Why choose to live abroad?
An extensive survey by HSBC has looked into the pros and cons of living abroad and it seems the former far outweighs the latter!
Expats Earn More
Depending on where in the world you relocate to, there is evidence out there to suggest that professional expatriates can earn significantly more than their peers back home. For example, the latest Expat Economics report from HSBC’s Expat Explorer range of surveys reveals that those living and working in the likes of Russia, Hong Kong, Japan and Switzerland earn more than USD 250, 000 on average. A survey from NatWest International also revealed that on average, an expatriate professional’s salary was up to GBP 20,000 higher than their onshore counterparts. So, if you’re money motivated or you just want to get ahead in the great savings race, going to live and work abroad can make a lot of potential sense!
Expats Pay Less Tax
By becoming non-resident in the UK for tax purposes you can take advantage of better tax regimes around the world. Those expats who live and work in the likes of the UAE where there is no or limited personal taxation find that they can really advance their wealth status as a result of the perfect combo of a higher salary and less tax. There are also ways for those who are paying income tax in their new nation to perhaps defer the payment of it on savings and investments which can then advance the rate at which said savings and investments grow. This is something that has to be researched on an individual basis because when it comes to your liability for tax, ignorance is not an excuse. So, explore your personal options with a financial adviser.
Expats Have a Better Quality of Life
The majority of expatriates surveyed by HSBC revealed that they now enjoy a better quality of life since relocating overseas than they enjoy previously. This can be put down to many of the other factors that come with relocation – such as being able to spend more time at home, outdoors and just away from the workplace, having more opportunity to travel, explore and have adventures and living in a better environment.
Anyone else immediately thinking of overseas removals?
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