Top countries for clients working abroad
22 April 2018
As the countdown to Brexit begins, independent financial group Forth Capital said data has shown that between 4.5 and 5.5 million Britons live abroad, with top destinations proving to be fellow English-speaking countries.
Australia, the US, Canada and New Zealand are all in the top five destinations for the 8% of the nation choosing to move overseas. European countries such as Spain, France, Germany and Italy also figure highly, with over 381,000 expats choosing to live in Spain.
The data showed working expats have recently begun to look at emerging destinations such as the Far East and Middle East, thanks in part to the attractive salaries, with Japan, China and Hong Kong topping the salary league tables.
The top salaries for expats were £80,000 in the UAE and £174,000 a year in Switzerland, while the earning potential is as much as £266,000 a year in Japan. What’s more, 91% of expats in the Middle East receive some kind of benefit, compared to only 67% of the global average.
However, Forth Capital said the costs of living should also be taken into consideration when choosing where to relocate. In New York and Hong Kong, rent accounts for nearly half of an expat’s income, while those living in Switzerland and Australia enjoy considerably lower rent.
One of the other major costs is that of education. Parents can expect to pay almost double the UK average in private international school fees in Paris, Geneva and Singapore with New York school fees as much as three times what you would expect to pay in the UK. Costs come in at £22,000 per year in Europe, but a considerably lower £11,500 in Dubai, while expats in Cape Town enjoy the least expensive schooling.
Research has indicated that on average, 81% of British expats are satisfied with life abroad, with 39% increasing their income and citing a better quality of life as the number-one reason for relocating.
Tom Tracy, CEO at Forth Capital, said: “The driving force behind Brits relocating abroad may be financial; alternatively, it could be a change in the pace of life or simply an escape from the ever-variable British weather. Everyone will have their own reasons for making the move, but it is important to get expat advice before making a decision.”
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