Want a high quality of life for a low cost of living?
Enjoy a dream destination in Asia, a vast continent with modern amenities, beautiful beaches, bustling cities, excellent street food, high internet speeds, and some of the cheapest places to live with good transport links.
Although there are many incredibly cheap cities to live in Asia, we are covering destinations with reliable infrastructure and basic living standards that are more suitable for long-term stays than what budget travelers may consider for a more short-term stay.
Knowing where to begin with so many great destinations and attractions is difficult. Here we will help you explore the cheapest countries in Asia and the most sought out destinations at an affordable price.
Why Southeast Asia?
Asia has become huge for digital nomads and ex-pats alike, not just for its affordability. It has amiable people with fantastic food, culture, amazing landscapes, beaches, and some of the safest places in the world, such as Chaing Mai.
No matter what your lifestyle or preference is, Asia has it all. From the bustling streets of Hanoi to the tranquil beaches of Bali, there’s something for everyone on this list. This article will explore some of Asia’s most affordable and appealing destinations for retirees, nomads, or tourists traveling on a tight budget.
Why Financial Planning is Important When Retiring in Asia
With some financial planning and research, you can enjoy a high-quality life at a low cost in one of these incredible destinations. It’s essential to have your finances in order before proceeding, even though it is incredibly affordable.
A mistake in over or under-projecting the longevity of your assets could mean you either run out of money at an age you are least able to produce or are too conservative and not maximizing your retirement experience.
Brickell Financial Group is a trusted wealth management firm focused on helping individuals plan their dream retirement. They can help you set up a budget, choose suitable investments for your situation, and use advanced financial planning software to help provide professional advice to ensure you don’t outlive your retirement assets. Giving you peace of mind that you are on the right track to living your ideal retirement.
Now let’s start our journey to the perfect budget destination!
Sri Lanka: The Cheapest Retirement Destination in Asia
When finding an affordable retirement destination in Asia, Galle, a popular destination in Sri Lanka, stands out as the cheapest of many cities to live in. After extensive research and consideration of factors such as quality of life and essential standards that Westerners also tend to expect, it becomes clear why Sri Lanka tops the list as the cheapest country to retire in Asia.
There are many slightly more expensive destinations in Southeast Asia that, if within your budget, can give this beautiful country a run for its money. But when it comes to cheap living, Sri Lanka is the top dog. Clearly, the cost of living varies significantly between cities within a country. For example, the cost of living in Sri Lanka is 9.1% higher than in Indonesia.
But when you compare rent in Galle to what you would pay in Bali, Indonesia’s most popular retirement destination, you get an 88% discount, according to Numbeo. Therefore choosing a cheap city is more important than choosing a cheap country when you want to save money.
Start your research with Colombo, the country’s capital, which offers a bustling urban lifestyle, modern amenities, and a diverse expat community. With its colonial charm, Galle provides a serene coastal setting, historical attractions, and a vibrant arts scene. Kandy, nestled in the lush highlands, offers a cooler climate, cultural richness, and tranquil surroundings, making it a peaceful retreat for retirees.
Bali, Indonesia: Top Pick for Living Abroad
Bali is a multicultural city nestled within a tropical paradise located in Indonesia, part of the world’s largest archipelago. After living in Bali for two months, I thought long and hard about why it has become my favorite destination on Earth. There is almost always a trade-off when you pick a low-cost destination regarding comfort, security, or locals trying to hustle you.
Although there is poverty in Bali, panhandlers or aggressive locals trying to sell you something on the beach or in the town are almost nonexistent. The locals in Indonesia are incredibly friendly to foreigners. Balinese Hinduism predominantly shapes the culture, which practices a very empathetic approach to others. Instead of large commercial retail stores, shopping malls, and highways with busy gas stations, Bali is peppered with beautiful temples and lush green rice fields, giving it this calm spiritual element.
Perfect Weather
The weather is absolutely perfect. You have an excellent breeze that makes air conditioning optional. Although you are by the ocean, you don’t feel this hot humidity, giving you this perspiration attack like many other tropical climates. Remember that things may differ during the rainy season between October and March.
Five Main Regions in Bali
Each region in Bali has its own sub-culture, characteristics, and lifestyle. Which makes it difficult to categorize Bali as this one thing. As you can have a completely different experience depending on what region and neighborhood you go to. The southside is the most popular tourist destination.
The South Side
This is the most developed and commercial part of the island. The Canggu (pronounced “Changu”) neighborhood is nonstop excitement. Better fit for young couples (very small or no children) or individuals looking for a very active lifestyle. During the day, you have numerous beach clubs, surfing spots, recreational lifestyle clubs (tennis, paddle, volleyball courts, gym, etc..), and day spas all over the area.
Canggu has some of the best coworking spots I have yet to experience. For example, I personally am working from BWork Bali, which has free yoga classes, Muay Thai, and boxing classes every morning. Numerous meet-ups with other like-minded entrepreneurs to network with or join in for an adventure (Me conquering Mount Raung. The most active volcano, and dangerous trekking in Java)!
Ubud and Central Bali
Everything about Ubud is unique. It is cohabitated with Rhesus Macaques. You can see these energetic monkeys roaming around town, eating bananas, and just monkeying around. You can spend the day washing elephants, taking a run past lush green rice terraces, pampering yourself at a day spa, hiking through tropical hills, and attending the countless yoga and meditative activities offered through the village.
This is the top destination in Bali for vegans, as you can treat yourself to an assortment of restaurants catering to conscious eaters. But it is not all holistic and spiritual healing in Ubud. There is a high-quality nightlife with many events that people from around Bali come to attend. There are beautiful day spas with multi-level pools for you to spend the weekend lounging as you munch on burgers and sip on cocktails.
East Bali
Living in East Bali provides a serene and authentic experience, combining the natural beauty of lush landscapes, charming coastal villages, and a slower-paced lifestyle. The region embraces traditional Balinese culture, with frequent ceremonies and cultural performances that offer a glimpse into the island’s rich heritage.
East Bali is home to top tourist destinations, such as the awe-inspiring Besakih Temple, known as the “Mother Temple of Bali,” with its grandeur and panoramic views of Mount Agung. Another must-visit is Tirta Gangga, a royal water palace featuring beautifully landscaped gardens and decorative ponds. For adventure enthusiasts, climbing Mount Raung, an active stratovolcano, presents an exhilarating challenge, offering stunning panoramic views from its summit. Embracing the natural wonders and cultural traditions of East Bali creates an idyllic and enriching living experience.
North Bali
The North region has stunning landscapes, including black sand beaches, volcanic mountains, and picturesque rice terraces. North Bali is less crowded and laid-back than the bustling tourist areas, creating a tranquil and authentic living environment. The area exudes a sense of peacefulness, with traditional Balinese villages and temples dotting the landscape. This is much more rural and probably best for those who really want to escape it all. The north region is lovely to visit while living in the more populated regions of Bali, as it is only a three to four-hour drive from Canggu.
One of the highlights of North Bali is the Sekampul waterfalls and the opportunity to swim with dolphins on Lovina Beach. Brace yourself for an exhilarating ride because, believe me, those dolphins don’t mess around! As you cling to the handlebars, being dragged by the boat trying to keep up, make sure to tie your knot on tight on those swim trunks. Trust me. I almost lost mine due to the speedy boat ride! So hold on tight for this splashy encounter, and ensure your swim trunks are the only things that won’t be stripped away in the process. It’s an aquatic adventure that will have you laughing, clinging, and talking to all your friends about this thrilling ride.
West Bali
This region exudes a vibrant surfer culture, making it a haven for wave enthusiasts and those seeking a laid-back beach lifestyle. The region is renowned for its world-class surfing spots, where gnarly waves roll in with impressive force. Surfers from all corners of the globe flock to places like Medewi and Balian Beach to test their skills and ride the thrilling swells. The surfer vibes permeate the coastal towns, creating a relaxed and welcoming atmosphere that is embraced by locals and visitors alike.
Visiting The Istana, a hidden gem in Uluwatu, West Bali, is a must for a luxurious meditative retreat. Practice your yoga morning session on a cliff with breathtaking views. Spend the day treating yourself to a spa, delicious food, and connecting with others in this natural paradise. After working on self-healing, head over to Single Finns, not just a restaurant slash bar, but a cultural hub for surfers to meet, listen to live music, and catch stunning sunsets.
Cost of Living in Bali
Now let’s talk about the cost of living. I have never seen so many superb dining options as I have experienced in Bali. Dishes run from $3 USD for a local “Warung” (small traditional restaurant) to $20 for a high-end fine dining experience. Every morning you have your choice of dragon fruit smoothie bowls, detox vegetable juices, egg sandwiches, or protein pancakes. The food selection has a considerable variation of healthy and vegan options.
Rent depends on if you live in a guesthouse, villa, or apartment. You can find anything from private rooms in a trendy guest house that goes for $600 a month to stunning four-bedroom villas that range between $4,000 to $6,000 a month. Granted, if you speak with locals, to them, these are insane prices because they actually have gone up after COVID by approximately 40%.
Prices in Canggu have been on a tear, and other cities like Umala are quieter and on the outskirts of the Canggu area, but still, just a 12-minute drive from the beach, going for a much more affordable price. There is so much movement in Bali and upcoming areas that a whole separate blog can be dedicated to the neighborhoods and lifestyles they offer.
Some of the most impressive fitness centers that I have seen are in the Canggu area in Bali. And probably the priciest thing you would invest in, as they range from $150 to $300 per month for these top-notch gym memberships. These are not just gyms for mere mortals trying to lose weight. These are installations dedicated to transforming your lifestyle. And when it is time to relax, Balinese massages go for as little as $10. A Thai message is around $13. You literally can splurge on a massage everyday for what you would pay a for a daily cup of coffee at Starbucks.
Body Factory is a gym with ice baths, a high-end Spa, a top-notch weigh center, and a recovery area where some of the earth’s most beautiful people gather around. More into functional training like CrossFit? Wanderlust Fitness Village is just like the name implies. A 2,000-square-foot fitness monstrosity that holds a Crossfit warehouse, a training center that is closed for specific classes like a booty building class that is filled with modelesque gym goers, a healthy cafe, and a recovery space where they go to relax and on the weekends throw a party for their members. They have a eat, sleep, train concept promoting fitness retreats.
Tons of Popular Destinations Close By
If there was not enough for you to explore in Bali (All thanks to an incredible Certified Financial Planner™ practitioner who hooked you up with an epic retirement plan!) you have many attractions within a boat ride or short flight from Bali.
There are many attractions that a few cheap flights can take you to. For example, you can visit the komodo national park, a UNESCO world heritage site, or swim with sea turtles, horseback ride on the beach, and snap amazing underwater pics with the famous underwater Nest Sculptures on Gilit T island.
Why Bali is My Top Pick
Bali really has it all. As you can see, although it is one island, I have taken you on a tour of five different regions, all offering completely different experiences and subcultures. Indonesia is an incredible country with so much to offer. When you consider island hopping throughout Indonesia as a whole, the amount of activites and experiences you can enjoy become endless.
But it is not all pedals and roses. Of course, there are drawbacks to any destination. What is arguably the biggest drawback is actually a strength for me. And that is the scooter culture. Having a car here is a nightmare. The roads are very small and windy. If you can’t survive without a car, Bali takes a big hit as a top destination for you to consider living in. With that said Bali has adapted to the small roads with an incredible scooter culture which I love.
How does scooter culture change your way of life? It immerses you in a refreshingly unpretentious environment, unlike the car-centric culture. Nobody judges you on what you drive or others trying to impress you with their ride. Instead, you’ll find yourself surrounded by an authentic vibe when connecting with people. There’s organized chaos as scooters weave through the streets, and an egalitarian spirit prevails where everyone usually gives the right of way. It has been very rare to witness any road rage.
And the best part? Filling up your scooter’s gas tank costs something in the ballpark of ten dollars, every ten days depending on how often you drive. By eliminating a car payment, auto insurance, gas, parking meters, and tolls, you automatically boost you quality of life as this freed up cashflow goes towards life experiences or investing towards your other financial goals. Riding a scooter is cheap, simple, convenient, and part of Bali life.
The rich cultural experiences, world-class entertainment amenities, and a fascinating community of digital nomads, small families, and retirees who all are on a similar but unique journey make this gem nestled in this beautiful southeast Asian country an international destination very difficult to compete against. These are a few reasons that make Bali my top destination.
Phnom Penh, Cambodia: A City of History and Culture
Phnom Penh, the capital city of Cambodia with a rich and complex past is one of the cheapest places in Asia. Is has undergone a modernization providing it’s residents with a vibrant night life you can expect from any large city. It is five to six hours to Siem Reap by local bus, car or a one hour flight. Siem Reap is home to Phnom Kulen national park, which is one of many beautiful national parks within Cambodia, ancient ruins, temples and museums that provide insights into Khmer history, art and culture.
Phnom Penh is home to The Tuol Sleng Genocide Museum which details a horrific past of torture and extermination from Khmer Rouge regime. You will also find the The Royal Palace is one of Phnom Penh’s most famous landmarks, displaying Khmer architecture and serving as the residence of the King of Cambodia.
Cambodia is amongst the cheapest countries in Asia. With many cities to choose from depending on budget, and preferences. While Phnom Peng is not the cheapest, it is an affordable city with a single person living comfortably on $700-$1,000 monthly.
Rent is cheap, with a one-bedroom apartment costing around $330 and $550 within the city center monthly. The monthly pass for the local bus is $10 and a one way ticket $1. An inexpensive restaurant is about $5. Meaning you can live as inexpensive as need be. However, unless your main financial objective is to leave as much as possible behind to your legacy, it is recommended that you do a retirement plan and have that dictate what your budget should be. And then maximize your quality of life based off of that budget. Allowing you to splurge guilt free in areas you really wish you could with the piece of mind you are totally within your income limits to do so.
Manila, Philippines: A City of Vibrancy and Opportunity
Manila is the capital city of the Philippines, with a modern and cosmopolitan feel. It’s also one of the most affordable places in Asia, with a single person able to live comfortably on $500-$800 per month. Digital nomads or more adventurous expats alike that would prefer to be based in Manila for it’s large city offerings, but enjoy the beach life in many of earth’s most stunning coastal towns outside of the city could consider a private room to keep the costs down and leave a larger budget for travel accommodations. A one-bedroom apartment will cost you around $552 per month, although prices can vary depending on the location and quality of the apartment.The good news is that food is cheap and delicious, with local dishes costing as little as $2 per meal.
Davao city is another excellent destination for ex-pats and the digital nomad lifestyle. This is ideal for the beach lovers and outdoor enthusiasts, who would prefer to escape the traffic congestion and overall big city noise at the expense of the ammenities and conveniences that a big city offers. Not only will you lower your cost of living by choosing Davao over Manila but Davao is also considered the safest city in the Philippines. It is a famous for some of the most beautiful beaches in SE Asia and it’s abundance in Durian, a nutritious and pungy fruit that locals and expats alike love.
Chiang Mai, Thailand: Considered one of the safest countries in the world.
This city has become a popular destination for digital nomads and ex-pats alike, and for good reason. Chiang Mai is known for having a low crime rate, particularly regarding crimes against foreigners. Many ex-pats and travelers feel comfortable walking around at night, and the locals are known for making foreigners feel at home, making it easy to make friends.
Chiang Mai has many cultural attractions, numerous temples, traditional markets, and museums. These attractions provide a glimpse into the city’s rich history and unique culture. Chiang Mai is surrounded by lush forests with incredible wildlife and mountains, making it an excellent destination for outdoor enthusiasts with plenty of rural villages to see. Activities like hiking, biking, and rock climbing are popular among locals and tourists.
If you plan to move to Chiang Mai, you’ll be happy to know that living costs are very reasonable. A one-bedroom apartment will cost you around $353 in the city center and $225 outside the city center. Food is also cheap, with local dishes costing as little as $1 per meal.
Hanoi, Vietnam: A City of Contrasts
Hanoi is one of the modern cities of Southeast Asia. With a vibrant and bustling city full of contrasts and surprises. From the traditional street food stalls to the modern shopping centers, Hanoi offers something for everyone. With a two hour flight you also have access to Ha Long Bay a UNESCO world heritage site known for it’s beautiful limestone formations.
Hanoi also one of the most affordable cities in Asia, with a single person able to live comfortably on $500-$600 per month And a one-bedroom apartment costing around $373 per month.
One of the best things about living in Hanoi is the food. Vietnamese cuisine is famous for its fresh ingredients, bold flavors, and unique combinations. You can find some of the best pho, banh mi, and spring rolls in the world right here in Hanoi.
And the best part?
It won’t cost you an arm and a leg. You can enjoy delicious street food for as little as $1. Another great thing about Hanoi is its location. It’s an excellent base for exploring other cities in the amazing country of Vietnam. With its stunning natural beauty, rich culture, and fascinating history. From the limestone cliffs of Halong Bay to the ancient city of Hoi An, Vietnam has something for everyone.
Ho Chi Minh City
If you are looking for more of a metropolis, Ho Chi Minh city is the largest in Vietnam. It enjoys a more vibrant nightlife and diverse social scene than other areas in Vietnam. It is culturally rich as there are plenty of museums that you can visit to learn more about the Vietnam war era; giving you a different perspective than what you are taught in the United States. Rent for a one bedroom in the city center plus other basic expenses will run you about $1,000 a month. With prices so affordable, it makes Vietnam one of the cheapest countries in Asia.
Vietnam Islands
Vietnam has some gorgeous islands across the South China Sea. Mui Ne is famous for it’s white sand dunes, fishing villages that will keep your Instagram busy, and serene beaches for you to escape it all. Enjoy panoramic views from the “Big Mountain” (Nui Lon) in Vung Tau.
These islands are also a great getaway for aquatic sports lovers. As there are plenty of diving spots, coral reefs with clear waters to go snorkeling, and if you like kite surfing like me, it is famous for that too.
Should You Retire in Asia?
In a world that can often feel uncertain and unpredictable, retiring in Asia offers a unique opportunity to find safety, comfort, and adventure all in one.
Enjoy the stunning landscapes of Bali to the vibrant city life. Asia offers an abundance of choices for retirees seeking a new and exciting chapter in their lives.
Whether you’re drawn to the friendly communities of Chiang Mai or the high-tech innovation of Singapore, Asia is a continent that promises to deliver on all fronts.
However, you should also consider other important factors like proximity to the United States, health care facilities, insurance, tax implications, and depending on your age long term care facilities and how to finance that. So it is important you consult with the appropriate professionals when implementing a decision like this.
But do not see this as this one big scary move! A decision like this is best done in pieces. Just like you would not marry someone after a first date, you would not make a decision to retire somewhere after one blog or a visit. First step is to take a Global Retirement Quiz that can narrow down your destinations to the ones that are most likely to match your personal preferences.
Do some light research on a few destinations that you would seriously consider. And then add one of those destinations to see how it would impact your financial plan versus if you remained living in the United States. Use financial planning software to interactively play with the numbers to see what would work best for you.
If you prefer working with a professional to help you think this through and work with how these decisions would impact your numbers reach out to a Certified Financial Planner™ practitioner that focuses on individuals and families looking to live abroad.
Think Outside Your Comfort Zone and Plan Creatively
Instead of fully living abroad, how about a hybrid approach? Where you will live in your home town for part of the year and the other part off the year you rent out your primary home on Airbnb and use those funds to live a few months in somewhere like Bali. Go on a few retirement dates. Feel out this destination before you commit. My bet is you will fall in love and be more busy convincing others on why you are not crazy than having to convince yourself.
So why not take the plunge and realize your retirement dreams in one of the world’s safest and most exciting regions?
The adventure awaits!