Expat Finance: Trend for moving abroad increases as up to 500,000 prepare for exodus
January 31st, 2009By Alison Steed, Source – AXA report
As many as 500,000 Brits could be leaving our shores to become expats by the end of the year, reports Axa, one of the world’s biggest insurers. The study which was conducted between October and November 08, puts Bulgaria’s Black Sea costal city of Varna at first place and as their first choice.
It is difficult to use forecast figures as a barometer of intent to be fair, but there is no doubt that the trend for moving abroad is increasing.
In 2006, official figures from the Office of National Statistics showed that 400,000 people emigrated from the UK, and by the end of 2007, Axa had seen an 11.7 per cent rise in the number of inquiries for international private medical insurance, and a 28.6 per cent increase in inquiries from those looking to relocate elsewhere in Europe.
It is on the basis of the continued rise in inquiries in the first half of last year - up 15 per cent again on the same period the year before - that Axa has calculated its figures.
It points out that 500,000 people is equivalent to the entire population of Leeds, and there is a good reason to think that the number of people moving overseas is accelerating.
YouGov figures, for example, suggest that one in three of us is considering a move abroad to improve his or her financial position.
Retirees can live an equivalent lifestyle in Bulgaria for about a third of the cost of the UK, thanks to lower taxes and cheaper food and energy bills.
Now that there is also a relaxation of rules on access to healthcare for non-Bulgarian residents in Bulgaria, the appeal is growing even more.
Axa said inquiries for the other side of the Channel more than doubled for the first half of 2008 - an indication of its rising appeal.
