Only One In Three British Expats Plan To Return To The UK Permanently

expat network

Only One In Three British Expats Plan To Return To The UK Permanently

Over half of British expats feel the UK has changed for the worst, since leaving the country according to a recent survey. In addition, only one in three British expats now intend on residing in the UK in the future.

The research, conducted by independent financial advisory, Hoxton Capital Management, questioned over a thousand British expats and the results indicate that 44% do not intend to return to the UK and that only 32% do intend to return with the remainder unsure.

77% of those living as an expat has changed their view of the UK, only 24% for the better and 53% for the worse. 25% feel it has completely changed their view for the worse.

The survey also suggest that 57% of respondents still view the UK as a good opportunity for property investment. This despite almost half of expats surveyed not feeling positive about the British economy as a whole.

Potential financial gains, however, are not the main factor in Brits choosing to move abroad with 41% of those who do so seeking an improved lifestyle. An additional 10% do so for an adventure, while 9% expatriate to join family in their new host country.

Chris Ball, Partner at Hoxton Capital Management comments: “It’s a common misconception that the majority of expats move abroad for their own financial gain, but in most cases it’s a genuine desire from individuals to improve their lifestyle – or experience a different culture and way of life.”

Not surprisingly Brexit remains a concern for British expats, with 71% of those surveyed being ‘very concerned’ or ’somewhat concerned’ about how the process is affecting the UK.

Around 27% of the expats surveyed left the UK to improve their financial prospects, while four in five do not benefit from employer contributions to their pension pots.

“Workplace pensions are something that we take for granted in the UK, though they simply don’t exist in a number of popular expat destinations so retirement planning should be viewed as an integral aspect of the expatriation process.

“If you are considering moving to another country then we suggest seeking financial advice before moving and once settled in your new home. Those receiving advice on average benefit from an increased return of at least two per cent per annum on their investments compared with those who don’t have support from a strong adviser.”

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.