It seems that a different country is asking for a bailout every few weeks, and since the way that countries are looking at dealing with such financial issues is changing in light of the suggestions of bank levies against savings, those living abroad with money in foreign bank accounts are right to be slightly nervous.
However, should the economic problems experienced by those in foreign countries really put us off from heading abroad to live or even simply to work for prolonged periods of time?
Whilst we may well need to be more careful in light of the financial hardships faced in certain EU countries, it is not by any means a call to remain in the UK, and whilst many individuals once looked at countries such as Cyprus as the perfect places to do business and the perfect places to have bank accounts due to favourable tax laws, it seems that paying a slightly higher rate of tax may end up being more financially beneficial in the long run.
As such, if you happen to be moving abroad, it is worth considering the financial stability of the country in question and moving your money accordingly. Many people still have a base in the UK even after they move and it may therefore be safer in such instances to keep a certain amount of money in a UK bank account should the country you are moving to be even economically unstable in any way.
Choosing where to keep your money is not the only thing that will be important for those heading abroad, and it will also be vital that expats get the right international private medical insurance. Not only will laws be different in different country in terms of what healthcare is available to you, but in those countries that are already stretched further than they can cope with in terms of public spending, those individuals that are not patriots are likely to find themselves at the back of a very long queue if they do not have a sufficient level of international medical insurance.
The British economy looks healthy compared to some European countries, but it is by no means the healthiest. Therefore, there are likely to be many countries in which one’s money will be safer when compared with the UK, but of course, on the flip side, certain other countries will offer economic instability and far less opportunity for long-term employment. Therefore, emigrating today may need more focussed research than ever, but it is by no means a bad idea, even for those looking at countries that have struggled financially over the past few years.
In fact, it is quite the contrary. In many cases, with such low property prices, those who can guarantee income or can work from anywhere in the world, are finding that living in places such as Spain actually leaves them far better off than they would be living in the UK.
So don’t let the economic struggles of certain countries put you off moving abroad. Just be sure you make the right choice for your own personal circumstances.