When Is The Best Time To Repatriate To The UK part 1 – that will be the topic of today’s article.
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The best time to consider your financial situation is when you are moving to a new country.
In most cases, people have a life in the UK and elsewhere. For some, this may be due to government or military employment or by being posted abroad for work reasons. Military men and women may even find themselves repatriated following a tour of duty overseas. No matter your situation, a time will come when you find yourself wondering if you should repatriate to the UK.
What are some of the benefits of repatriating to the UK? Of course, taxes are one of them, especially for people who have an overseas assignment or were on a posting that can be considered as ‘foreign’ by HMRC. Even higher salaries may not be enough to counterbalance UK taxation rates against a possible scenario of a lower tax bracket abroad.
This is especially true for people who live and work out of the UK for more than six months a year. In fact, it also applies to those who spend less time outside their country of residence unless they have foreign income, which would make them eligible to be placed into a lower tax band due to earning income overseas.
However, it’s not just about taxes. While many countries have the potential to offer considerably better work conditions or salaries, living in the UK can also mean that you return home ready to relax without having to worry about the language barrier, cultural differences, or even time changes.
This is especially true if you are used to a certain way of life and find yourself in a country where this means of life is incompatible with the one you lead. So, if you’ve been surfing the internet to know the right time to repatriate to the UK, worry less. In this article, we will walk you through what you need to know.
10 Benefits of Repatriating To the UK
The term repatriation is defined as the return of citizens or residents to their country of origin. Due to political instability, terrorism, violence, or natural disaster, it has become common for many immigrants to seek refuge in other more stable countries.
Many countries have strict rules which regulate who can enter their borders and how long one can stay for – and often, those rules can change without warning. As a result, more and more immigrants are choosing to look into the benefits of repatriating back to their home country as opposed to continuing to live as an immigrant in another part of the world.
When you think of the UK, what do you envision? The traditional image of a family in front of the Buckingham Palace passing the Queen quickly on their way to work or school comes to many minds. However, with increasing numbers of expats returning home for an increased quality of life and business opportunities, this may be changing. Here are ten benefits of repatriating to the UK.
1. Low Tax Rates for High Earners
The UK’s tax rates are low compared to other countries, especially with its European neighbors. However, there has recently been a small increase in taxes for top earners, but the changes only make the current system more competitive.
If you’re considering a career in investment banking or fund management, you should know that the UK has a top “additional rate” of income tax of 50% for those whose yearly earnings are more than £150K. This is marked as an exceptional tax, only to be paid by those who can afford it.
2. A Growing Economy Means Opportunities for Expats
Unlike many economies worldwide, which are still struggling to find their feet after the financial crisis, the UK’s economy is growing steadily as it emerges from the mess. This makes it an attractive place for expatriates who want to be a part of a thriving economy.
More so, you can continue doing business with European neighbors like France and Germany. In addition to this, the UK’s economy is not based on a single sector but instead covers a wide range of industries. This means that no matter what your expertise, there will be opportunities for you in London.
3. Increased Life Satisfaction and Quality of Life
It’s difficult to put a number or statistical evidence to this benefit of repatriating to the UK, but it’s something many expats value greatly. How happy you are in your home country is one of the most important factors when moving abroad. If it isn’t somewhere you could spend the rest of your life; then there’s little point in moving there for work or study reasons.
Expats who have lived in the UK say they have higher life satisfaction, regardless of how many more hours a day they work. The country’s first past post system for elections also means that you won’t have to spend your time arguing with people about who should run the country – whichever party gets the most votes runs it.
4. An Expanding Community of Immigrants
As the UK continues to grow economically, there has also been an increase in immigrants since 2000. The country is now home to over 7.5 million foreign-born people, meaning that 22% of residents were not born in the UK. This gives expats who move back an excellent choice for places where they can meet like-minded people and where there are plenty of facilities for English speakers.
5. A Great Place to Raise a Family
The UK is often described as one of the best places to live in the world if you want to raise a family. It has excellent life satisfaction scores across all ages, including children. The cost of living is also relatively low compared to other places, especially regarding education.
For expats looking for the best countries to raise a family, this could be one of your top choices. As a bonus, if you have children born overseas but are still citizens there, they can apply for UK citizenship after living in the country for just three years.
6. An Improved Work-Life Balance
There’s no doubt that the UK has a fast-paced and competitive work environment, but its residents also enjoy one of the best work-life balances in the world. Those returning home after studying or working abroad often value this greatly.
At the same time, those who choose to stay can easily make time for themselves between their work and social commitments. Because of this, you can expect to see fewer burnt-out people in the UK compared to other places like Singapore or Hong Kong.
7. English is Widely Spoken
If there’s one thing that makes it easier for expats moving to the UK, it’s the fact that many people speak English fluently. This means you’ll need to spend less time learning the language when you arrive and instead focus on getting settled in.
Besides, you will probably come across some words or phrases unique to the UK, but this is a pretty easy problem to overcome. The one exception, of course, is if English isn’t your first language – expats from non-English speaking countries should expect this to take up some of their time when they first arrive.
8. Less Bureaucracy and More Efficient Government
There’s a lot to be said about the UK government. It’s known for its efficiency, something that leaders of other countries, including France and Spain, have begun to try and emulate. The English-speaking country also has relatively little bureaucracy compared with many others across Europe.
Also, you can buy a property in the UK within days of deciding you want to, for example. In fact, it’s been reported that several French citizens have been buying properties in England as a way around their own country’s red tape when finding somewhere to live.
9. A Rich Cultural Heritage and Access to the EU Market
The UK has a rich cultural heritage, which is reflected in its museums and architecture and is celebrated each year during the London Eye event. If you want to be a part of this, repatriating to the UK will allow you access to other European countries within the EU through membership in the single market. This gives you greater freedom to travel to any country which has signed up to it without having to apply for a visa.
10. The openness of the Country
The UK is one of the most multicultural countries in Europe, with people from all over the world calling it home. This makes it easy to settle into your new life there since you’ll find many familiar faces around you who can help you get used to things like paying taxes and driving on the left side of the road. Expats have also found that Britons are typically very open and friendly, which makes it easy to get settled quickly.