A new study has tried to range countries in order of which country seems to be most attractive to live and work in. Here is the short version – but you should really read on what grounds this is the conclusion.
- Switzerland is the best country to live and work
- Switzerland was followed by three Nordic countries: Denmark, Iceland, Norway plus Finland as 6th on the list.
- Sweden was 12th on the list
- Experts at Blacktower Financial Group reveal top financial tips when living and working abroad
Research has found that most people move abroad for lifestyle improvement, adventure, new activities, earning more money and new career opportunities. Undoubtedly, moving to a new country can bring a host of challenging, exciting and life changing experiences.
With 195 countries to choose from (all boasting different cultures and lifestyles), finding the perfect location to move to for expat life can cause a headache for many.
Blacktower Financial Group’s study revealed the best countries for living and working abroad using data relating to key metrics that determine happiness and quality of life, such as world happiness data, quality of healthcare, property price to income ratio etc.
The method of making the survey is of course important. In this case, Blacktover first normalised the data categories and the following metrics were used per country: World Happiness Data, Average monthly salary (after tax), Cost of living, Property price to income ratio, Quality of healthcare, Global peace level.
Discover the top 25 countries below to find out which countries top the list:
|Rank||Country||World Happiness Ranking||Average Monthly Salary||Cost of Living||Property Price to Income Ratio||Quality of Healthcare||Global Peace Level|
|22||United Arab Emirates||6.825||€2246.13||61.98||5.29||67.04||1.847|
Switzerland is the best country for quality of life
The number one country for expats is Switzerland – perhaps that’s not surprising, given the Swiss commitment to neutrality and peace, but a high average monthly salary and a strong ratio of property price to income makes it a great option for anyone looking for a new country to settle in.
The Nordic states also come out extremely well, with Denmark, Iceland, Norway and Finland all making the top ten – so it seems the chilly climate doesn’t stop them from being great places to live.
Top financial tips for expats
The Blacktower Group shares its top financial tips for managing and protecting expat finances when living and working abroad:
1. Familiarise yourself with local tax laws
It goes without saying that the taxation requirements are nuanced from country to country. Make sure that you understand exactly where you are required to pay tax and the intricacies of any inheritance tax laws so yours, or your family’s, finances don’t take a hit further down the line.
2. Local knowledge and experience are invaluable
There are any number of reputable online sources of advice on financial matters, all offering sage and sound general guidance. But local knowledge and experience of the products and services in your new country, offered by professionals who have lived and worked in the area for years can deliver so much more. Take advantage of those people who have intimate knowledge of the local market. Nobody gives expat financial advice like an expat themselves.
3. Consider transferring your pension
If you have spent years building up a substantial pension pot in your country of origin, it makes sense for you to maximise returns on it during your retirement years. Currency fluctuations and local tax laws can mean you receive less per month than you were expecting. Transferring your fund to a Qualifying Recognised Overseas Pension Scheme (QROPs) can help you to make the most of your money in the local currency, whilst mitigating tax liabilities.
“Moving to a new country brings a host of life changing opportunities, our new expat report features insight and practical tips that both the new and experienced expat can find helpful.
Expats see a wealth of financial, lifestyle and career benefits from moving abroad and I encourage more individuals to take the leap and enjoy the rewards” John Westwood Group Managing Director Blacktower Financial Group
For full details on the expat report, rankings and data can be seen at: https://www.blacktowerfm.com/
About Blacktower Financial Group:
The Blacktower Financial Group was formed in 1986 to provide independent wealth management advice and a bespoke service for both individual and corporate clients.
1. Reasons for moving abroad – https://www.ippr.org/
Quality of life Index:
World Happiness Data – https://worldhappiness.report/
Average monthly net salary (after tax) – https://w3.unece.org/
Property price to income ratio – https://www.numbeo.com/
Quality of healthcare – https://www.numbeo.com/health-
Global peace level – http://visionofhumanity.org/