Expats should have “a realistic financial plan,” says expert

Expatriates should ideally have a “realistic financial plan in place” and take into consideration the cost of the move before relocating, says expatriate and international lifestyle magazine Shelter Offshore.

Director Rhiannon Davies warns that the biggest reason that people “fail to make a go of a new life abroad” is due to financial problems.

A recent survey by NatWest found that the average wage for expatriates working abroad is currently £67,000 compared to the UK average of £47,000, with the United Arab Emirates ranking as the top location in terms of expat earnings.

“Getting financial advice before you go is a good idea,” commented Ms Davies, adding that people who are relocating abroad should seek financial advice since “certain expats can take good advantage of the wealth of offshore savings and investment schemes that there are available”.

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