As highlighted in a recent survey by SkyScanner, Britons considering a relocation overseas nowadays are greatly influenced in their thinking and decision making by the state of the economy in the UK.

The survey revealed that almost 9 out of 10 respondents would actively pursue a new life abroad in a bid to gain greater financial security.  Respondents also advised that they believed there were better job prospects available abroad compared to the UK, and that property prices were still cheaper overseas, relative to the British housing market.

Unfortunately what these findings show is that many Britons resident in the UK are misinformed about what life overseas is really like at the moment.  Almost nowhere in the world has been immune to the contagion of economic stress caused by the global financial storm.

In some nations like America this has resulted in massive financial strain being placed on the public, and in other countries like Germany, where perhaps the impact has not been so direct, members of the public are still suffering from the likes of less job security, the potential of tax increases, proposed cuts in public spending and an uncertain economic future.

Therefore, whilst Britons may dream of finding greater prosperity abroad, it’s essential that anyone actively planning a relocation does their homework well in advance of their move.

Less than a decade ago it was a fact that the British pound was a universally strong currency, that British property prices were soaring and affording many homeowners substantial equity release opportunities, and that the prosperous nature of the wider world was encouraging job creation across the globe.  Nowadays it is an entirely different story.

Any Briton convinced that other nations’ streets are paved with gold is mistaken.  It has never been more important for would-be expats to do serious homework before committing to a relocation.  The three key areas that anyone needs to concentrate on when planning their new life are: -

1) Employment: unless you’re considering retiring overseas and you’re certain your finances are sufficient to afford you a comfortable lifestyle, (see point 3 below), you need to make sure that your skill set, experience and qualifications are relevant and sufficient to find you work abroad in your chosen destination. 

Furthermore, you need to ensure that there are vacancies that you’re eligible to apply for, that the salary you can expect to earn is sufficient to afford you a decent standard of living, and that there is more than one job available for you abroad!

It pays to find secure employment before relocating, and it is imperative that you understand your taxation obligations and any differences that may exists between employment law and the contract you sign in your new nation, compared to what is the norm in the UK.

Ensure that if you’re moving to a visa dependent nation that you will have the right to work, and as stated you need to be certain that there is more than one employer who will potentially employ you, because you may not like your first posting, and/or if you were ever to lose or leave your job abroad, you’re unlikely to be eligible for local state support whilst you seek another job.

2) Housing: contrary to what those responding to the SkyScanner survey thought, property prices are not necessarily significantly cheaper in key expat destinations overseas compared to the UK.  What’s more, the real estate markets in many nations work differently to the British market.  For example, in certain nations there is a less active market, and if you buy in you may find it a long and slow process if ever you want to resell your property.

In conclusion, any Briton who believes they’re guaranteed greater prosperity abroad needs a reality check in this day and age.  Whilst it is possible to move abroad and enjoy a good quality of life, these days the financial pressures are being felt by the world’s citizens.  The only way would-be expats can be assured of a successful relocation therefore, is if they have realistic expectations ahead of relocation, and they take the time and effort required to plan every essential element of their move.