by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Expat Investor : May June 2008
EXP A T Serving expats for more than 16 years email@example.com June 2005 £4.95/ €7.50/US$7.50 In this issue It’s official – expats are financially better off. The NatWest International Personal Banking Expat Wealth Ranking Survey, undertaken with think tank Centre of Future Studies, has surveyed British expatriate professionals in a number of countries across the world. Those surveyed said they could see a 43% increase on their current salary if they relocated abroad. The average wage for expats working abroad is currently £67,000 compared to the UK average of £47,000, according to the expat wealth ranking. Of the countries surveyed the United Arab Emirates (UAE) topped the expat wealth ranking, with professionals earning a whopping average of £79,000 a year. Even Portugal, at the lower end, comes in with a respectable average wage of £58,000. However, aside from making the most money, expats surveyed in the UAE do not view the cost of living to be any different from the UK. Taking into account the perceived cost of living, those in the UAE are, in fact, the least financially better off of all the countries surveyed. The survey found that expats living in Spain and Italy fare the best, as they not only earn good wages but also experience a lower cost of living, meaning their money works harder for them. David Isley, Head of NatWest International Personal Banking, tells Expat Investor, “The wage packets of expats are very encouraging for people who are looking to move abroad. The expat wealth rankings shows that people who are willing to move abroad not only benefit from bigger earnings in countries such as Spain and Italy, but also have the advantage of a lower cost of living. This means that people living in Brits head abroad in search of their fortune and health I nvestor EXP A T Serving expats for more than 17 years £4.95/ €7.50/US$7.50 May/June 2008 Bringing advisers and investors together I nvestor EXP A T Serving expats for more than 17 years £4.95/ €7.50/US$7.50 Private banking Meet the modern face of private banking. Favourite expat locations Emigration grows to record levels. Driving abroad Make sure you’re covered to drive overseas Healthcare What’s new from the international medical insurance providers. First Person How one bank takes over another. Regulars 11 Offshore funds 12 Offshore savings accounts 21 Property investments 22 Offshore mortgage market Next issue Offshore savings accounts Healthcare premiums Office ID theft Starting out as an expat 5 14 www.expatinvestor.com NatWest International’s global survey reveals that Brits abroad not only feel wealthier, but healthier, too, as Hannah Beecham reports. 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 Inv estor digital edition, visit the w ebsite at www .expatinv estor .com Serving expats for more than 19 years 9 24 places like Spain and Italy are financially better off overall.” Overall, 68% of those surveyed believed that the cost of living abroad is lower than in the UK, which leads to nine out of 10 (90%) expats considering themselves to be financially better off. “I specialise in IT. Which country should I move to?” The global study also reveals the countries with the highest proportion of people working in certain occupations. So, for example, if you are an IT professional, you may have more opportunities in Sweden if you want to move abroad: ? Canada – engineers, medical/allied professionals, academics and teachers. ? Sweden – technologists, IT professionals. ? Singapore – economists, accountants. ? New Zealand – scientists. ? UAE – financial services. ? Portugal – marketing/sales. Canada tops the table, with the most varied amount of occupations in one country. The UAE has the highest amount of expats working in financial services and New Zealand has the most expats working in the sciences. Supplement your wealth with your health Not only do the expats consider themselves better off for moving abroad, they also see themselves as being healthier, with 68% of expats feeling better for living abroad. Interestingly, the report also reveals there is no correlation between the amount a country spends on healthcare or how many doctors a person has access to, meaning that healthier living is more likely to be linked to expats’ perceptions of their quality of life. Home abroad is where the heart is Overall quality of life has a strong effect on expats, with eight out of 10 (81%) surveyed having a greater sense of well-being and feeling better all round for moving abroad. The standard of living, cost of living and quality of life make expats happier. Nine out of 10 (91%) expats surveyed felt better living abroad. Nearly all of the expats surveyed (99%) said that they had made a ‘good decision’ to live abroad, with 80% rating the decision as excellent. Sixty-one per cent said they had no reason to return to the UK. Mr Isley concludes, “Expats who have moved abroad appear to be wealthier, healthier and happier, and all these factors have contributed to a better quality of life. It seems as if expats have not only found their pot of gold abroad but are able to enjoy themselves and feel healthier for having made the move.” For further information on NatWest International Personal Banking visit: http://www.natwestinternatio nal.com/ * The annual interest rate quoted is variable, gross and effective from 6 March 2008. This rate is payable where no more than 3 withdrawals are made in a bonus year (1st April– 31st March) with a rate of 5.90% payable where 4 or more withdrawals are made in this period. This account is only available online to individuals aged 18 or over and is not available to UK residents. Bradford & Bingley International Limited, International eSavings Unit, PO Box 263, Douglas, Isle of Man IM99 2JJ British Isles. Registered in the Isle of Man No. 052221C. Registered Office: 30 Ridgeway Street, Douglas, Isle of Man, IM1 1TA. With share capital and reserves in excess of £266 million. Copies of our most recently audited accounts are available on request. Bradford & Bingley plc undertakes to discharge the liabilities of Bradford & Bingley International Limited in so far as the latter is unable to discharge them and remains a subsidiary of Bradford & Bingley plc. Under Isle of Man legislation, eligible deposits made with an Isle of Man office of Bradford & Bingley International Limited are covered by the Depositors Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991 (as amended). This advertisement does not constitute an invitation to make deposits in any jurisdiction to any person to whom it is unlawful to make such an invitation or offer in such jurisdiction. Interest rates are variable. Your tax position will depend on your personal circumstances and you may wish to seek guidance from your tax adviser. It is the responsibility of the depositor to declare any interest received to their relevant tax authority. EU residents who are subject to retention tax by way of the EU Savings Tax Directive will need to consider the effect of the retention tax that will be applied to their accounts. Licensed by the Isle of Man Financial Supervision Commission to conduct Banking Business. Available now at www.bbi.co.im/esaver . Minimum balance £1,000 . No hassles . Helps you save . Manage from home 24/7 me& my easy option Enjoy a great rate and easy access. Up to 6.40 % * Gross/p.a. eSaver The internet savings account with an interest bonus of 0.50% if you make no more than 3 withdrawals in a year. Fast Facts 55000 A VERAGE INCOME OF EXPATS AND EXPATS ’ PERCEIVED COST OF LIVING IN RELATION TO THE UK IN THE COUNTRIES SURVEYED : Country Average annual Country Percentage of respondents income of respondents that experience a lower cost of living abroad 1. UAE £79,000 1. SPAIN 95 2. ITALY £76,000 2. NEW ZEALAND 93 3. FRANCE £73,000 3. NORWAY 92 4. CANADA £69,000 4. ITALY 86 5. SINGAPORE £67,000 5. CANADA 74 6. SPAIN £65,000 6. FRANCE 74 7.NORWAY £63,000 7. PORTUGAL 52 8. NEW ZEALAND £60,000 8. SWEDEN 44 9. SWEDEN £60,000 9. SINGAPORE 8 10. PORTUGAL £58,000 10. UAE 0 T OP 10 COUNTRIES OF THOSE SURVEYED THAT EXPATS FEEL HEALTHIER FOR LIVING IN : C ountry % of expats that feel healthier PORTUGAL 91 SPAIN 88 NEW ZEALAND 84 NORWAY 74 FRANCE 68 ITALY 64 SWEDEN 56 CANADA 52 SINGAPORE 39 UAE 38 O F THOSE COUNTRIES SURVEYED THE EXPATS FELT HAPPIER FOR LIVING IN : Country % of expats that feel happier for living abroad PORTUGAL 100 NEW ZEALAND 99 NORWAY 98 ITALY 97 SPAIN 97 SWEDEN 97 CANADA 97 FRANCE 82 SINGAPORE 53 UAE 40 10
July August 2008