According to new research from HSBC, the average expat - by moving overseas - earns an extra £21,000 over their annual salary and after surveying 163 countries the best-paid staff were found in Switzerland, the US and Hong Kong.
The research - HSBC Annual Expat Survey - attracted a response from more than 22,000 people, most of whom were executives who already enjoyed a high level of income.
Of these respondents, 45 per cent said they got more money for the same job by moving abroad - whilst 28 per cent said they got promotion.
Andrew Talbot - who has been a certified financial planner for 18 years and currently works with Expat Financial Planning in Singapore - said:
“One year as an expat could be the financial equivalent of three years back home”.
John Goddard - Head of HSBC Expat - who is based in the Channel Islands and has himself worked overseas in Asia, the Middle East and Eastern Europe - said:
“It absolutely is life-changing. That extra income helps people prepare for their future life. Over a third say they were able to put money away for retirement. Another third say they used it get on the property ladder.”
When it comes to personal lives, it was stated that Singapore is considered the best country or territory in the world for education and 60 per cent of expat parents in Singapore found that their children’s health and well-being was better there than at home.
Citing the huge number of perks on offer, HSBC said:
“Singapore packs everything a budding expat could want into one of the world’s smallest territories.”
John Goddard added:
“A taste of life in a new location can be the key to unlocking your creative potential, finding the work/life balance you’ve been craving, or taking your career in a new direction.”
A further study - conducted by the regulated property buyer Good Move - identified how much professions are paid in the UK and compared this against countries which are popular with people choosing to emigrate.
This study found that doctors can boost their yearly earnings by £118,675 by moving to America and nurses - by moving to Canada - can boost their salary by £40,000.
The five professions which could increase their annual salary the most by moving abroad are doctors; nurses; directors; secondary school teachers and HR managers - who could earn £33,088 more by moving to Australia.
Ross Counsell - Director at Good Move, a Property Buying Specialist - said:
“The volume of people using our service in order to move abroad is continuing to grow, with more and more people looking to sell their property quickly and head overseas. Our research provides valuable insight into why this trend is occurring. The potential to earn more money abroad, across a large span of countries, evidently has huge appeal to those working in the UK. People are always looking to improve their quality of life and for an increasing amount of people, this now means moving to a different company.”
