Making a move abroad?
Make it legal
The number of people making the move abroad has risen sharply over
the past decade, including a growing number of actuaries whose skills transfer
well. However, it is essential to get the legal requirements right or those
wishing to start a new life in a new country could find their stay shorter than
expected.
First and foremost, anyone considering relocation needs to get
clear advice on
visa issues. Do your homework so you know exactly what kind of visa you
need to apply for, what it enables you to do and how long it entitles you to
stay. This can be a complex and confusing business, as regulations vary from
country to country.
Do the research
Don’t assume that the grass is greener on the other side.
Whilst the idea of working abroad may seem appealing, it’s important to
be aware of the bigger picture – otherwise you could be jumping from the
frying pan straight into the fire!
Many countries such as America are experiencing similar economic
conditions to the UK, so consider how healthy the job market is before you
leap. Australia has long been a popular choice for relocation due to the
climate, travel opportunities, Commonwealth connection – and the fact
that it is English speaking, making some skills more easily transferable.
Actuarial Skills Travel Well making the idea of a
move even more enticing for actuaries. Nevertheless, in this time of economic
uncertainty, one should proceed with caution.
Plan your budget
The move to another country may not be prompted by financial
concerns, but it is important to ensure that you will have enough money to live
comfortably once you get there. It’s true that the UK is renowned for
having a relatively high cost of living, but don’t assume that moving
elsewhere will guarantee a cheaper standard of living.
You should to find out the standard rates of pay for positions in
different countries and how that relates to the cost of living so that you can
ensure that the move will be financially viable and worthwhile.
If renting, remember that a deposit of at least one month’s
rent is standard practice almost everywhere. It also pays to look into the
housing market: if renting, is there a plentiful supply of rental properties?
If buying, what can you expect to get for their money and how does that equate
to the standard of living in your home country?
Make tax work for you
Tax regulations are notoriously confusing and the bad news is that
it still has to paid – no matter where in the world a person may be, so
stay on the right side of the law and find out what the tax regulations are for
a specific country. You will need to determine your tax resident status
correctly to ensure that they are paying what is owed. Not surprisingly, this
is a complex affair and varies widely from country to country, so ensure that
any advice you get is accurate.
Put a roof over your head
House hunting in an unfamiliar place is tricky enough; house
hunting in a different country can be even more confusing so it is important to
research costs and availability of housing. If renting, landlords often
advertise in newspapers, online and in real estate agencies. When a candidate
finds a rental property they will usually enter into a lease or a residential
tenancy agreement which is a legally binding document. In this case, it is
essential to read and understand the terms and conditions of the lease document
as a signature is binding. Most standard rentals last from 6 to 12 months.
Reap the benefits
Different countries have different benefits on offer, so it is
worthwhile researching what the system can offer to help whilst you are getting
on your feet. In Australia for example, there is assistance available for those
who have difficulty in finding or maintaining a private rental.
Ultimately, relocation is a very personal decision and no matter
how carefully the move is planned, there will always be surprises. To avoid the
unpleasant kind, we advise our candidates to take a holiday in the country they
are considering, preferably combined with face-to-face interviews. This serves
a twofold purpose: it demonstrates commitment to potential employers as well as
helping the candidate come to the right decision – so they can fulfill
their dream without it turning into a nightmare.