Here are some things to consider before making an international move.
When it comes to working overseas the options can be endless. You may be considering teaching English in Italy or taking a job that’s very similar to the one you’re doing now, only in New York City!
Earn more than just money
Where ever you’re planning to go, you could find there’s more to be gained by working overseas than just earning a different currency.
It’s true: international experience can look good on your resume. That’s because many employers value the experiences employees gain by working overseas.
In fact, the Australian National Universityi has found employers value candidates with international experience because they:
- Can help companies maintain a global competitive advantage by bringing international skills, experience and cultural understanding.
- Better understand the international marketplace.
- Can more easily build relationships with foreign clients, suppliers and business partners.
- Have more diverse perspectives and experiences.
- Offer a range of enhanced general skills.
Top overseas employment destinations
According to the Australian Bureau of Statisticsii an estimated 346,000 Australian-born people are living overseas. Of this number, most are living in the UK and USA, with New Zealand also fairly popular.
- United Kingdom–33%
- United States–22%
- New Zealand–14%
- Greece–7%
- Canada–6%
- Italy–6%.
Getting prepared
As rewarding as overseas work can be, it can be challenging to leave all that’s familiar behind. But if you’re keen to start from scratch and live and work in a different country, you’re probably ready to step out of your comfort zone.
If working overseas appeals to you there are some things you can do to get prepared:
- Work out where you’d like to go and when.
- Make sure your passport is valid and contact the consulate of the country you’d like to work in. Each country has different criteria and visa requirements you’ll need to meet to qualify for international employment.
- Save for your trip–call us and we’ll help you set up a savings plan so you’ll have enough to get you settled overseas and something to fall back on if you need it.
- Consider searching online for organisations that can help bundle your travel and work needs. Some companies can place you in an overseas job, organise your airfares and help arrange travel insurance. But be sure to do your own research too.
- Visit your dentist and doctor to make sure you’re in good health. And speak with your health fund so you know what they’ll cover when you’re away. Just in case!
Ensure that you protect your super before you go. If you’re paid superannuation in an overseas job, you’ll need to know how to get it back home. And depending on how long you’re away, your super could end up being deemed lost–if that happens your money may stop earning interest, which could set you back financially down the track.
We can also help you to work out whether any HECS arrangements will be affected if you’re working outside Australia, and run through the tax implications of earning money overseas.
Bon voyage!
Working overseas can be a great way to travel and build your skills and experience.
If working overseas is on your radar?
Why not make a start getting your finances in order before you head off - book an appointment or call us on 02 4229 8533.
i https://careers.anu.edu.au/students/gaining_experience/overseas_study_work.
ii abs.gov.au/ausstats/abs@.nsf/7d12b0f6763c78caca257061001cc588/ 3cf3335edc1a3f7fca2571b0000ea963!opendocument.
Article by © AMP Life Limited
General Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.