Relocating In A Recession: Steps To Consider For A Smooth Transition
Moving to a new country from the UK can be an exciting experience, but it can also be stressful and financially risky, especially if you’re doing it during an economic recession. The uncertainty and instability of the job market that comes with a recession, combined with the challenges and financial strain of settling into a new area, can make relocation difficult.
However, there are ways to make the process smoother and ensure that your move is successful. Let’s look at the main points to consider:
Research Local Economic Conditions
You’ve probably already got a destination country in mind before reading this article. During a recession, economic conditions may have changed since you last visited, so be sure to research the current cost of living and economic conditions – as well as the job market. A downturn doesn’t mean that you shouldn’t move, but going into it with your eyes open will help you budget appropriately for your move and know what to expect.
Consider Remote Working Opportunities
If you have a job secured in your destination country, that’s great. If you don’t but do currently have a job in the UK, think carefully before you hand in your notice. A recession sometimes makes it more difficult to find jobs in certain sectors, especially for people coming in from outside the country.
Fortunately, the internet and cloud-based collaboration tools have opened unparalleled opportunities for remote workers to continue their UK job from elsewhere in the world, so consider talking to your employer about the practicalities of this, and maybe engage in a trial period before jumping into looking for a new job overseas.
Also, depending on the country you plan on moving to, some countries offer special visas for so-called ‘Digital Nomads’ which allow you to stay longer than when acquiring a traditional tourist visas permit, while still being able to work remotely for a UK employer. Ensure to check the tax implications of this with a financial specialist before agreeing to any working arrangement, so you don’t pay more than you need to.
Network With Professionals In Your Destination Country
Networking with like-minded professionals on LinkedIn is one of the best ways to establish yourself in your new sector when moving abroad, so reach out to professionals who already live or work in the area where you plan to move. You may already have connections among suppliers and former colleagues from your current work you can connect with and chat with. This will give you an idea of what the professional market and atmosphere are like, and also makes it easier for you to find potential job opportunities once you arrive in your new home country – if you require it.
If you don’t have a job and can’t continue your UK position, it’s best to secure a job in your destination country before you make the big move, so that you can have some financial stability during your transition period.
Have A Backup Plan
While relocation doesn’t always go according to plan, having a backup plan ready can help ease the stress if things don’t turn out as expected when you arrive at your destination country. For example, make sure that your plans include alternative sources of income while you are sourcing permanent work, such as freelance work, backup savings, or online courses just in case there’s an unexpected delay or setback with finding employment upon arrival.
It also makes sense to budget a contingency fund to cover you for at least three months’ worth of living expenses, as well as any unexpected costs and fees you may not have planned for.
Understand The Visa And Immigration Requirements For Your Destination Country
Knowing the rules and immigration requirements for your destination country before applying for a visa is essential whether you are relocating during a recession or not. Admin staff at embassies and immigration offices are often the first to go during spending cuts, so you should allow plenty of time to ensure that any necessary documentation is up to date prior to submitting any visa or residency applications, including passport documents – and don’t leave any critical document applications to the last minute. You may have to travel in person to an embassy or consulate, so will need to budget the time and money to do so.
Budget Carefully And Plan Your Expenditure
A key factor in successfully relocating during a recession is smart budgeting. Think about how much money you may need for rent/mortgage, utilities, groceries, and other essential expenses once you arrive at your destination country— as well as the move itself, and plan accordingly by setting aside enough funds in advance. It’s also beneficial to open an account with an international or local bank before departure so that all of your finances are easily accessible once you reach your new home away from home!
Cost-Effective Global Relocation Services – Taking The Stress And Expense Out Of Your International Move
Moving during a recession may require careful planning, but it is perfectly achievable. In fact, an economic downturn is, historically, one of the most popular motivations for seeking out a new life in another part of the world. So, if you have your heart set on a global relocation and have thought the process through, then go for it.
At Galleon International, we help individuals relocate from the UK to locations all around the world – making the big move to be closer to family, marry their dream partner, take up a dream job, enjoy retirement in the sun, or simply for a change of scenery. Whatever your motivations and budget, we can help you relocate smoothly and affordably – recession or not.
To find out more or to request a quote, please call 01708 868068 today.
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