Top 5 Low Cost of Living (LCOL) Destinations – #5

Choose a destination, any destination in the world. Select one place that you’d love to hop on a plane and head off to. Where would this be? Some might love to live in a serene and picturesque country. A place where the food is in plenty and the people are genial. And I’m sure most of you would love the idea of moving to such a location. What if you could? What if you were at that point in your life (say having reached financial independence) when you could certainly drop everything and relocate to a new destination and, perhaps, start a new life? What if you already have that liberty?

The world is replete with cities that fit this description and trying to figure out the perfect place to relocate to might prove a bit daunting. Mercifully, we’ve sifted through the lot and emerged with a list of the top 5 low cost of living destinations for you to consider.  We’ll start with #5:

#5. Panama

This tiny country touches the Caribbean Sea and the North Pacific Ocean and is flanked by Colombia to the South East and Costa Rica to the North West. Once barely noticed in the world, Panama is emerging as one of the most attractive tourist destinations, thanks to the magnificent coastlines and rainforest cover. And this is a place you certainly should consider to set up camp.

Growing Cities

The capital is called Panama City (guess they ran out of names!) and has a strong resemblance to the popular Miami. With a fast growing GDP, this country is great for business as well as leisure.

Diverse Culture and Warm Temperatures

Panama is diverse in cultures with different ethnic languages spoken in different regions. Their main language, however, is Spanish though you’ll find a good number of people who speak English.

Being just less than 9 degrees north of the equator, the country has fairly consistent temperatures throughout the year. Temperatures during the day could range from 30 to 33 degrees C and at night, around 21 to 23 degrees C.

Low Cost of Living

Now that you’re thinking of moving here, you need to know about the cost of living, right? Good news, it’s relatively cheap. Certain foods might cost a tidy sum if it isn’t produced in the country but the prices are generally affordable. For example, a litre of milk costs $1.50, a dozen of eggs cost roughly $2 and a kilo of tomatoes is about $3.

You might want to live in Panama City and so a one bedroom apartment here will set you back $995 per month. If you decide to live outside the city then you’ll pay a rent of about $600 for a similar sized apartment.

Transport is reliable in Panama, especially within the city. Taxis charge about $1.50 per kilometre while a one way bus ticket costs, on average, $0.35.

The Fire Fellow will unveil #4 tomorrow.

As usual, if you have any questions, Ask the Fellow!


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