Over half of British expats intend to remain abroad
Over 60% of Britons living abroad have said they will ‘never’ permanently return to the UK as many say they are saving more by living overseas.
The survey by deVere Group questioned over 750 British expats in countries including Australia, New Zealand, Hong Kong, Germany and Switzerland.
According to the Australian Bureau of Statistics, in 2019, almost one million people in Australia were born in the UK.
Some 81% of respondents said they were able to save more in their overseas location and 70% were sending money back to the UK.
Some 62% said that they would never relocate back to Britain, 11% said they would consider it, whilst 27% said ‘maybe.’
Reasons included better quality of life, better weather, lower cost of living and more lucrative career opportunities.
However, they needed to ensure they made the most of their expat status and explored the different options available. Additionally, they needed to be aware of their requirements if they did choose to return home.
Nigel Green, chief executive of deVere Group, said: “No-one knows for sure what the future holds. Perhaps they will be forced to go back to the UK due to a change of personal circumstances, for example.
“The concern is that those who assume that they will never return to the UK, or indeed relocate somewhere else, is that they will not have all the available and/or necessary financial options open to them should they need to go back to Britain, or indeed elsewhere, for whatever reason.”
AUTHOR
Laura Dew
Recommended for you
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
