Cost of living - Expat Magazine
The rising cost of living in the world's biggest cities is forcing companies to think twice before sending employees abroad. This financial strain demands careful budget management. How are employers approaching international mobility in an economic crisis?
While international mobility continues to attract global workers, they are increasingly cautious before signing their contracts. Today, expats have to contend with the ever-increasing cost of living in major cities. So, how can one consider living abroad under these conditions? What happens if you're looking to move abroad with your children? Are expats still able to negotiate their salaries, housing allowances, or their children's school fees? Let's have a look.
Retiring abroad is a dream for many and a reality for those who have taken the plunge. However, the health and economic crises have significantly impacted plans to move abroad. Amid a rising cost of living, inflation, tax benefits for retirees, and new legislation, how do you consider your international retirement plans?
You've saved money for years for your moving abroad plans. Your visa has arrived, your bags are packed, your plane is ready, and so is your new life. But panic grips you on your first day in your host country: what if you haven't saved enough? Will you have enough money to live abroad? Here are some practical tips for a worry-free relocation.
As you settle into your new expat life, you begin to find your bearings. Between housing, transportation, food and extras, how do you spend your money? What are your priorities for keeping control of your budget?
Moving abroad for a better life abroad isn't a new idea, but its popularity is surging as global economies struggle with persistent inflation. Economic recessions compel more people to contemplate relocation abroad, highlighting a more significant phenomenon than it may initially appear.
Singapore regularly tops the list of the most expensive cities in the world. In 2023, it tied with Zurich in first place among the most expensive cities in the world, according to the Economist Intelligence Unit (EIU). The same year, a report by Mercer called Singapore the best city for expats in Asia. However, in recent years, Singapore has been experiencing a continuous exodus of expats. Even those who have called it home for a long time are starting to reconsider.
Today, more and more people have not only the opportunity but also the desire to live abroad. But as you make such a bold decision, you will face various challenges — one of the most important of which will be managing your expenses overseas.
With the housing crisis, energy crunch, increasing air and rail fares, and escalating prices for essential goods, it's time for expatriates and regular travelers to find ways to save money. How do you intend to manage your expenses as an expatriate in 2024?
The inflationary economy is forcing us to reconsider our choices when it comes to living abroad. Although you might think that relocating alone will always cost less, this might not always be the case. Couples are advised to consider their plans by using comparison tools instead of just saying goodbye to their partners to move alone.
You're in the midst of planning to move abroad, but how can you ensure that your budget will cover your expenses in the host country? What exactly does the cost of living entail, and how can you grasp its intricacies?
Inflation has been a significant worry in 2022 and the first half of 2023, impacting various countries, including Europe. However, there is a glimmer of hope as recent estimates indicate that inflation is now declining and reaching its lowest points in certain European nations.
Where to move in 2023? Many would-be expatriates tend to scrutinize the various international rankings. Those already living abroad are seeing the effects of inflation on their daily lives. In New York, you have to look twice before you shop. The same applies to other major American cities. Other expatriation hotspots are also experiencing rising prices.
Driven by a thirst for adventure, the lower cost of living abroad, and political dissatisfaction, Americans are moving abroad in rising numbers again in 2022, when most of the world's border restrictions have been lifted. Mexico and Portugal, in particular, have recently gained a lot of popularity as expat destinations for Americans, especially digital nomads.
Inflation continues rampaging over the world's economies, causing significant rises in commodity prices, soaring real estate values and growing inequalities almost everywhere. Earlier this year, Mercer published its 28th ranking of the most expensive African cities for expatriates, and the results are quite discouraging. Here's what expats have to say about the cost of living in African countries.
The quarterly survey of Totaljobs' Hiring Trends Index indicates that the rising cost of living in the UK, especially an upcoming 80% hike in energy bills, is making Britons keener to move abroad. 13%, who represent 4.5 million people, responded that they are strongly considering leaving the UK. Young people and Londoners are keener on relocating abroad. They cite a lower cost of living, career opportunities, a better quality of life and a desire to travel as motivating factors.
Since the 1970s, the private sector of Gulf countries has been relying on expat labor. However, as Arab Times and the Jerusalem Post report, expats are now leaving massively because of the pandemic's impact on both the oil and non-oil sectors, the lack of subsidies for non-citizens, and job nationalization. The most affected are middle-class expats, who rarely receive a support package from their employers.
Health crisis, economic crisis, various political crises, the war in Ukraine, geopolitical tension elsewhere around the world, and inflation. All countries are witnessing rising prices. How are expats coping with this situation? How is the rising cost of living affecting their everyday lives? Could this rise make them rethink their moving abroad plans or their expat life?
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