These Cheap Residency Options in Latin America Make Moving Abroad Tempting

Cheap residency options in Latin America make the region a top choice for expats seeking an affordable and adventurous lifestyle. The continent offers a variety of residency pathways, making it ideal for retirees, remote workers, and property investors.

Imagine living in Mexico’s cultural hubs, enjoying Colombia’s low cost of living, or experiencing the natural beauty of Costa Rica—all while benefiting from accessible residency programs. These countries combine affordable living costs with stunning scenery and welcoming communities.

We’ve compiled 12 affordable residency options in Latin America to help you explore the possibilities. Each destination offers unique advantages, whether you’re looking for investment opportunities, a retirement haven, or an exciting new chapter abroad.

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12 Cheap Residency Options in Latin America Ecuador Bartolome Island, Galapagos

Ecuador 1/5

12 Cheap Residency Options in Latin America Uruguay Punta del Este

Uruguay 2/5

Must-Visit Cities in Mexico San Miguel de Allende

Mexico 3/5

12 Cheap Residency Options in Latin America Costa Rica Arenal Volcano

Costa Rica 4/5

12 Cheap Residency Options in Latin America Paraguay Presidential Palace in Asuncion

Paraguay 5/5

Results

Ecuador

11 15

Uruguay

9 17

Mexico

12 14

Costa Rica

11 15

Paraguay

6 20

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Uruguay

Uruguay has one of the easiest paths to residency in any South American country and a high standard of living. There is no minimal income requirement, and digital nomads can apply easily. You can stay in the country for 180 days to two years.

When you live in Uruguay, you’ll enjoy a laid-back lifestyle with a booming dining and wine scene. The country enjoys high levels of safety and security, few natural disasters, and a mild sub-tropical climate.

There are several cities, each with its unique vibe, culture, and must-see sights. If you love cities, the capital of Montevideo is where to go. If you want a more laid-back vibe, Punta del Este or La Colonia are the spots to be.

Paraguay

Paraguay is one of the continent’s best residency options, with simple steps and a safe and friendly environment. To get residency in Paraguay, you can simply deposit as little as $5,000 in a local bank. After that, you just have to visit once every three years.

The capital city of Asuncion is a slow-paced and fun city with beautiful parks and great restaurants. You’ll find all the amenities you’d expect from home, plus friendly people and a warm and inviting culture.

Another perk of having residency in Paraguay is the ease of travel between neighboring countries. Paraguay is worth looking into if you want the perfect home base for seeing sights such as Iguazu Falls.

Mexico

Mexico has one of the cheapest residency options in Latin America and has plenty of cities and regions worth living in. You can apply if you make over $3,737.95 monthly or have $62,232.50 in savings or investments.

When you live in Mexico, you’ll experience a wealth of culture, nature, and fun. Imagine some of the world’s best cuisine and enchanting natural sights at your doorstep. From beaches to mountains and historical places, Mexico has it all.

Most of the country is safe to live and travel if you follow basic precautions. There are tropical beaches, lush mountains, deserts, and other climates to choose from. Plus, Mexico has a growing economy with plenty of opportunities for investment and growth.

Costa Rica

Costa Rica is a lush and beautiful country in Central America with one of the top residency options available in Latin America. To apply for residency, you’ll need at least $2,500 a month from a foreign employer and pay around $625 in fees. You can also invest over $150,000 in real estate or business.

Once established, your residency gets you access to the country’s great healthcare and high quality of life. From the wild Pacific and Caribbean Coasts to the inland mountains and jungles, there’s something for everyone.

The capital of San Jose has incredible nightlife and amenities similar to those of big cities in the US and Europe. You can also travel freely through the striking countryside and experience rainforests and world-famous scuba diving.

Panama

Panama is another Latin American country with excellent residency options for expats. There are several options to choose from. The cheapest is the Friendly Nations Visa, which requires investing $200,000 in real estate or a bank account.

For retirees, Panama is arguably one of the best options in the world. All you need is a monthly pension of over $1,000 on US Social Security payments. As always, contact the official immigration authorities for updated rules and prices.

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Once you’re living in Panama, you’ll experience a stunning natural environment full of things to experience. From the Panama Canal to rainforest hikes and tropical islands, there’s something for everyone in this amazing country.

Argentina

Argentina is another top residency option for expats looking for a great quality of life abroad. You can apply for a business visa by paying $200 in fees. You’ll need to work for an Argentine company or prove income greater than $2,000 a month from a foreign employer.

The country is also currently finalizing its digital nomad Visa. Once established, it should give Argentina one of the most enticing paths to residency for foreign workers.

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Once you get residency, you’ll enjoy a high quality of life with gorgeous cities, nature, and culture. From outdoor barbecues to long road trips through the Andes, there are endless reasons to want to live here. Plus, it’s a safe and secure country with friendly people and great food.

Chile

Chile is another great option for obtaining residency in South America. The processing fee for US citizens is $205. You can apply if you make over $1,000 a month from a local employer or invest over $500,000 in business or real estate.

Other reasons, including retirement, education, and religious studies, also apply. If you’re willing to invest or find paid seasonal work within the country, Chile is an easy option for residency.

Once you get in, you’ll enjoy a pleasant climate, great wine, and endless nature. From the forests of Patagonia to the wild deserts of the Atacama, there are tons of experiences.

Peru

Peru is another Latin American country with excellent options for foreigners to get residency. You can apply if you make over $1,000 in the country or invest over $150,000.

The country is one of the world’s most dynamic places to visit, and living there comes with major perks. You’ll experience a rich ancient culture and some of the world’s most famous historical landmarks.

Visit Machu Picchu or travel into the Amazon Rainforest. There’s endless adventure and beauty around every corner. Plus, you’ll live in one of the world’s great food destinations.

Dominican Republic

The Dominican Republic is a beautiful Caribbean nation with an easy and affordable residency program for expats. If you meet the criteria, you can apply for a fee of just over $400.

You’ll need to invest over $200,000 worth of property or business assets for temporary residency. Alternatively, prove you work in the country or receive $1,500 or more in a pension from a foreign government.

If you meet the criteria, the Dominican Republic is an incredible place to live. You can enjoy tropical beaches, luxurious spas, and access to endless nature. It also has a fun and inviting culture with great food and inspiring nightlife.

Colombia

Colombia is another top country in Latin America for getting residency. You can apply if you make over $800 a month in retirement income or if you’re willing to invest roughly 100 times the monthly minimum wage in real estate or businesses.

Once you get residency, you’ll enjoy one of the most beautiful countries in Latin America. It has an exciting pace of life, with great food, tons of nightlife, and adventurous sights.

There are several wonderful cities to choose from. From cosmopolitan Bogota and laid-back Medellin to the tropical beaches of Cartegena. No matter what you’re looking for in a new home, this country has it.

Ecuador

Ecuador is an awe-inspiringly beautiful South American country with a great residency program for expats. There are several residency paths for retirees, investors, and digital nomads. If you work remotely and make over $1,300 a month, you can apply with a fee of $270.

Ecuador’s residency programs change frequently, so check their official website for updates on prices and rules. Once you’re in, you can enjoy traveling freely in one of the most beautiful countries in the world.

The country has plenty to see and experience from world-class beaches to the high Andes. It’s also the gateway to the Galapagos Islands. Ecuador is hard to beat if you love nature, culture, and adventures.

Nicaragua

Nicaragua is another great option for obtaining residency in Latin America, with a very low cost of living. If you get a pension of over $600 or $750 a month from a foreign employer, you can also invest $30,000 in a business or property.

Once you’re in, it offers plenty of exciting natural scenery and friendly places to live. Do your research ahead of time because political situations change, and some areas may not be as safe as others.

If you do decide to reside in the country, there are plenty of wonderful towns and cities with good quality of life. It’s also a very affordable country, perfect for digital nomads or people looking for an adventurous lifestyle.