Cost of living is estimated to be very affordable, with rent (index: 20.15), groceries (index: 39.04), and restaurant prices (index: 28.53) significantly lower than in New York City.

The housing market is very affordable, with a property price to income ratio of approximately 4.08 years. The rent index is also low at 20.15.

The purchasing power is low, estimated from the country's low GDP per capita and average monthly salaries, which are approximately USD 120-135 as of early 2026.

Sierra Leone has a progressive income tax system with rates up to 30%, with the first SLE 6,000 (new Leones) tax-free annually. A Goods and Services Tax (GST) is applied at a standard rate of 15%. Property taxes are levied by local councils and are undergoing reforms to be value-based. The Finance Act 2024 introduced increased withholding taxes and a new 1% education levy.

While setting up a business can be relatively quick (around 8 days), the overall business environment is challenged by an inefficient regulatory framework, inadequate infrastructure, and reliance on mineral exports.

The National Social Security and Insurance Trust (NASSIT) provides old-age, invalidity, and survivors' benefits, mandatory for most employees. Healthcare is generally charged, though free for pregnant women, lactating mothers, and children under five. The healthcare system is underfunded and faces significant challenges with staffing and equipment. Only a small percentage of the working population contributes to the pension scheme.

Sierra Leone has enacted the Deposit Protection Fund Act of 2023 to establish a deposit insurance scheme. However, specific details regarding the deposit coverage limit in local currency and its USD equivalent are not publicly available, indicating the scheme is still in its early stages of implementation.