Expat Expert: the power of local knowledge
THANKS to globalisation and modernisation, individuals now have unparalleled levels of choice when it comes to relocation overseas.
And London remains an extremely popular destination for individuals looking to experience life in another country – not only is it a hub for transport into mainland Europe and across the Atlantic, it has also retained its position as one of the world’s leading financial centres.
But what is life actually like for those who choose to move to the UK? For a provider of expat services such as HSBC Bank International, regional expertise is essential. The bank’s annual Expat Explorer survey gives it a unique perspective into the global expat picture and, as a result, a better understanding of expats’ daily lives and needs.
Unsurprisingly, UK residents – expats and non-expats alike – have been hit hard by the financial crisis over the past couple of years. In fact, the impact has been so great that almost half of all expats in the UK said they were considering moving back home, largely due to the pressures caused by the crisis. This was the highest proportion of expats from the 26 countries surveyed.
This is partly due to the cost of living – the survey found that expats in the UK generally have less disposable income than expats living elsewhere in the world, which can be caused by above-average monthly spend on accommodation. UK expats also found it more difficult to save or invest – more than a quarter said they had reduced their savings and investments compared to in their home country.
As well as being expensive, the expats surveyed felt that the quality of life in the UK was relatively poor with transport, living standards, and even general health all highlighted as areas where the UK fell short relative to other countries such as Canada, Thailand and the US.
But the UK was the best country to live in for entertainment and the second best for fashion. The UK’s expatriate population is also relatively young indicating that lifestyle is more important than liveability for most foreign nationals living here.
While being an expat has plenty of advantages from career development and financial benefits to cultural opportunities and a better quality of life, moving to an unfamiliar country throws up plenty of challenges too. For example, you will have probably left family and friends behind and need to establish a new social life. You might also struggle with the language and organising your finances.
Through its regional expertise, HSBC Bank International can give you reassurance wherever you relocate to and you can feel confident that help is always on hand from somebody who understands your needs and speaks your language.
For more details about HSBC Bank International, go to www.offshore.hsbc.com or call +44 1534 616079.