How the finance sector impacts Expats
Taking the enormous step of moving to a new country can bring with it a mixture of feelings. The excitement of making the giant leap coupled with the anxiety of doing so can be common as the big move looms. But, no matter how many times they do it, the process of moving countries is never straight forward. In the climate that we live in there are so many external factors that shape an expats opportunities.
How does the Finance Industry impact expats?
Before considering a move there is a considerable amount of financial planning that needs to take place. Money needs to be moved, invested, saved, I could go on. The global finance and banking industry impacts how we do all of these things. You need to set up bank accounts, apply for mortgages, get insurance and make sure you’ve budgeted. Let’s also not forget about exchange rates. This process, however, is getting easier. Technology is developing to make dealing with money as an expat a lot easier. There are now online only banks, paying bills is a lot easier, as is access to credit. All of these new developments are providing more jobs for expats around the globe too.
We are seeing these ‘fin-tech’ corporations grow by the year and the result of that is hiring in talent from around the world. In the graph below you can see that 42% of the UK’s Fintech workforce as expats.
Top financial cities for Expats
It goes without saying that New York comes out top as the finance capital of the world. Nearly every global financial company has a home within Wall Street. There are however a number of other cities whose popularity are on the rise. London continues to grow in the popularity stakes, despite Brexit looming. Next up is Singapore, a recent study showed that 53% of FinTech companies were looking to hire talent from overseas. Switzerland, Hong Kong, Germany & Tokyo are also increasingly popular destinations for expats working within the finance world.
Before you move it’s important to look at the structure of the economy in the country you wish to move to as well as the differences in salary, cost of living language and local cultures. You’ve probably read it a million times but organization and preparation is key. If you don’t do the groundwork you could end up with some real tax concerns. Protecting your finances and preparing your taxes correctly will mean you can reap the rewards of a new, successful lifestyle overseas.
If you are looking to move to a city where the fintech scene is on the rise, be careful with competition. Last year it was reported that expats in Hong Kong only got 15% of finance job placements, down from 40%. It is essential that you do your research and be prepared to put in the time and dedication to prove yourself.
How can the Expatland Global Network help?
Expatland can help you plan, research and understand your upcoming move to make it as easy as possible for you. Our E-Teams are made up of global professionals who can provide you with tax advice, currency exchange, business tax support, mortgages, insurance and pensions. We can look after all of your financial needs to make the process as streamlined as possible.
By John Marcarian, Founder, Expatland Global Network