What C-Level Execs Need To Know About Moving Abroad

Mar 1 2014, 2:10pm CST | by

What C-Level Execs Need To Know About Moving Abroad
Photo Credit: Forbes Business

I tried to find an applicable quote about moving as I scribed this piece on tips for chief marketing officers, chief executive officers and any high level executive as they prepare to move to another country. Unfortunately all I found were quotes from U-Haul and Ryder and other moving companies and something told me these were not really the appropriate quotes to cull from.

Moving abroad can be a very shrewd move for the executive seeking to maximize their pay package, enjoy a life of travel, and advance their career, all at the same time.  However, moving abroad comes with its own unique set of challenges as well.

In an article last October for Forbes, The Smart Career Move You Haven’t Considered: Working Abroad, Chloe Gray, who is a New Yorker living in Mexico City who heads up marketing at a tech startup cautioned “Each country abides by a different set of values, mannerisms, and customs in the workplace—and when you start working somewhere new, you’ll have to adapt fast.”

To help those c-level executives who are facing such a move I reached out to Titus Sharpe, CEO of MoveHub.com, a site which provides detailed information on over 210 metropolitan cities across the world to pick his brain on this very topic.

Steve Olenski: How much will it cost to live better abroad?

Titus Sharpe: The cost of living can vary massively between cities. To help keep a track of this and help people prepare for a new city we compare cost of living data for over 200 major cities around the globe, and do cost of living comparisons for popular routes such as London to Dubai.

Olenski: Is it easy to network after moving abroad?

Sharpe: There are a wealth of opportunities for a CMO to network anywhere in the world. Through specialist networks, LinkedIn groups and business meet-ups. You can also find expats in your new city with our Ask the Expats Q&A forum.

Olenski: How long should it take you to get to your new office?

Sharpe: Shipping times are generally between 2 and 6 weeks via sea freight, depending on the distance between ports. Air Freight is a lot faster, and is a lot more expensive. For any large items it is generally better to use sea freight. For a few suitcases or boxes air freight is a better choice.

Olenski: Why should someone move abroad?

Sharpe: There are many reasons why someone would want to move abroadPeople will move for love, work, a change of scene or to retire somewhere a bit warmer. For a CMO choosing which country to move to it’s all about your industry, and what you want from moving. For people looking to earn more Switzerland is still the best bet. The low tax rates and higher-than-normal average wage maximise your pay package. If you’re in finance then it has to be Singapore.

One of the original four Asian Tiger economies that is particularly favourable to the finance industry. If you need a strong digital marketing work-force? London. London has more job applicants for digital marketing than any other major city around the world.

Olenski: What rate of tax will you be payingSharpe: The tax rate, or more importantly, what you pay tax on will change massively depending on what country (and in the case of the US which state) you move to. UAE, Singapore and Switzerland all have very low (or 0%) income tax. You will still pay municipal tax, sales tax and tax on property in some of these countries we’ve published a guide to tax in the most popular expat destinations.

While this Q&A is hardly comprehensive, it gives a basic overview of many of the issues a a c-level executive must take into consideration when planning a move abroad.  There are financial, legal, and health issues to address, but successfully doing so will ensure a productive and happy experience abroad that can really help you take your career to the next level./>/>

Image Source: Google Images

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Source: Forbes Business

 
 

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