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Factors To Consider When Making Money Working Overseas

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The following is an article by Justin Grossbard from 457VisaCompared. I invited him to discuss the financials involved with looking abroad to work and moving overseas. A few years ago I read from a personal finance blogger (I forget who) that you can make a lot of money overseas.

Many of the world’s great entrepreneurs and successful business people are those who not only find opportunity domestically but also abroad. While it’s common for multinational companies to send individuals overseas for temporary posting, another growing trend has been professionals moving to countries on skilled visas such as the UK’s HSMP visa or Australia’s 457 visa. When considering making such a move, it’s important to weight up the key elements which are discussed below.

Ease Of Receiving The Working Visa In The Host Country

Surprisingly worldwide immigration even for skilled individuals is very limited with many countries remaining virtually closed to prospective employees. While a visa such as the HSMP UK will allow an individual to move to the UK and then find a job, other schemes such as the 457 visa in Australia require you to find an eligible job first. Some countries migration scheme’s will also favor prospective workers from one area compared to another, so it’s important to first understand if you can get an actual visa first before researching further.

Ease Of Getting A job In The Country Chosen

A common mistake is individuals who move to a country only to find out that either they can’t find a job or that they are earning relatively less than in their home country. Going to the international labor organization website can be helpful to understand wage levels combined with local job sites. It’s critical to also factor in the cost of living as well naturally. Additionally, the unemployment rate and the demand for jobs in the area you are skilled in must be factored in as most countries will pay no unemployment benefits while you are looking for a job.

Hidden Immigration Costs

It’s critical to understand the true cost of becoming a working visa holder in a host country. An example is health insurance with 457 visa compared highlighting that for a family in Australia has to pay up to $300USD. Migrants also are not necessarily going to receive the same entitlements as locals such as school fees with cost skilled migrants $4,000 per child in Western Australia.

Ability To Gain Permanent Residency

While your move abroad may be purely financial, it’s important to think long-term as:

  • You may like the location you have moved to and want to live in the are permanently
  • Your pay may increase over your stay and it may be a financially poor move to relocate back to the country of origin

Working visa’s will vary in length with some allowing extensions while others will allow the visa holder to become a permanent resident. It’s really worth researching these areas as the last thing anyone wants is to move back home only because of a visa requirement. Employers may also be less willing to hire an applicant which can only work in their country for a set period.

Overall, any working professional should keep an eye on opportunity and consider relocating if the opportunity presents itself. Working overseas can be  a lucrative one and enjoyable but extensive research should always be done first to ensure its right for you and worthwhile.

Last updated on February 11, 2014.

This post deals with: ... and focuses on:

Career, Employment

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2 Responses to “Factors To Consider When Making Money Working Overseas”

  1. Matt says:

    It really comes down to why you`re trying to achieve the move. You should always look at it from the perspective of the reason for the move. If you`re doing this for financial or career reasons then the money will probably come first. But if you`re doing it to become a resident or just want the experience then the money.

    Its good to know there are sources to help people interested really make their decision.

  2. Hi Matt,

    I agree with your comment, but I see too many people travel with the sole intention to increase their salary potential or to travel only to decide they want to stay longer or permanently. Its best to really look at visa options first just in case.

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