In the UK the working population are being squeezed from all angles. Salaries for the employed are frozen or growing only marginally, the self-employed are lucky if they’re even keeping up with inflation, (because no one wants to pass on the increased cost of living when they quote for what little business is about at the moment), and all the while the cost of everything is going up.
There are many estimates about how much the average household has been impacted by, fiscally speaking. And whilst people may argue about the bottom line, the bottom line is actually this – most households across the entire UK are paying out more and bringing in less, month on month. So, where can you earn more by working abroad in 2012?
It depends in which sector you’re working of course, but there are countries and territories around the world where you can potentially earn more. In addition to this, there are of course nations where the cost of living is far less than in the UK. You may be able to enjoy foreign sourced or retirement income tax free in some countries – and so if you do your homework carefully, you may well be able to find somewhere in the world where you can be better off living in 2012.
For example, if you’re an investment banker or a hedge fund employee, salaries in your fields are higher in Hong Kong than in the City at the moment. There has been a 15% increase in average salaries for such key workers in Hong Kong over the past year apparently…and demand for the best employees remains strong.
Engineering specialists are in high demand in New Zealand…and this can mean that salaries enjoyed, along with bonuses and benefits available, can sweeten the deal significantly. When you add in the perks of living in such a stunning nation with an improved salary and better job prospects, it’s hard to see what’s keeping you in the UK. What’s more, New Zealand is currently enjoying relatively strong economic growth…which bodes well for your longer term prospects.
Allegedly manufacturing is about to enjoy a renaissance in America, which could lead to opportunities abounding for the best-qualified personnel. Elsewhere one can look to nations enjoying strong economic growth for positive employment opportunities. Russia for example, or what about Sri Lanka where the construction, mining, agriculture and even tourism industries are seeing positive expansion?
Employment sectors demanding personnel globally include security companies – i.e., those involved in personal security, as well as those involved in providing protection for infrastructure and development projects globally. And engineering and even construction. Be prepared to travel however!
Would-be expats who want to move abroad and work in 2012 to enjoy an improved way of life can look for nations and destinations where the cost of living is less and/or where they are taxed less too. Such perks can mean that even an average salary can go far further.
According to the Mercer Cost of Living Survey Worldwide Rankings for 2011: -
Karachi in Pakistan
Managua in Nicaragua
La Paz in Bolivia
Addis Ababa in Ethiopia
Bishkek in Kyrgyzstan
Islamabad in Pakistan
Tegucigalpa in Honduras
Tunis in Tunisia
Ashkhabad in Turkmenistan
Nouakchott in Mauritania
and Asunción in Paraguay…
Are the top 10 cheapest expat destinations! Alternatively, what about moving to Panama, Belize, Costa Rica, Uruguay, Ecuador or Malaysia where any income you enjoy from work done overseas (or perhaps online), or from social security or pension income is taxed less than in the UK - or even not at all in some cases.
Many emirates in the Middle East are income tax free – Dubai and Saudi are two of the best well known. And no income tax can certainly make a salary go far further. However, the cost of living in some no-tax nations can offset any tax-free benefits so do be careful, and do your cost of living homework carefully on a case by case basis for any location you consider.
If you want to be better off in 2012 you do have options – of course, we’re pro moving abroad to chase opportunities rather than sitting in the UK and cutting back on life’s luxuries and even essentials to ensure you can make the mortgage payment. After all, if you move abroad and enjoy a better paying job, a lower cost of living and/or less of a tax burden, you can also enjoy the additional benefits of the expat lifestyle…
Why not let 2012 become the year when you change your life – and your family’s life – for the better? Explore the opportunities that are available to you overseas…