Working Abroad

How to Benefit from your Expat Status

The world in your hands: International work experience is a big bonus.

Many an expatriate benefits greatly from the time he or she has spent abroad. Not only do language skills and intercultural competence make them a valuable employee – expatriate assignments can also bring financial benefits. InterNations tells you what you can get out of being an expatriate.

Working Your Way Up

Paul (39) is currently working for the petrochemical industry in the UK. Before his assignment started, his job involved mostly desk work. “Compared to what I am doing now, it was boring. It gave me no hands-on experience. I was mostly reviewing parts of proposals for further prospection procedures. That’s looking for new oil fields in lay terms“, he adds. “Sounds very exciting, doesn’t it? But everything happened on computer screens or on paper.”

Then, however, his company sent Paul to Dubai to work at their branch office. As the UAE is one of the biggest oil providers on the globe, Paul did not get stuck behind the desk this time. Instead, he had the chance of visiting and examining prospection and production sites in person.

“Only very few of my colleagues in this office have the kind of practical experience that I have,” Paul says. “Professionally speaking, this was an amazing opportunity for me.” Together with the abovementioned cultural competence and language skills, the professional experience expats gain abroad will make for a well-rounded and appealing employment profile.

Receiving a Compensation Package

In some cases, working abroad can bring quite a few financial benefits. Unfortunately, this does not apply to every expat experience. It depends a lot on your personal circumstances, your employment situation, and your country of choice. There is a chance that you will not make it from rags to riches. However, if you play your cards right, your experience abroad may help you to save up some money.

Generally, expats receive a generous salary as well as an expatriate compensation package. This should not only cover your usual expenses but also your expenses for the move. If the cost of living is low in your host country and you manage to get by with a living standard which is not too luxurious, you may be able to save some money. Exploring potential tax benefits and tax optimization policies together with a good accountant is also highly recommended.

Thriving Professionally and Financially

You will have the best chances to receive one of those coveted expat contracts if you choose a country in which your particular skill set is in high demand. So, if you are not set on a certain country yet and have some say in this matter, try to do some research. Find out which countries are lacking skilled professionals in your field of work. You may easily find a job there.

However, don’t forget to then look up local standards of living, the average quality of life and living expenses. And don’t forget to include rent for expat housing, fees for international schools and other details in your calculations. Keep all these in mind when negotiating your employment contract. Insisting on an expatriate compensation helps you stabilize your personal budget.

All in all, working abroad will add value to your professional profile and further your individual development. You may thrive in this new environment and still benefit from everything you have learned in years to come. Hence, working abroad as an expatriate is a smart choice for many, albeit sometimes a tough one.