Are you considering living abroad, but wondering if it is the right decision to make? If so, you should find these reasons to live as an expatriate helpful in your decision.
1. Expatriates Make More Money
It depends on to which country you relocate ultimately, but evidence indicates that professional expats make significantly more money than their counterparts at home do. A recent survey by the HSBC Expat Explorer revealed that expatriates working and living in countries such as Hong Kong, Russia, Switzerland and Japan on average earn over $250,000. That means that the salary of an expatriate in some fields who are living abroad is at least $20,000 higher than the salaries of individuals in the same field back home.
2. Expatriates Pay Less In Taxes
Expatriates living abroad in areas such as the United Arab Emirates, where there is little or no personal taxation at all, are able to advance their wealth more rapidly through the excellent combination of paying less taxes and receiving higher salaries. In addition, expats who pay income taxes in their new homeland may be able to defer payments to investments or savings, which will advance the pace at which these investments and savings grow. This needs to be researched on a case-by-case basis, so check with a financial advisor to find out about your personal options.
3. Expatriates Experience Better Life/Work Balance
Studies indicate that the shorter commute times and the less intensive work hours are making it possible for expatriates living abroad to achieve a better life/work balance. This means that expats have more time to enjoy the things that bring them pleasure. Because of this improved life/work balance, productivity in the workplace greatly improves, so everyone wins.
4. Expatriates Spend More Time Traveling
When an expatriate is already living abroad in a new country away from home surrounded by other new countries, travelling can quickly become second nature. Generally, expats have the opportunity to spend time travelling and exploring new countries and taking advantage of all of the options that they have available to them.