Very affordable with a Cost of Living Index of 25.2. Groceries (27.1) and restaurants (22.3) are significantly cheaper compared to NYC.

The housing market is very expensive, with a property price to income ratio of 101.7 years. The rent index is extremely low at 5.4, indicating a challenging rental market.

Purchasing power is very low, with an index of 6.7, indicating significantly less buying power compared to NYC.

Syria is implementing a tax reform (2025) with a personal income tax exemption up to SYP 60 million (approx. USD 5,200) annually, then flat rates of 6-8% on additional earnings. A general sales tax of 5% applies to most goods and services, replacing previous consumption taxes. Property income tax ranges from 14-60% on estimated rental income.

The business environment is severely challenging due to ongoing conflict and economic instability. While there are efforts to foster entrepreneurship, including a National Startup Agenda launched in April 2026, the regulatory burden and access to funding remain significant hurdles.

Syria has a social insurance system covering old age, disability, and survivors, and offers public healthcare. However, the healthcare system is severely damaged and underfunded, and pensions often face delays and are inadequate due to economic hardships. Unemployment benefit coverage is low.

While a Deposit Insurance Authority was established in August 2025, specific coverage limits are not publicly available, indicating high risk for depositors. Syria remains on the FATF gray list due to strategic AML/CFT deficiencies. The banking sector has faced severe instability, sanctions, and liquidity crises, leading to low public confidence.