The Financial Times has spoken with ex-pats who are rethinking their long-term plans of living abroad due to the pandemic. Many ex-pats have said, “I need to go home”. Covid-19 has changed ex-pat life says Carole Hallett Mobbs, 55, who found returning to the UK harder than any of the many other moves she made as the wife of a diplomat.
” BEING PREPARED MENTALLY AS WELL AS FINANCIALLY MAKES THE WHOLE REPATRIATION PROCESS EASIER”.
HAS COVID-19 BROKEN THE EX-PAT MODEL BEYOND REPAIR?
One place Covid-19 has changed ex-pat life is in Singapore. Ex-pats make up more than half of senior management roles within Singapore’s financial services. The collapse in international travel due to the pandemic has hit the city-state especially hard. Borders are shut to tourists, and much of Singapore Airlines’ proud fleet is mothballed. The ability to get in and out of a nation that takes about 30 minutes to traverse has been a big draw for the more than one million expatriates who live here. Many expatriates are drawn to the opportunity of working in a dynamic region and to experience diverse cultures and nations for a few years. However, due to the pandemic and the economic fallout, many expatriates are cutting short their time living abroad. The trauma of quickly trying to change your life plans causes much additional stress.
STRATEGIES TO GUIDE EXPATRIATES WITH FINANCIAL ISSUES
Andy Willard Director of TWI said there has been a major increase in the number of expatriates experiencing financial trauma caused by the many problems of relocating home.
“WE HAVE HEARD FROM FAMILIES WHO ARE TRYING TO LEAVE, FAMILIES WHERE THE HUSBAND HAS HAD TO REMAIN WHILE THE WIFE AND KIDS RETURN. FROM TRYING TO RENT PROPERTIES ABROAD OR SELL AND THEN TRYING TO FIND A HOME IN THEIR HOME COUNTRIES. PEOPLE ARE EVEN STRUGGLING WITH THEIR PETS. THE TRAUMA OF QUICKLY TRYING TO CHANGE YOUR LIFE PLANS CAUSES MUCH ADDITIONAL STRESS”.
TWI have strategies in place to guide expatriates with financial issues ensuring that your financial planning process is as simple and problem-free as possible.
TWI offers a full financial planning review for the expatriate community in South East Asia. We have partnered with a selection of well-known offshore product providers and can tailor a complete financial plan, whilst remaining completely independent and impartial.
For an obligation-free discussion with Andy Willard, please select a date and time for an online zoom call or complete our secure and confidential online enquiry form. A member of our team will endeavour to contact you within 48 hours.
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