Are you a global commuter or simply someone with feet in two countries?
Changes in the expat work market
The traditional image of an expat as someone who has moved to a new country to work or retire is being blurred by a wide range of other overseas movers and business makers.
For some people, a continuous stream of foreign assignments becomes part of their career path. Globalisation means where their “office” is can vary by a whole continent from one month to the next.
In the worldwide job market there is a constant search for dream jobs. Ideal home bases have also created another new type of “expats”. These are the ones who choose to live and work in two separate countries. They are sometimes referred to as the “ global super commuters”.
Who are the global super commuters?
Global super commuters are a growing breed of people. They also regularly travel thousands of miles to work while refusing to move from their preferred location. This includes, for example, British expat homeowners in France. They enjoy a high standard of living and affordable property prices. They regularly fly back to London to oversee their businesses or carry out contracts.
As an example, in a recent report a Metropolitan Police officer in London is splitting his time using two-month periods in each location by commuting to work in New Zealand.
Growing global super commuters trend
These global super commuters have found that they can negate travel expenses by the savings they make on their homes and daily living.
Experts who study work migration patterns now believe there are hundreds of thousands of people who live and work in separate countries. In some cases they travel from place to place to where the work is.
First of all this is now possible due to technological advances. Secondly by the fact that it is possible to find low-cost airfares if you know where to look.
This is not just a trend amongst British expats either. According to one estimate, there are around 300,000 Lebanese people who travel three hours by air each day to jobs in the Persian Gulf.
Technology and globalisation have made the world a “smaller” place. They have opened up new possibilities for global commuting. As a result the danger of overstretching your finances can also be magnified by the distances you travel.
If you are working and living overseas on a regular basis, the importance of speaking with your specialist financial planning advisor should never be forgotten in your globetrotting schedule. It is one way that even the most avid super commuter or work nomad can keep their feet on the ground.
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The information contained herein is for informational purposes only which is subject to change and should not be relied upon. You should seek advice from a professional adviser before embarking on any financial planning activity.