The latest findings of a market research company Finaccord shows that there are around 57 million expats around the world – which is 11 million more than their previous research in 2009. The world is becoming a smaller place and with the growing globalisation of the world’s population, moving to and living in another country is not the giant step it was a few years ago. Here are 7 good reasons to embrace the expat lifestyle.
1. Stretch your boundaries
We don’t just mean figuratively but mentally! Living in a new country will stretch you both mentally and emotionally. A study by INSEAD Business School amongst their MBA students shows that people living abroad not only improve their problem-solving skills but are also more open-minded towards other people and new ideas.
2. Get creative
Creativity seems to thrive when you are placed outside your usual day-to-day living. When you are faced with new challenges, you need a different way of thinking to solve them – that’s where creativity comes in! A study by Singapore Management University proves that experiencing different cultures improves your creative thinking and increases the likelihood of you coming up with unconventional ideas!
3. Become bilingual
Over 80% of InterNations members, a global expat community, report that they speak at least two languages and some can converse in up to four. Multilingualism can improve your career opportunities, help keep you mentally alert and increase your appreciation of other cultures values.
4. Increase your income
According to InterNations more than 51% of expats across 65 countries say they earn more money in their new country than in their country of origin and nearly one-quarter report that it is a lot higher than back home. One-fifth of expats, 21%, have a yearly household income of more than $100 000USD and 26% have an income of between $50 000USD and $100 000USD at their disposal.
5. Build a global network
InterNations also reports that on average, amongst their 2.8 million members, each expat is connected with five other nationalities. Not only does this assist expats socially as they move around the world – but being networked also improves their career opportunities.
6. Climb the career ladder
Thirty percent of expats report that moving abroad for their job or to advance their career was their most important reason for relocating. Moving abroad seems to live up to their career aspirations with more than half of expats reporting they couldn’t be happier with their career opportunities. InterNations research shows that ambitious expats who want to make big career jumps should move to emerging markets while those more concerned about job security should consider countries like Germany, Luxembourg and Switzerland.
7. Improve your work-life balance
Moving abroad seems to have a very positive effect on an expat’s work-life balance with 60% reporting an improved work-life balance and improved satisfaction with their work hours. In addition 57% rated their job security highly, which increased their general satisfaction with their move abroad.
If you are a South African expat experiencing all the benefits of living abroad and would like to know more about how you can maximise your finances through financial emigration, accessing your South African retirement annuity and our tailor-made tax solutions for South Africans around the world, contact FinGlobal today.