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Expat Investor : March April 2009
QUOTE, UNQUOTE An expat’s existence HSBC Bank International’s Expat Explorer Survey spotlights the life of an expatriate. Emirates and the US. The UK and France were lowest rated destinations, scoring poorly on their levels of luxury and standards of accommodation. Despite the current economic The survey questioned some 2,155 expatriates cross four continents about the opportunities and challenges they face. community. This has to be approached in a respectful rather than an arrogant manner based on a couple of fundamentals such as learning to speak the local language and adapting to the local culture. Of course, when an expatriate is sent overseas at short notice to help answer an immediate business challenge then there may well not be time to go through this process in advance, but an expat should be prepared for these issues to challenge their motivation at some point in their assignment. 5) Research by NatWest International shows that expatriates posted to Dubai are the highest paid.What advice would you give an expatriate seeking a pay rise? Perhaps the place to start is the reasons for the posting in the first place. Generally these will relate to business demand and skills shortage. In response to that the expat’s original compensation package may have included a base salary and other allowances to address the additional costs of working overseas. Be clear in respect of which part of your expatriate package you are asking for a pay rise. For example, you may argue for an increase on the basis of changes to the home based salary used originally, or to meet increasing costs linked to say inflation, cost of living indices, and significant changes in the local economy and so on, which impact on the value of other allowances that make up your package. Cleary, if there is a severe skills shortage, say in a specialist field or simply a significant deterioration in the supply of expats wanting to work in a particular location, the expat may want to argue for a pay rise to acknowledge the changing circumstances. Another reason for an expatriate seeking a pay rise may be around them exceeding their assignment objectives without any agreed performance bonus. The Corporate Guide to Expatriate Employment, edited by Jonathan Reuvid, is published by Kogan Page, www.koganpage.com. The website is offering a discount of 10% off a cover price of £50. Key findings include that the three countries which emerged as the best expat locations overall are Singapore, the United Arab climate, expats spend more whilst still being able to save. Over half of expats (58%) save and invest more than they did in their country of origin. Fifty-two per cent also spend more on food, 49% on shopping and 45% more on socialising in their new country of residence. Hong Kong and India based expats have the highest salaries in the world with close to half earning more than £100,000 pa. The highest paying professions were in finance and management with 43% of people working in these industries earning a six figure salary. Expats are spending longer away from home, with 45% of those surveyed having lived abroad for more than five years. Ireland and New Zealand have the greatest percentage of global travellers, with more than three quarters (80%) of respondents from both countries stating that they had been away from home for longer than three years. Europe is a popular destination overall in terms of the length of time expats stay there – more than three quarters (82%) of expats now living in the Netherlands have been there for three years or more, followed by German (77%) and Spain (76%). Expats working in finance are attracted to the US. Expats tend to stay in the US for the medium to long term. However, America is not necessarily viewed as a retirement destination by expats – only six per cent of expats in the US are over 55. Expat salaries are generally good, with at least 31% of expats earning more than £100,000 per annum and more than half earning over £60,000 annually. The growth you want, the freedom you need Relax with our Access Plus Account 3 free withdrawals every calendar year Minimum deposit just £5,000 maximum £1,000,000 Interest paid annually or monthly Rate quoted is for deposits of £50,000 plus. Telephone: +44 1624 681100 Visit: www.britanniainternational.com Email: firstname.lastname@example.org Full terms and conditions are included in the product literature available on request. A.E.R. illustrates what the rate would be if paid and added each year, rounded to two decimal places. Rates correct as at 16/02/09. Interest is variable and paid annually each 1 January or monthly at the beginning of each month. Interest is paid gross or may be subject to a retention tax depending on your country of residence for tax purposes. Your tax position will depend on your personal circumstances and you may wish to seek guidance from your tax adviser. It is the depositor’s responsibility to declare all interest earned to the appropriate tax authority. This is not an invitation to make deposits in any jurisdiction to any person to whom it is unlawful to make such an invitation. Britannia International Limited is a wholly owned subsidiary of Britannia Building Society. Registered office: Britannia House, Athol Street, Douglas, Isle of Man IM99 1SD, British Isles. Registered Company No. 50583. With paid up share capital and reserves in excess of £52.9m as at 31/12/2007. Deposits made with Britannia International are not covered by the Financial Services Compensation Scheme established under the UK Financial Services and Markets Act 2000. However, eligible deposits made with an Isle of Man office of Britannia International are covered by the Isle of Man Depositors’ Compensation Scheme. For your further protection Britannia Building Society has given a legally binding undertaking to discharge all liabilities of Britannia International should Britannia International be unable to do so whilst it remains a subsidiary of the Society. Complaints we cannot settle can be referred to the Financial Services Ombudsman Scheme for the Isle of Man. Licensed by the Isle of Man Financial Supervision Commission to take deposits. EXPIN03/09 March/April 2009 ? EXPAT INVESTOR 17 BEST INTERNATIONAL BANK PRODUCT BEST OFFSHORE STRUCTURED PRODUCT PROVIDER Up to 2.25% gross p.a/A.E.R. 2.50%gross p.a. paid annually Includes 0.25% bonus until at least 30 June 2009
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