Due to the availability of flights, there has absolutely been an increase in the number of people that are able to travel around the globe. There has also been an increase in the number of individuals who have decided to become expatriates due to the opportunity of a higher quality of life abroad than in their home countries.
For those who are considering giving expatriation a try, it’s essential to consider utilizing foreign exchange companies for your move because you will able to save a great deal of money when you are moving abroad and starting your life an expat.
A Historical View of Expatriation
Historically speaking, individuals moved to other countries in order to obtain a higher quality of life for them and their families. The definition of this higher quality of life ranged from the cost of living, political safety, career opportunities, weather, and retirement potential. That being said, the primary reason for expatriation historically was income improvement and escaping political persecution.
With the implementation of technology in the marketplace, there were many theorists who believed that expatriation would greatly reduce due to the possibility of having the need to hire fewer foreigners. What has actually transpired is the opposite. Expatriation numbers have greatly increased due to technology because there is more information available about foreign employment opportunities, which makes more individuals consider whether expatriation could be a viable option for them.
Most Popular Destinations for Expatriates Around the Globe
Expatriates have truly diversified themselves around the globe; however, when referring to the cost of living to quality of life ratio, China actually comes in number one among expatriates due to the potential to receive a job that pays comparable to one’s home country with a cost of living that is substantially less. (view more info on lifehack).
Close behind China in the recent top fifteen rated places for expats are Thailand, Switzerland, Australia, Singapore, South Korea, New Zealand, Canada, Qatar, and Hong Kong. Each of these locales has their own reasons for attracting expats; however, the ones that provide the best income to cost of the living ratio are surely Thailand, China, South Korea, and Qatar. That being said, those expatriates who have already made their money can surely enjoy the bustling and fascinating quality of life in any of these locales.
The Ease of Moving Abroad Today and how Foreign Exchange Companies Can Help
What has had a tremendous impact on the ability of foreigners to move abroad is the accessibility that their capital has experienced in foreign jurisdictions. The ability to move money almost effortlessly is something that has catapulted expatriate numbers to new heights because now we see less adventurous expats coming into the scene that would have never contemplated moving abroad before.
Where this is particularly beneficial is when expats would like to acquire real estate abroad. Acquiring real estate abroad is a process that involves moving a great deal of capital. Foreign exchange companies allow for those considering becoming an expat to move money when the currency rate is more in their favour. Additionally, if the individual is moving abroad, they will be able to organize setting up a local bank account that the funds can directly travel to. This will create enormous savings in the long term for the individual because they will be paying less foreign currency rates if they are also receiving their salary in the local currency.
Another factor that has increased expatriation is taxation. Individuals who live in countries that are highly taxed have sought to move capital abroad. Due to these high profile transactions, foreign exchange companies are a great resource to use that charge far less than banks. Additionally, foreign exchange companies allow the individual who is transferring a substantial amount of money the opportunity to save a lot when they are moving money due to the benefit they receive from the foreign exchange company’s expertise in dealing with currency trades.
The reason for this is that the foreign exchange company assigns the individual a specific point of contact, which sees their entire transaction through. The representative will discuss the pros and cons of utilizing different courses of action and then advise the individual on how is best to proceed to save the most on the transaction. View more information on our foreign exchange guide.
Expatriation is something that is becoming more and more common every day due to how markets are so connected. The connectivity of markets is mainly derived from the nature of the electronic age of banking that we are living in. The Internet has opened up both more online banking opportunities as well as accessibility to information regarding foreign employment opportunities.
Thus, it is highly likely that expatriation will grow due to technology rather than decrease because individuals are realizing that there is a high possibility of having their hard-earned capital go further in a foreign jurisdiction while simultaneously having a culturally stimulating and meaningful experience.