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There are endless reasons for moving overseas, whether it’s to find a new adventure, learn a new language or for a job relocation. And another reason might simply be that in some countries, the road to wealth might be easier. This can be attributed to friendlier tax regulations, a lower cost of living or higher wages for instance.
And the numbers speak for themselves: an HSBC report found that almost 75% of international expats reported an increase in their income when they moved.
Here are some of the countries that fit the bill.
Switzerland
Switzerland takes the top spot for expats looking to grow their wealth, according to HSBC.
“There’s good pay and the opportunity for career progression and an improved quality of life,” the HSBC report noted.
Saudi Arabia
As HSBC explained, the standard of living is high in the country and the cost of living low.
“It’s not uncommon for expats to employ drivers, domestic helpers and gardeners — something that would be considered lavish in other countries,” according tothe report.
Singapore
Singapore, “Asia’s wealth hub,” according to Wealth & Finance International, has strong economic foundations, low tax rates and a business-friendly atmosphere.
“Singapore’s efficient infrastructure and robust legal system provide a solid framework for individuals to thrive and achieve financial success,” according to Wealth & Finance International.
And while the cost of living can be high, it is still considered more affordable than places, such as New York or London.
United Arab Emirates (UAE)
One of the major benefits of working in the UAE is earning a tax-free income, according to HSBC, therefore attracting many expats.
“Expats from across the world set their sights on the seven emirates to boost their income, which is a major factor in convincing them to stay,” HSBC noted in a separate report. “There are also excellent opportunities for young professionals under the age of 35. In the UAE, you can boost your wages by more than half.”
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