More and more people are living and working outside the country of their birth. If you’re considering being one of them, you’re not alone. This figure is on the rise.
If you’re considering whether or not to work abroad, this overview of the pros and cons should help you make the right decision for you.
Pro: Opportunities for Personal Growth
They say that travel broadens the mind. Living in a new environment and a new culture can be just the change that many of us need. A change of pace, scenery, and lifestyle can make us more creative, happy, and productive.
If you take the opportunity to learn a new language, this can also be a great skill to add your resume. As business continues to become more global, speaking languages other than English is an increasingly marketable ability.
Con: Culture Shock
Not everyone finds adapting to a new way of life plain sailing. The demands, expectations, and intricacies of a new culture can actually be draining. Feelings of isolation are normal common, particularly if you do not speak the local language.
Pro: Financial Rewards
If your company, whether new or existing, is paying you to move, this is a great opportunity to see the world and start a new chapter of your life with expenses paid. Your company might pay housing, moving, or other costs.
If you’re lucky – or you’ve planned ahead – Based on how you’ll get paid the currency exchange rate may works in your favor, meaning that the money you earn (depending on how you are paid) or have saved may go further in your new location than it did back at home. If the cost of living is cheap, you will be able to reap the rewards.
Con: Financial Pitfalls
You may find that your destination country has many benefits, but also has a higher cost of living than elsewhere. If the exchange rate does not work in your favor, you may have to work harder for longer or accept that financial life is a bit tougher now.
In some areas, citizens must pay taxes in the host country and at their home country. If you end up in a situation where you must pay US income taxes and on significant income taxes, your move may be best reconsidered.
Last but not least, moving house can be expensive, moving to another country even more so. If your expenses are not being paid, moving your goods and family can not only be a major upheaval, but a financial challenge.
Despite the issues that can arise, moving to another country for work might be the best move you ever make.
It pays to do some research before moving to another country for work. Ask someone who has lived there before, or try to visit the country in person if possible. Don’t be afraid to ask for help weighing up your decision, including professional help.
Done right, working abroad can be fascinating and rewarding. It’s wise to consider all aspects of your future work-life ahead of time.
