For those thinking about relocating outside the UK, post-Brexit, it can be hard to determine where to live, work and raise a family. Forth Capital reveals data on the best countries in the world for working expats, to help make that difficult decision on where to relocate:
- Unsurprisingly Brits prefer to live in English-speaking countries; with Australia, the US, Canada and New Zealand in the top five
- However over 381,000 expats choose to live in non-English speaking Spain
- Private international school costs come in at £22,000 in Europe, but education in Dubai is almost 50 per cent less expensive at £11,500 per year
- Thailand and South Korea’s cities topped the healthcare ranks, with 86 per cent satisfaction rates for expats
- Top salaries for expats: UAE £80k, Switzerland £174k, and Japan offers an earning potential of up to £266k a year
Between 4.5 – 5.5million Britons live outside the UK (around 8 percent of the national population); figures show Brits to be among the most adventurous nationalities, with less than one percent of Americans and only two percent of Australians, by comparison.
Top destinations for most Britons to relocate to are English-speaking countries such as Australia, Canada and the USA but European countries such as Spain, France, Germany and Italy also figure highly.
Working expats have recently begun to look at emerging destinations such as the Far East and Middle East, drawn in no small part by attractive salaries, with Japan, China and Hong Kong topping the salary league tables. In Europe, Turkey offers the top wage opportunities with France and Switzerland close behind.
The cost of living should be taken into consideration when weighing up the benefits of a move. In New York or Hong Kong, rent may eat up almost half of an expat’s income, but in Switzerland and Australia it is considerably less.
One of the major added costs of a family relocating can be education. Parents can expect to pay almost double the UK average in private international school fees in Paris, Geneva, and Singapore or even three times the UK average in New York. Costs come in at £22,000 per year in Europe, but education in Dubai is less expensive at just £11,500 per year
For many Brits, not having the local benefits of the NHS may be a concern. Healthcare can be included in employment packages, but it is important that would-be expats check on the level of healthcare satisfaction in the country they’re considering; Chiang Mai and Seoul’s healthcare systems topped the list, with an 86% satisfaction rate amongst expats already there.
Tom Tracy, Forth Capital CEO says, ‘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.”
Tracy continues, ‘At Forth Capital we specialise in giving financial and retirement planning advice to British expats, so we’ve created this definitive guide to help Britons thinking of moving abroad to understand the fiscal conditions they need to consider if they make this big decision.’