Nowadays an ever increasing number of people are enjoying a fresh slant on life by moving abroad to work as expatriates. What was once a fairly rare occurrence is now becoming quite common.
So what are the main reasons behind the growing number of British expats? Well many factors come into play when thinking about moving abroad. For some it could simply be the desire to experience new cultures and get a change of scenery or in other cases life may not be working out completely as planned and hence a change is desired.
Earlier this year the 2010 Expat Explorer survey was published and that gave us more of an insight into the reasons and motivations behind expat relocations. A few main factors stood out as primary reasons:
The biggest reason is of course money, money and career advancement. You can be working in a well paid job and still suffer from acute monotony, and there are often much better, and certainly more exciting, options out there in the world to help break the rut.
A total of 57 percent of the interviewees in the survey cited money and career advancement as a reason for expatriating, and encouragingly 61 percent have much more disposable income than they had before, and furthermore 87 percent said they were no longer affected by global economic worries, the same of which can definitely not be said for people who are living and working in the United Kingdom!
Another reason for working abroad is basic human curiosity, and the need for adventure. Travelling and exploration are favourite human pastimes, experiencing new cultures and different ways of life is one of the most rewarding activities possible. Just going on holiday is often not enough, sure you can do the tourist thing, see the local hotspots and get some nice pictures with some monuments, but who doesn’t get that pang of “Oh, I wish I just had one more week” when it’s time to come home.
By working abroad you get to truly experience a foreign culture in ways you never could with a simple holiday. Living and working in a foreign country you will become a part of that country, not just a visitor.
It’s not just a working life abroad that can be rewarding, but also your retirement life. Along with expat workers the numbers of expat retirees are also growing, and the reasons for this are also many. For a start we all know about English weather, and whilst it may be bearable in our younger lives it becomes less and less tolerable as you age. Another huge factor is the concept of retirement itself, in many foreign countries retirement is a lot better in both living aspects and financial aspects. There’s no hiding from the problems the UK is currently facing, and with deficit management the number one priority for the government, austerity measures are the future.
This life could easily be avoided by moving abroad, and by moving abroad in retirement you can also benefit from foreign pension plans such as QROPS. These special pension plans, endorsed by HMRC, may help you reduce your tax liability and thus allow you to retire in a much greater comfort.
So in conclusion there are a few points to consider to determine if you have an expat hiding inside you:
Are you currently working but wish to make more money and gain greater career satisfaction?
Are you disillusioned with the direction that the UK is taking economically?
Do you yearn for a fresh challenge and exciting new surroundings?
Do you shudder at the thought of retiring in gloomy Britain with a measly UK pension?
If any of these points apply to you then expat life could be the solution.