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Expat Investor : September 2007
Serving expats for more than 16 years J In this issue Almost one in 10 British citizens (5.5 million) now lives overseas.This is the official statistic reported by the Institute for Public Policy Research. What's more, this figure rises to 6 million if those who live or work part of the year abroad are included. IPPR confirms that, taken together, these figures represent approximately 10% of British citizens. Up until this extensive research was undertaken, tentative government estimates of expat numbers ranged from 4.5 million to 14 million. Over the course of 40 years, some 67,500 more Britons have left the UK every year than have returned -- a population loss that has been balanced out by increasing immigration. The research found that the number of Brits choosing to go permanently abroad doubled from 53,000 in 2001 to 107,000 in 2005 -- some 2,000 people a week. IPPR's figures have been calculated from official sources, such as census data, counts of pensions paid overseas, passport applications and other statistics. This research finds that those most likely to leave the UK are young workers without families, along with those seeking to retire. Dr Dhananjayan Sriskandarajah, co- author of the report, said that the scale and spread of the British expat diaspora was probably being driven by the UK's economic strength. A strong economy was attracting economic immigrants -- but also encouraging Brits to broaden their financial horizons. Young people were the most likely 5.5m Brits now live away from UK Investor EXPAT g £4.95/ 7.50/US$7.50 Sept 2007 Bringing advisers and investors together Investor EXPAT Tony Hetherington Our offshore financial investigator exposes a financial scam. Offshore banking A guide covering as practical and purposeful as accounts can get. Isle of Man A Manx-style safe harbour for all your money needs. Offshore bonds Skandia International explains the rationale for investing in the offshore bond market. First Person The latest research on what's driving the European equity markets. Regulars 10 Offshore funds 12 Offshore savings accounts 21 Property investment 22 Offshore mortgage market Next issue Investment banking Insurance claim disputes Purchasing healthcare insurance US equity market 6 14 19 24 5 www.expatinvestor.com As the Institute for Public Policy Research confirms, almost one in 10 British citizens are now living overseas. Hannah Beecham reports on what leads Brits to leave the UK and where in the world are the favoured locations. For more information from our advertisers or about products featured in Expat Investor enter the Fast Facts number onto the Reader Reply Service coupon on page 20 or go to: expatinvestor.com www.expatinvestor.com "There are those that you know you should read, and then there's the magazine you will read." To register for Expat Investor digital edition, visit the website at www.expatinvestor.com Serving expats for more than 18 years one million over five years, if the economy remains strong. to want to leave, with a quarter saying they were hoping to live abroad. Dr Sriskandarajah pointed out that latest figures indicated emigration would grow further. He believes a million more British nationals will emigrate over the next five years. The majority of expats are living in Australia, Spain, Canada, New Zealand, the US and other English-speaking nations. But in all, some 41 nations each have at least 10,000 permanent British residents. There are also large communities of Brits developing in rising Middle Eastern and Asian economies. South America also attracts Brits. There are more British expats living in Argentina than there are in the Falkland Islands. Many of those going appear to be young and highly skilled -- the UK government estimates that four in 10 of those leaving in 2004 were in managerial or professional occupations. The second group, notably those based in Europe, are the middle-aged, retired or semi- retired, who are investing in foreign property. But as countries like Spain becomes pricey, the Brits are moving eastwards. IPPR's research estimates there are 10,000 Brits who live part-time in Bulgaria. The key question is whether emigration is likely to grow -- and if so, on what scale? Migration statistics are very difficult to predict, as history proves. But the UK government's own advisers suggest the net loss of British citizens will continue at about 60,000 a year until 2008. IPPR's research, however, suggests the figure will be higher -- between 500,000 and Before you go Properly research your destination. Find out about the local laws and customs. Find out what the Foreign Office can and can't do if things go wrong. Learn some of the local language. While many expats may live in British enclaves, contact with local people -- and the authorities -- is crucial. Wo rk out retirement income. Many expats fail to take into account both inflation and exchange rate fluctuations. Research how liabilities for UK taxes apply to expats. On arrival Register with the local authorities. This opens doors to local welfare and health services. Find out about local welfare entitlements. Find out about health service charges. British residents of EU or EEA states must apply for a residence permit within three months. Register with the British Consulate. Make a Will. One of the biggest legal problems for a family comes when a relative dies abroad. Open a non-resident foreign bank account. Ke ep a valid passport. Know before you go The Foreign Office is currently campaigning for wannabe expats to engage in best preparation practice before making a move overseas. Following these key steps can help avoid major problems in the future.
July August 2007