The weak pound has left British retirees who have moved abroad, wondering whether their UK Pensions will be enough to live on.  Pensioners who moved to Spain a few years ago for a life in the sun are finding it increasingly difficult to make ends meet.  Those who have their pensions paid in sterling were living comfortably when you could get 1.3 Euros for 1GBP.  But the pound is now almost one to one with the Euro, and, as everywhere, costs have gone up.  If you were renting a house, it is easy to pack up and go home, but if you have to sell, in a global real estate downturn, you may just have to stick it out. 

In Argentina, a year ago 1GBP was worth over 6 pesos; now the rate is down to 5 pesos and sometime less.  If you are living on dollars, the outlook is better….a year ago the rate was 3 pesos to the USD, now it is hovering around the 3.6 peso mark.

*According to research, almost a third of UK citizens are considering buying a property overseas, or even moving a broad permanently.  Already 4% of Britons own property abroad.
Advice from banks (if anyone is listening these days!) is to make sure you set up a multi currency account so that you can control the exchange of your money.

*Even Dubai, the rich little hub of industry in the UAE is feeling the effects of the credit crunch.  Property prices are crashing, companies are closing  and ex pats are leaving town.  If a foreigner loses his/her job, their visas are cancelled and they have to leave within 30 days, so many are walking before being pushed. In a country where 90% of the population is composed of foreigners, this could become a big problem.

*Not all ex pats who lose their jobs in the financial sector of ‘expat heavy’ centres like Singapore, return home to their native country.  Since the job market at home is likely to be as dire as that in the same business abroad, many are electing to stay put.  They do however have to move from the more exclusive ‘white suburbs’ to outlying regions. Gone are the enticing breaks, like housing allowances and school fee top ups.  If they are lucky enough they can find a job with a local company at a reduced salary or even teach English, which is always in demand.  But the rich little expat enclaves may be a thing of the past.

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