A recent study shows that British expats are enjoying their lives overseas so much that only one in ten has any intention of moving back to the UK.
A global study by deVere Group of British expats living abroad recently found that only one in ten British expats living abroad would move back to the UK. The majority of the expats surveyed left the UK for work related purposes, and conditions in the new destination are of such quality that the event of returning home is unlikely according to most of the survey respondents. The majority of expats who took part in the survey were living in the US, Australia, UAE, Hong Kong, France, Germany and South Africa. It is thought there are a total of five million British expats living abroad, but this number could be much higher as many don’t register and report with the relevant authorities in their countries of residence.
Expats had more lucrative careers, lower costs of living, higher quality education and childcare, nicer weather and a better overall quality of life.
Expat success
According to the CEO of DeVere Group, Nigel Green, the number of British expats living outside of the UK has rapidly increased in recent years. If the survey stats are reflective of the greater population of British expats than out of the five million British expats living abroad, only 500,000 intend to return home.
The poll highlights the fact that the majority are experiencing an enriching and gratifying experience in their new country. An overwhelming seven out of ten had no intention of returning to the UK while one in five were undecided. When considering the total number of British expats, this data equates to around 3.5 million British expats who are not interested in ever returning to the UK.
Not only is the world your oyster, but it’s a well-paying one too!
The main reason for these strong results is that expats have more lucrative career opportunities, lower costs of living, higher quality education and childcare, better weather and a higher overall quality of life elsewhere in the world.
Despite 69% of respondents saying they would never return to the UK, 10% said they would consider it while 21% were on the fence. Of those surveyed 72% still sent money back to the UK, while 87% said they were more able to accumulate savings in their new location. Many expats sending money back to the UK face exorbitant fees and unfavourable exchange rates. Using payments specialists like Smart Currency Exchange can protect expats from wasted money paid in fees and rates due to regular payments between countries.
Many expats sending money back to the UK face exorbitant fees and unfavourable exchange rates.
Even when expats are able to save more money while living abroad, fees and rates can often drain accumulated funds. Opting for a payment specialist instead of a bank is one way to reduce fees. Regular or periodic payments can also be set up between UK and international bank accounts which is ideal when paying a mortgage overseas or receiving income from another country.