands.
What do you want to prioritize
Voltaire once famously said, “Perfect is the enemy of good.” No country is perfect, so if you’re thinking about moving abroad, it’s all about what really matters to you. Here are the top 7 things I often hear people consider when moving abroad,
- Weather: If you’re someone who loves the sun or can’t stand the cold, the climate matters.
- Healthcare: You want to know you’ll have good doctors and hospitals nearby, and that your health insurance will cover you well.
- Cost of Living: It’s important to get a sense of what you’ll spend on housing, groceries, and daily stuff so you’re not stressed about money.
- Safety: Feeling safe is key, so take a look at crime rates, political stability, and whether natural disasters are a concern.
- Job Market: Whether you’re job hunting or planning to work remotely, knowing the job market is crucial.
- Visa & Citizenship: Think about how easy it is to get and keep a visa, and if you’re planning long-term, what the citizenship process looks like.
- Taxes: Nobody likes taxes, so check out what you’ll owe on income and property.
Top Countries for Canadians to Move to
Thailand
Thailand is a fantastic choice for Canadians. It offers affordable living, excellent healthcare, and a vibrant culture. Cities like Bangkok and Chiang Mai provide top-notch medical care at a fraction of the cost in Canada, and the overall cost of living is much lower, allowing for a comfortable lifestyle on a modest budget.
The visa situation is great as well. The Thai Elite Visa is convenient but expensive, and there’s a new digital nomad visa that is easy to qualify for and allows up to 5 years of stay with renewals every 6 months. Though generally safe, Thailand does experience occasional political unrest and natural disasters like floods. The time difference can also make staying in touch with Canada challenging.
Portugal
Portugal is an appealing option for Canadians, offering excellent healthcare, a reasonable cost of living, and beautiful weather. The healthcare system is strong, especially in urban areas, and the cost of living allows for a comfortable lifestyle, particularly outside major cities.
Portugal is one of the safest countries in Europe, making it a great choice for peace of mind. Visa options are relatively straightforward, including the popular Golden Visa for investors. The weather is mild, with warm summers and mild winters, making it ideal for those looking to escape Canada’s colder climate.
Mexico
Mexico is a great choice for Canadians seeking an affordable, culturally rich lifestyle close to home. Healthcare is excellent, especially in major cities, and much more affordable than in Canada. The cost of living is significantly lower, with housing, food, and transportation being very budget-friendly.
Visa options are straightforward, and Mexico’s proximity to Canada makes it easy to stay connected with family. While safety is a big concern, choosing the right area can help mitigate risks. The climate is another draw, offering everything from tropical beaches to temperate highlands.
Vietnam
Vietnam is a fantastic choice for Canadians, especially if you’re looking for an affordable lifestyle with rich cultural experiences. Having lived in Da Nang, I can tell you firsthand that the cost of living here is incredibly low and the beaches are beautiful, making it perfect for anyone on a budget.
Cities like Ho Chi Minh City and Hanoi offer a great mix of traditional culture and modern conveniences. Visas are pretty easy to get but do require regular renewals, which can be a bit of a hassle.
The language barrier can be challenging at first, but the friendliness of the Vietnamese people and a growing expat community really help you settle in.
Malaysia
Malaysia is a fantastic choice for Canadians. It’s affordable, with modern amenities and rich culture. Healthcare is top-notch and much cheaper than in Canada, especially in Kuala Lumpur and Penang, where you’ll find English-speaking doctors.
The low cost of living lets you enjoy a comfortable lifestyle, whether you’re after city buzz or a coastal vibe. The Malaysia My Second Home (MM2H) visa program makes long-term stays easy.
The country is safe, infrastructure is solid, and the year-round tropical weather is perfect if you’re over Canadian winters. The time difference with Canada can be tricky, but the strong expat community and great quality of life make it worth considering.
Panama
Panama is a great spot for Canadians. It’s affordable, easy to settle into, and offers a high quality of life. Healthcare is good and cheap, with many English-speaking, U.S.-trained doctors, especially in Panama City.
Living costs are reasonable, and the warm climate is perfect for escaping Canadian winters. Visa options, like the Friendly Nations Visa, make residency simple, and you’re only taxed on income earned in Panama.
It’s generally safe, with low crime rates, and the time zone is close to Canada’s, so staying in touch is easy.
Dubai
Dubai is ideal for Canadians seeking a modern lifestyle with financial perks. Healthcare is excellent, with top facilities and internationally trained doctors.
While living costs can be high, especially for housing, the lack of income tax helps balance it out. There are visa options like the Dubai Golden Visa for investors and professionals. Dubai is very safe, with low crime rates and strict laws.
The infrastructure is world-class, and the year-round sunshine is great—just be ready for very hot summers. The large expat community makes it easy for Canadians to fit in.
Serbia
Serbia is a great choice for Canadians looking for affordability and cultural experiences. Healthcare is decent and affordable, with private options that expats often prefer.
The cost of living is low, with cheap housing, food, and transport. Belgrade is lively, and smaller towns offer charm and peace. Visas are easy to get, and Serbia is generally safe with welcoming locals.
You’ll experience four seasons, similar to Canada, and the culture blends Eastern and Western influences. While the language can be a bit tough, the growing expat community in Belgrade makes it easier. Plus, Serbia’s location is perfect for European travel.
Montenegro
Montenegro is a hidden gem for Canadians, offering stunning natural beauty, a relaxed lifestyle, and a low cost of living. Healthcare is decent, with private care preferred by many expats. The cost of living is much lower than in Canada, especially outside tourist areas.
Residency and citizenship are straightforward, particularly through property investment. The country is safe, politically stable, and welcoming, with a growing expat community along the coast.
The Mediterranean climate on the coast and the continental climate in the mountains make it perfect for outdoor enthusiasts. While the language barrier can be challenging, friendly locals and an increasing expat presence make the transition easier.
Costa Rica
Costa Rica is a top pick for Canadians seeking warm weather, natural beauty, and a strong expat community. Healthcare is well-regarded and affordable, with both public and private options.
The cost of living is moderate, with affordable housing, especially outside tourist hotspots. Residency is accessible through the popular Pensionado program for retirees. The country is safe, politically stable, and offers plenty of outdoor activities, making it perfect for a laid-back lifestyle.
Colombia
Colombia is a vibrant option for Canadians looking for culture, low living costs, and stunning landscapes. Healthcare in cities like Bogotá and Medellín is excellent and affordable, especially in private facilities.
The cost of living is very low, allowing for a comfortable lifestyle on a modest budget. Residency is easy to obtain, particularly through investment or retirement visas.
While safety has improved, it’s important to be cautious, as some areas still have big issues with crime. Colombia’s dynamic culture, warm weather, and growing expat community make it an exciting place to live, but choosing your location wisely is key.
Understand Logistics
When moving abroad, it’s key to understand logistics like tax treaties, departure tax, and how your accounts will be affected. I cover these topics in detail in another article here.
Smart Strategies to Save Money
When considering a move overseas, managing your finances is key. Here are some insider tips to help you save:
Research Cost of Living: Before deciding on a country, check out living expenses. Websites like Nomad List and Numbeo are great tools for understanding costs like housing and groceries in different areas.
Healthcare Planning: Make sure you understand local healthcare costs and insurance options. This can save you a lot of money and provide peace of mind when you need medical attention.
Visa Expenses: Some countries offer special visas with benefits. For instance, Thailand has a digital nomad visa that’s cost-effective. Weigh visa costs against potential savings on taxes or benefits received.
Tax Considerations: Look into taxation treaties between countries and how they affect your income. Some places, like Panama, only tax income earned locally, which might be beneficial.
Housing Costs: Housing is often the biggest expense. Explore options outside major cities for cheaper costs without sacrificing too much on comfort or safety.
Currency Exchange and Banking: Keep an eye on exchange rates and consider opening a local bank account to save on fees and get better rates.
Community Resources: Expat communities can provide advice on saving money and adapting to new locales. They often know the best local deals and tips for new residents.
Find balance
The main takeaway is that choosing the best place to move involves balancing strategic planning with personal comfort, knowing that compromises are part of the process. It’s impossible to cover every country, and many were left off the list. What matters most is understanding what’s meaningful to you and what you prioritize in a new country.
If you’re considering moving abroad, having a solid financial plan is crucial. At Blueprint Financial, we’re here to help you navigate the logistics, from tax treaties to asset management, so check out our services!
