Escaping the winter blues abroad

Written by by James Gairdner, Managing Director, Halifax International

Tuesday, 03 March 2009 11:07

Just think what it would be like to get up on a winter morning and it was light outside. And just imagine not having to wrap up head-to-toe in your winter woollies every time you left the house.

The prospect of swapping our traditional wet and windy winters for the Costa Brava or a land down under is very appealing. If you are considering moving overseas, either temporarily or permanently, there are many questions that you will need to address before doing so. Part of this equation is to have the right financial products and services in place before embarking on such a journey. This will provide a firm foundation for your finances.

According to research from Halifax International over a quarter of Britons (27%) are considering the option of moving or buying property overseas. Historically many people may have viewed expatriates as those in or approaching retirement. However, this research shows that the younger generation are seriously considering moving abroad and are interested in the opportunities provided overseas. Almost one third (32%) of Britons considering a move abroad are below 35 years of age.

The younger generation

When asked where they would most like to live in the world, Australia was voted the most popular overseas destination by Britons under the age of 35. Almost one third (33%) of respondents in the survey, aged between 16 to 35 years of age, ranked Australia as being their favourite place in the world to live. 17% of under 25 year olds and 16% of 25 to 35 year olds voted Australia as the place to be.

When it came to Europe, the younger generation would most like to live in either France or Spain, with 6% of under 25 year olds opting for France and 6% of those aged between 25 to 35 years olds preferring Spain. Italy was voted the ideal European destination for those aged between 35 and 45 years of age.

The older generation

The research carried out shows that British pensioners prefer Canada as the ideal overseas destination in which to enjoy their retirement. One in six pensioners (15%) have considered moving abroad and a further 12% of respondents have voted Canada as the most popular overseas destination, closely followed by Spain, Australia and New Zealand, all with 10% of the response cast.

When considering retiring abroad it is important to look into your pension and savings arrangements and to have adequate financial planning in place.

Regional differences

While some of us have only thought about moving overseas to make a new start, 4% of those surveyed already owned homes abroad. One third (37%) of these are owned by people under 35 years of age. And it appears that Southerners certainly are the most active when it comes to moving abroad or buying a home overseas.

Of the 27% of Britons who are interested in buying property abroad or moving overseas, nearly one third (32%) of these people live in London (16%) and the South East (16%).
In addition, of the 4% of people surveyed who already owned a home abroad around three out of five of these respondents lived in the South (61%) compared to those in the North (28%) and Midlands (10%).

When asked where they would like to live in the world, Australia was voted the most popular overseas destination by Britons at 10%. This preference was expressed by people in East Anglia (16%), West Midlands (15%), South West (14%), North (12%), Yorkshire and the Humber (11%), London (9%) and South East (9%).

Spain and France topped the European destinations with 5% of people wanting to move there, respectively. France and Spain were the popular European choices in all regions except in the North, where Italy and Cyprus (4% respectively) were the favoured choice, while the Scottish and those in the South West preferred Italy (12% and 10%).

Whether you are young or old, starting a new job or retiring, when moving overseas it is essential to fully assess your financial situation.

Halifax International provides simple offshore savings to British expatriates through internet and telephone banking services. The savings accounts are available in sterling, euros or US dollars and are specifically designed to meet the needs of British expatriates who are resident abroad.
Planning your finances for your future overseas could turn out to be the best resolution for the New Year.

James Gairdner. Managing Director. Halifax International
Tel: +44 (0) 1534 846 555 Web: www.halifax-international.com