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Brits follow

With 23 per cent of British workers contemplating a move overseas in the next two years, new research reveals the incentives driving British workers to follow their "non-dom" counterparts in search of new employment overseas.

The research by specialist foreign currency broker, Foreign Currency Direct, reveals that Britain's workforce has an overriding positive perception of working overseas, with more than one in two British workers feeling compelled to work abroad by the prospect of cheaper costs of living (59%), a better work life balance (58%) and the opportunity to embrace a new culture (55%).  The only significant barrier to a career move abroad is the fear of being isolated from friends and family in the UK (61%).

Of the 1,283 British workers questioned, 24 per cent felt extremely positive about a career move overseas, giving an overseas career move a score of between eight and 10, on a scale of one to 10.  Seven of Britons' top 10 considerations for a career move abroad were positive.

Sparking concern of a "brain drain" of Britain's brightest young talent, workers aged 18 to 30 are the most likely to see the positive impact a career overseas could have on their lifestyle, more than one in four (27%) are feeling extremely positive about a job overseas, compared with just 17 per cent of 51 to 60 year olds.  People in this age group identified twice as many positives than negatives to a job abroad (four compared with two), with a better work life balance being their number one motive (61%).

Coinciding with the Government announcement that tax will be raised to 50 per cent for high earners; the research reveals that one in three (31%) UK workers would move abroad because of the tax incentives available on foreign shores.  Looking for the best way to maximise their pension payments, this figure increases to 39 per cent amongst the over 60s.

Whilst they are amongst the most likely to worry about leaving friends and family (62%), Londoners are, overall, the most optimistic region about a career move abroad.  Two in three Londoners (66%) identified their main motive to move abroad to be cheaper costs of living.

Peter S. Ellis, Chief Executive of Foreign Currency Direct, specialists in foreign currency exchangecommented on the findings: "British workers have not had an easy ride of late.  With rising unemployment and tax increases for high earners, a job overseas is becoming increasingly attractive for many of Britons most able workforce.  A career move overseas should not be taken likely and involves a lot of preparation and planning. 

"Whilst currency might not be the first thing on a future expat's mind, it is one of the most important considerations, to get right before you move as it can have a significant impact on your earnings.  If you're moving large sums of money, a specialist foreign currency broker, such as Foreign Currency Direct, can save you hundreds of pounds in currency exchange, giving you one less thing to worry about when making your move abroad."

1. Will your salary be in the local currency or remain in Sterling?   This can have a dramatic impact of the value of your salary in your new country of residence.  With the Pound falling to record lows in recent months, people earning in Sterling, but spending in Euros or Dollars, for example, will find that their money goes a lot less far than they may have thought.
2. Do you have a foreign bank account? Before earning or transferring money overseas, you'll need to open a foreign bank account.  This may take longer to set up than you think, so plan in advance and speak to a foreign currency expert about your options.
3. What happens if the value of Sterling increases whilst you're abroad?  If the value of Sterling rises whilst you're abroad, the amount of money you can bring back to the UK with you when you return may be a lot less than you were expecting.  By employing a foreign currency specialist to advise you on exchange rate movements, you can transfer money back to the UK in instalments when exchange rates are most preferential.   Foreign Currency Direct also offers a forward contract service which allows you to lock in at a favourable exchange rate for a future money transfer.
4. Are tax incentives as attractive as they sound? Take time to investigate the tax rule in the country your moving to - and remember that if you're returning to the UK within two years of moving overseas you will be required to pay UK income tax on the amount you earned during your time overseas.
5. How will you transfer any regular income from the UK? If you have any income from investments or a pension in the UK, you may want to set up a regular payment plan with your foreign currency broker allowing you to make regular transfers at minimal costs.