Is it sensible to move abroad during a worldwide recession?

Has the recession impacted upon your plans?

Even though there are signs that the worldwide recession may well be coming to an end many countries around the world are becoming very protective of their own employment markets with immigration procedures and numbers being tightened around the globe. But is it a sensible time to move abroad during a recession?

The worldwide economy

There is no doubt that over the years the various domestic economies around the world have become entwined with each other with the likes of the US and the Far East pulling the strings of many economies around the world. Even economies such as the UK, which has a very strong standing on the global scene, is very much tied to business activity in the US, the Far East and to a lesser extent central Europe.

Many of the smaller economies around the world have been hit hardest by the ongoing downturn due to the very fact that they seem to depend on a relatively small number of trading partners and ultimately they have been hit further down the line. However, it would be wrong to suggest that all of the smaller economies around the world have struggled and will continue to struggle because ultimately the onset of the Internet and intercontinental travel has opened up new markets and strengthened the position of many countries around the world.

Employment markets

Even in the most dire of economic situations many economies around the world, predominantly developing or early-stage economies, will require the expertise and assistance of people from the likes of the US, the UK, Europe and the Far East. While the level of immigration into many of these countries has been limited over the last few months, with various immigration procedures tightened, there is no doubt that in order to survive in the future, investment still needs to be made and experts do need to be brought in.

However, the situation is a little different in the developed economies of the world such as the US, the UK, Far East and central Europe where pressure from taxpayers has seen the subject of immigration hit the headlines around the world. While countries such as the UK, under Gordon Brown’s famous “British jobs for British workers” campaign, attempted to try and quell the influx of immigrants into the UK in many ways this has been impossible.

On the surface there may appear to be more barriers than ever before for those looking to move overseas but if you persevere there is every chance that you will at some point be successful. While the situation in the US is a little different, because of massive political pressure and anti-terrorist laws, ultimately there are still opportunities to move overseas even in the midst of the recession.

Funding your move overseas

While there may be some debate as to whether it is still possible to move freely to new markets overseas there is no debate about the financial pressure being felt by everybody around the world. We are seeing businesses going under, entrepreneurs made bankrupt and ultimately millions upon millions of people around the globe have been pushed into financial distress.

When the situation in their homeland becomes unbearable many people automatically look overseas assuming that “the grass is always greener on the other side of road”, often forgetting they will need their own funding to set themselves up in a foreign land.

Even in the good times it can be difficult to land in a foreign country and automatically find employment thereby reducing your financial pressures. The vast majority of people will have planned their overseas move for years, saved up enough money to see them by and ultimately have done their homework.

Accommodation overseas

One of the hardest hit markets in the worldwide downturn has been the property market which has opened up the opportunity for relatively cheap purchases and rental opportunities in many areas of the world. Due to the financial pressure felt by many property owners around the globe there has probably never been a better time than now to find a relatively modest priced property in your new homeland.

However, finding a relatively cheap property may be easier than it has been for some years but you must remember that incomes around the world have fallen and ultimately you need to be able to fund your accommodation and your lifestyle overseas.

Cost of living

While the cost of living has fallen in many countries around the world it appears to have fallen to a lesser extent than pressure on income and pressure on employment markets. The price of oil has been a major component of the still relatively high cost of living in many countries around the world although there are plans and hopes this will reduce in the future. It is worth remembering that the cost of living will vary from area to area in one particular country and ultimately from country to country. Finding a new home which suits your income, your hopes for the future, standard of living and security is probably harder today than it has been for some time.

Taking the plunge

Ultimately for many people, who have decided to move overseas, whether for employment or lifestyle reasons, it is never an easy decision. Even though there are probably more factors to consider as the recession continues to bite into many countries around the world, ultimately, if you have done your homework you should give yourself a better than even chance of success. You need to ensure you know what you’re letting yourself in for, the upside, the potential downside and many people find it sensible to have a backup plan in place.

Conclusion

Even though the worldwide recession has and will continue to impact upon immigration figures there is no doubt that economies in countries around the world do require, and always will do, experts in certain fields. Even though investment in certain business arenas and countries around the world has fallen away, there is still a need to look at the long-term picture for both governments and for expats.

There are opportunities to move overseas every day of every month of every year although you need to take an opportunity which best suits your lifestyle, your hopes and ultimately your financial situation. You need to make the most of your positive points while obviously being aware of any potential downsides because the chances are when you do move overseas it will not be 100% as promised “in the brochures”. The recession may well have impacted upon immigration figures but ultimately free travel around the world and the opportunity to re-locate will always be there.

Related posts:

1. Job prospects during the Australian recession
2. Reasons to move overseas
3. How long will the Spanish recession last?
4. Where would you move to?
5. UK tax regime likely to prompt more people to move abroad, especially business owners, research suggests

Tagged as: expat, recession