Nearly 40% of expats made the decision to move overseas without telling their partners or families, according to new research.
The revelation comes from the report Anatomy of an International Business 2013-14 from international insurance firm Expacare that looks at expat and employer attitudes around the world.
Most expats do discuss their move with partners and family, but 39% made the decision without consulting anyone else.
Once the move overseas is made, nearly half found life as an expat more challenging than they thought before they left home, while another 9% said they found living in another country ‘confusing’.
The main issue for expats, says the survey, are pensions and banking.
FATCA and QROPS
An international crackdown on offshore financial centres led by the US Foreign Account Tax Compliance Act (FATCA) network that lets tax authorities swap information about accounts and investments has complicated banking.
Offshore pensions, like Qualifying Recognised Overseas Pension Schemes (QROPS) for British expats and international workers with UK pension rights are complicated for expats to get to grips with without expert advice that can sometimes be hard to find.
Tax is also another cause for concern for one in four workers, while more than 20% worry about how much cash they lose in foreign exchange transactions.
Despite these concerns, more than a third of employers (37%) said expats often stayed in their posts longer than planned, while 13% had never seen an expat go home early.
Desirable women
From an employer’s point of view, the study shows that single women in around 30 years old are the preferred candidates.
Just over half of employers voiced the preference – providing the candidate has a good command of foreign languages and can network.
The ability to sell was also high on the employer’s check list for the ideal expat candidate – with 41% ticking the option.
Making staff feel comfortable in their posting by offering support is important for employers who spend a lot of money sourcing talent and want to keep them in place.
“Putting together the right package to see expats through what some experience as a stressful time is a priority,” said Barbara Cook of Expacare.
“It’s also interesting to see what employers view as the ideal expat job candidate. Communication skills like speaking more than one language and networking with colleagues and clients are sought after attributes.
“The business world is becoming a highly connected place and expats who can operate globally are seen as a valuable commodity.”
