Looking To Move Abroad? These 12 Countries Are Practically Giving Away Cheap Residency

Are you wondering what the cheapest countries are where you can buy residency or citizenship? If so, you’ve come to the right place. Many dream of expanding their horizons and unlocking new opportunities by moving abroad, but it can be expensive.

Thankfully, some countries make it easier by offering affordable residency and citizenship programs. Here are 12 of the cheapest countries where you can buy your way in.

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Bahamas

The Bahamas is one of the most exciting countries for buying residency and citizenship because it’s both cheap and expensive. I know it sounds confusing. To put it simply, the Bahamas makes it very easy for travelers to obtain a temporary residence permit. All you must do is fill out the necessary forms and pay $1,000.

However, the government is stamping its authority on foreigners using temporary residence permits to live in the country for multiple years by changing the landscape of long-term living in the Bahamas entirely.

To obtain permanent residency in the Bahamas, you’ll have to invest $750,000 or more in real estate. Best stick to the temporary residence permit for now, right?

Armenia

According to the Ministry of Foreign Affairs of the Republic of Armenia, you can purchase a permanent resident card for 140,000 AMD, approximately $361. That makes Armenia one of the world’s cheapest countries where you can buy residency.

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The residency lasts five years, so you must renew or move elsewhere. Becoming an Armenian citizen usually takes up to 13 months and can require investment. Armenia is a fantastic place to live if you love history, excellent food, and beautiful landscapes. Let’s face it, who doesn’t like any of those things?

Cambodia

Cambodia has been known as one of the world’s cheapest countries to buy residency for many years. Fortunately, that’s still the case today. Becoming a Cambodian resident is straightforward; there are only two simple steps. First, you must buy a business visa when you arrive at the Cambodian border. This usually costs $35.

Then, upon entering Cambodia, you can buy a 12-month multiple-entry residence permit for approximately $300. This will allow you to explore the nation’s ancient temples, eat delicious Cambodian food, and relax on tropical islands. What’s not to like? Perhaps the only downside is that citizenship does cost over $80,000.

Spain

Spain offers an affordable way to obtain residency, with fees starting at $536 (€495) for an adult and $319 (€295) for a child. Therefore, obtaining residency in Spain could cost a family of four less than $2,000.

Obtaining citizenship in Spain is also relatively affordable, costing approximately $541 (€500) to apply for and obtain a Spanish passport. Spain is an excellent option if you want to live abroad because it has many exciting places to explore and a high standard of living. Barcelona, Madrid, Valencia, and Malaga are beautiful living places.

Ecuador

Ecuador is a great place to live if you love the great outdoors, rich cultures, and wildlife. When not relaxing on a tropical beach or hiking in the Amazon Rainforest, explore one of the country’s many vibrant cities, including Quito, the capital. To move to Ecuador, you must obtain a residence permit.

Luckily, Ecuador is one of the easiest countries to obtain a residence permit. You can easily get a permit by investing at least $45,000 in real estate and opening an Ecuadorian bank account. This might not seem that cheap, but it’s extraordinarily cheap for an investment residence scheme. For context, in Spain, wannabe investment residents must invest at least $541,500 (€500,000).

Guatemala

According to the U.S. Embassy in Guatemala, workers who want to obtain residency in Guatemala can do so for as little as $200. The workers’ residence permit only costs $500 if they wish to reside in Guatemala for three to five years. After five years of residence in Guatemala, you can apply for citizenship.

To obtain citizenship, you must pass a Spanish language and civic instruction exam. Besides Guatemala’s beautiful scenery and fascinating Mayan heritage, moving to the Central American country makes financial sense.

Guatemala is tax-friendly, and the cost of living is low. The Guatemala passport offers visa-free access to almost 80 countries, including Hong Kong and Bangladesh.

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Ireland

Ireland is a top choice for obtaining residency or citizenship, especially for those with Irish ancestry. The easiest way to become a citizen is through an Irish grandparent, but you can also apply for naturalization.

Applying for naturalization only costs $1,218 (€1,125) for adults and $406 (€375) for children, plus a non-refundable application fee of $189 (€175). If approved, you’ll be invited to an Irish citizenship ceremony.

Malaysia

If you’re not sure if you want to live permanently in another country yet but still want to give it a try, Malaysia is a fantastic option. In Malaysia, you can buy a five-year residence pass for $115. According to the Immigration Department of Malaysia, residence pass holders can study, work, and set up a business in Malaysia within those five years.

Five years is more than enough time to decide if you want to live in Malaysia permanently. You can explore the best cities, visit tropical islands, learn more about local culture, and explore the country’s impressive rainforests and national parks. Popular places to stay in Malaysia include Kuala Lumpur, Cameron Highlands, Langkawi, and Malaysian Borneo.

Montenegro

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If you want to obtain residency via investment, Montenegro is one of the cheapest countries in the world. In Montenegro, you can get a one-year renewable residency by investing in real estate and applying for a permit.

While investing in real estate isn’t always cheap, the Montenegrin government makes life easier without minimum investment.

Therefore, you could move to Montenegro for as little as $50,000 if you purchase a small apartment. This gives you more freedom to invest as much or as little as you want in your property in Montenegro.

If you wish to apply for citizenship, you must pay $15,000. Montenegro is famed for its breathtaking scenery, vibrant towns and cities, and excellent weather.

Portugal

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Suppose you decide to become a permanent resident in Portugal. In that case, you’ll spend your free time drinking beautiful red wines, relaxing on white sand beaches, swimming in turquoise waters, and exploring world-famous historic cities. Sounds great, right? Luckily, Portugal is one of the cheapest countries in which to buy residency or citizenship.

You’ll have to play the long game and be patient because obtaining residency and citizenship in Portugal can take up to five years. Naturalization is the easiest way.

You’ll have to live in Portugal for five years as a temporary resident before applying for permanent residency, which costs $168 (€155) to obtain. You can apply for citizenship afterward.

Thailand

Suppose you dream of spending your free time exploring breathtaking landscapes, relaxing on tropical beaches, and indulging in world-class cuisine. In that case, you should consider applying for residency or citizenship in Thailand, where you’ll find all those things and more in abundance.

Thailand offers residency options, although it can take time to obtain one. You must apply for a permanent resident visa to obtain residency in Thailand. According to Expatica, various fees are associated with obtaining residency in Thailand. This includes a $227 (฿7,600) application fee and a residence permit fee of $5,711 (฿191,400).

Obtaining your residence permit is challenging because it takes a long time. There is also a quota of 100 resident visas per country per year. However, it’s worth the wait if you want to enjoy stunning beaches and delicious food.

Panama

At first glance, an investment of $200,000 might make Panama look like one of the world’s most expensive countries to buy residency or citizenship, but things look much different when you dig deeper.

While it’s true the investment into Panama to obtain residency is high, the real estate requirement is reasonable if you’re planning on buying property anyway.

The easiest way to apply for permanent residency is through the ‘Friendly Nations’ scheme. This visa allows citizens of 50 countries with close ties to Panama, including the United States and the United Kingdom, to apply for permanent residency.