Choosing a country to call your new home can be difficult. Every country has its advantages and disadvantages, and factors like cost of living, quality of healthcare, and expat communities all play a huge part in making your decision. Today, I’ve gathered some fun facts about what’s happening in the world of living globally that may make your decision easier, especially if you are looking to move for financial reasons. Also, following Brexit, the fate of UK pensions may be at risk…
Expats get a Salary Increase
Every year InterNations analyzes life for expats and publishes the findings in its Expat Insider Survey. The survey asks a range of questions to expats living in 188 different countries or territories about the quality of life, cost of living, safety, education, and more. 31% said that the reason they moved was for their career. Below is a list of countries where expats say their income goes the furthest:
- Saudi Arabia
- United Arab Emirates
In a research study done by the HSBC, expats who moved to Switzerland experienced the largest income increase compared to other countries. Switzerland is home to some of the biggest private banks, commodity traders, and pharmaceutical companies. On average, expatriates who move to the country earn more than $193,000…a 54% increase.
Switzerland was only slightly beaten by Saudi Arabia, with a 58% income increase. Saudi Arabia, however, has a poor overall ranking for expats. Expats get strong personal incomes, but the country is facing a slowdown. It’s considered the worst slowdown since the global financial crisis.
If you are more concerned with whether or not you will be comfortable, Singapore is listed as the best country for expats because of its high rankings for family experience. This includes aspects such as raising children, integration, quality of life, and education. While Switzerland has an ideal economy, it dropped 11 spots because it ranked poorly in this category of family experience. Singapore also has a very high quality education system. With high competition and complex curricula, more and more international students are seeking tuition centers or private schools.
News for British Expats
The upcoming Brexit decision has left some British expats worried about receiving their pensions. However, the UK government has stated that they do not need to worry about the freezing of their state pensions following Brexit.
On the other hand, UK chancellor Philip Hammond admitted the government could face legal uncertainties for European cross-border pensions and insurance arrangements. He wrote a letter to the chair of the Treasury Committee, Nick Morgan, in which he writes, “With respect to financial services, the Government is alive to the risk that the UK’s withdrawal could in some cases create legal uncertainties as to the status of existing cross-border insurance, pension, and other financial services contracts sold under passporting arrangements.”
Chief executive of the Federation of European Financial Advisers says that it is unlikely that arrangements will be made that prevent cross-border insurance and pensions falling into a legal limbo.
With this conflicting news, I’m sure we’ll hear more about the fate of UK pensions soon.
Has this helped you make a decision yet? The increase in income in Switzerland sounds amazing, but the quality of life doesn’t seem to be the best. If you are moving with a family, it may be a better idea to check out some of the other countries on the list – unless you have a family of avid skiers, Switzerland may not be the country for you.
No matter where you decide to go, let Escape Artist help you with your journey. Be sure to check out some of our newest country guides below!