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Working abroad is the dream for many. After countless Skype interviews, it can be incredibly exciting when you are offered an opportunity overseas. Whilst the salary your potential employer is offering might seem ample on paper, there are five things you should consider before taking the plunge and accepting the job offer.
Before you go any further, take the net salary you have been offered and convert it into the currency of your country of residence. Compare the two salaries and see how they match up. If the salary on offer is equal to or more than your current pay packet, great! If not, is the new salary comparatively enough for you to maintain the same standard of living?
Use Numbeo’s country cost of living comparison tool to get an idea of how far your salary will stretch in your potential new home. Using the tool, you will be able to see how day to day living costs compare. Therefore, if you were being offered a comparatively lower salary, it might be because the cost of living is actually very low for the country and you would thus be very comfortable.
It is also best at this point to investigate what costs will be covered by your new employer. Often for expats housing, one way travel insurance, iPMI, transportation and schooling for children is covered. However, sometimes this is only offered by employers relocating staff already working for them.
If it is a dream opportunity you may be willing to forego a substantial pay increase. However, now knowing the cost of living in the country you may be moving to gives you a clearer picture of the kind of money that would offer you a comfortable life. Whilst being content is certainly a bonus, see this as an opportunity to also better your standard of living further. The fact that an employer is willing to bring you into the country shows that you have a talent they cannot do without so be aware of your worth when negotiating salary.
Before you accept any offer, consider what you will be leaving behind if you take this new role abroad. Many companies offer great benefits packages and your new employer may not do the same.
If you have children and own a property you will also need to consider the financial impact these may have. For example, in some countries, expat children have little choice but to attend expensive international schools.
As a very last measure, before you accept the job, make sure you are 100% clued up on all visa and work permit requirements. Each country has different rules and time frames, so it is best to check well ahead of time. Enquiring about obtaining a driving license and finding appropriate private healthcare cover should be considered and whether this is something your employer will cover financially.
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Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.