Shanghai has an expat population of over 175,000 – a figure which is currently rising by seven percent annually – and is perhaps the most metropolitan city in China. The municipality has quickly become a major financial centre, and is extremely influential on a global scale within industries such as e-commerce, media, technology, transport, fashion, culture and finance.
As the commercial and financial centre of China, Shanghai has an undeniable attraction to those looking to work in a rapidly emerging marketplace.
The Chinese government historically made it extremely difficult to obtain the green card required to work in the country, however – due to the new-found ambition of those charged with maintaining the momentum the country has built since the redevelopment of the nineties – expats are now viewed as a key component of the economic drive.
As a result, procedures and requirements have been eased to encourage younger foreign talent to seek out the cheaper living costs and financial rewards enjoyed by expats working in the country.
As more and more businesses seek to use Shanghai as a means to fill the void left by the economic downturn in America and key European jurisdictions, there are more key positions opening up and more interest in migrating to the vibrant and bustling Asian hub.
For those with no previous experience of Asia, Shanghai could be viewed upon as being a baptism of fire for any expatriate not used to the faster pace of living, however the city is captivating and full of life in a manner far-removed from anything on view in British cities.
Financial Advice in Shanghai
Finding financial advice in Shanghai as an expatriate is one of the easiest aspects to completing the move, however finding trustworthy and reliable advice from an unbiased independent consultant – not so much.
A large percentage of financial advisors in the city are not ‘independent’. This means that they will either have an affiliation with, or will receive kick-backs for selling the products of a certain provider. It is important to find an advisor who will offer an unbiased, whole of market viewpoint in relation to any product.
Health Cover
Many employers do not provide health cover in Shanghai, certainly not a plan which extends to family. As a result, it is of paramount importance to make arrangements for the right level of private cover, as the Chinese public healthcare system operates at both ends of the scale in terms of accessibility, treatment methods, and hygiene. Often hospitals are under-staffed and those that are visibly employed by the medical centre are extremely unlikely to speak English.
The idea of a local GP is as foreign to the Chinese as a full English breakfast, but some familiarity can be found for expats with companies like BUPA developing a solid presence in Shanghai – a city it first came to in 2006.
Other Financial Considerations
Most job opportunities in Shanghai offer extremely generous financial rewards in terms of salary, while the cost of living is substantially lower than other popular expat destinations (Dubai, Hong Kong, Sydney etc…). Great consideration should be given to making the most of this. A variety of savings plans for retirement or children’s education purposes are available in the city, and all the top providers have a presence.
Taking out a Life Insurance policy to cover life in Shanghai is also a must. If the unthinkable were to happen, families can expect to pay exorbitant repatriation fees from China. A qualified financial advisor will be able to offer insight into all aspects of Shanghai financial life and the opportunities available for somebody residing and working here. It’s an exciting city which is full of life, culture and vibrancy, but it also offers expats the chance to achieve financial security during their time here.
