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Motivation for moving What are your reasons?

However, moving for work isn’t the same as choosing to relocate to another country because you’ve fallen in love with it, and expats on work assignments tend to move only temporarily. But the statistics do offer an insight into what motivates people to stay put. Female respondents were far more likely to continue living abroad after completing their assignment, with 37 per cent deciding to settle permanently (as opposed to just 23 per cent of men), suggesting they are more motivated to move by a sense of adventure and the desire to experience different cultures.

The CEO of AXA, Tom Wilkinson, commented that there were various reasons why people relocate, concluding that he would “strongly encourage anyone living abroad to embrace all of the available opportunities; work and lifestyle alike”.

While AXA’s report was very much focused on expats who’ve moved because of their working lives, but what about the many expat retirees? Without ties to work and, hopefully, with a healthy pension pot (which has perhaps benefitted from a pension transfer under the guidance of an experienced financial adviser), these expats will often emigrate with one principal goal in mind: to enjoy in their later life to the fullest.

And it would seem many expats are successful in their pursuit of happiness. Numerous studies have supported the idea that the grass is indeed greener overseas.

For instance, the release of the annual UN World Happiness Report, which ranks countries’ happiness by variables such as income, life expectancy, and freedom, shows that, as usual, Nordic countries are home to a large number of very happy expats, with Sweden, Norway, Iceland, Denmark, and Finland all in the top ten. Netherlands, which always ranks high in citizens’ happiness, ranked sixth.

Happiness is also a factor considered in HSBC’s comprehensive Expat Explorer survey, which showed that 40% of expats felt happier after moving. The percentage is higher for expats who’ve retired abroad (as opposed to relocating for work), with 55% reporting their spirits have been giving a boost since moving to their new destination. The popular expat destinations of Portugal and Spain had the highest percentages of happier expats, with 62 per cent and 60 per cent respectively.

One thing is certain from viewing these studies and the many others of their kind: no matter who you are, expat life has much to offer, and it’s extremely rare that someone does not feel they’ve benefitted in some way from living overseas.

At Blacktower, we aim to help expats fulfil their full potential abroad by offering bespoke financial advice, providing assistance with advantageous international pension transfers and wealth planning, so that they are never unnecessarily hindered by financial concerns. Many of our team are expats themselves, so we know what we’re talking about!

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Pensions may strengthen for the younger generation

Pound coinsIt’s never too early to start saving for a pension – you’ve no doubt heard that one before, perhaps while searching for pension advice online or in news reports on the financial future of pensioners in this country.

Hopefully, you took note of it and started saving as soon as you possibly could, thinking of your retirement planning long before other milestones such as getting married or having children. Maybe you left it a little later. Either way, solid financial planning, which may involve pension transfer advice from a professional financial adviser, should help you make secure financial decisions.

Young workers today don’t need to have someone to remind them that they should be saving for retirement thanks to auto-enrolment, which is a scheme that makes sure, unless they choose to opt out, all workers pay part of their salary into a private pension scheme. As almost everyone could do with starting their retirement saving as early as possible, auto-enrolment is a great idea, and now it appears that it could be the main factor in the improvement of future pension incomes, settling fears that some young savers may have regarding the prosperity of their long-term future.

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Discretionary Fund Management – The Choice of the Savvy Investor

Blackboard with business planning ideasDiscretionary fund management (DFM) is an increasingly important component of the expat financial advice offering.

There are many reasons for this; from the way it frees time for the adviser to focus on wealth management, to the flexible, bespoke and client-focused level of service offered by the DFM firm. It is all about providing solutions that work for the client, and by allowing a trusted, expert third-party to make decisions related to asset allocation and fund selection, clients can have increased confidence that they will achieve their financial goals.

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