If you want to get a massive pay rise, you’re best off moving abroad on corporate assignment as an expat.
According to an exclusive slice of the world’s most comprehensive report of its kind, HSBC Expat Explorer report, sent to Yahoo Finance UK, a person moving overseas for a professional job can add an average $21,000 to their annual salary. Some 45% of respondents said they receive more money for doing exactly the same work abroad and 28% said they earn more after moving for a promotion.
The report surveyed over 22,318 expats, defined as those who are based abroad on professional corporate assignment, from 163 countries.
While Singapore ranked as the best place to live in the world as an expat, it ranked fifth in the table for the top 10 places in the world with the highest salaries for those on corporate assignment.
However, while the report showed that by moving abroad you could increase you average salary significantly, John Goddard, head of HSBC Expat, said that “too many expats spend their first months abroad stressed because they didn’t get their finances in order before moving.”
“A taste of life in a new location can be the key to unlocking your creative potential, finding the work/life balance you’ve been craving, or taking your career in a new direction. While a move overseas can often mean a rise in disposable income it also brings complexity,” he added.
“Seeking advice before you move to set up a bank account in your new destination, finding the best way to transfer money internationally and making the most of any additional savings can help you focus on your career and settle more quickly in your new home.”