There are an estimated 244 million international migrants in the world today. They account for 3.3% of the world’s population.1 Moving to a new country is not a new phenomenon, for several decades now people have been moving to new places for good reason.
It’s an adventure, but it’s also hard work. You will need to learn to work and live in a new place where you may know little about the local language, culture and etiquettes – and this without family and friends – may not be easy. But, thanks to the world we are living in, where with technology, you can manoeuvre your way and can always stay in touch with your loved ones.
For many people, moving to a new country is an active choice that has proved valuable in many ways. Below is a list of the many advantages to upping sticks and moving to a new place.
Economic benefits: For many people in a mobile and connected world, it’s worth going to places that have ample job opportunities. That’s why multitudes of qualified people seek opportunities in distant markets where their skills are in demand or where they will be better rewarded. This balancing act – where the right skills meet the right jobs – improves global GDP and economic productivity.
Stronger currencies and other perks: For many workers, the decision to move is based on the relative strength of markets. If you work and earn in a market with a strong currency, you could reap a better value for your money when you remit it back home. Moving to countries with strong currencies help people put away a little money at a time to look after loved ones, build their dream retirement home, and plan and invest for a secure future.
For many others, it’s not the relative strength of currencies that is key to their decision, but it’s the perks that accompany the move. Many countries in the Middle East, for instance, are income tax free. The ability to save up on taxes gives people more disposable income – which they can sink into savings, or through which they can have a better quality of life.
New experiences and ideas: We’ve spoken about the economic benefits of people moving to new countries, but that’s not the only motivation. Travel, living in new spaces, meeting new people and exploring new streets, does wonders for the mind. It opens people to new ideas, and new experiences. They might discover a new favourite food, learn a new language or take up a new hobby. The well-travelled mind is a well-rounded one, and many expatriates move out of the confines of their homes just to discover and explore.
Seeking your own path: Home is comforting, with people to look after you. Yet for many people seeking new pastures, the thrill is in the challenge of doing it yourself. Without a support network in a new country, or people always there to look after you, you’re forced to adapt. Versatility and resilience become your calling cards. Many people move to new places just to test themselves and make it on their own – while learning every step of the way.
Of course, moving to a new country doesn’t mean leaving it all behind. In today’s always connected world, it’s incredibly easy to have seamless financial and social links to your home country At Xpress Money, for instance, we continually work to link expatriates with home, and give them multiple convenient channels to remit money back– either to save for retirement or look after their loved ones. That’s the beauty of a global world: you never have to disconnect even after leaving home. To know more about us, and send money to your loved ones back home, refer to our website here – https://www.xpressmoney.com/