The research, conducted by independent financial advisory, Hoxton Capital Management, questioned over a thousand British expats and the results indicate that 44% do not intend to return to the UK and that only 32% do intend to return with the remainder unsure.
77% of those living as an expat has changed their view of the UK, only 24% for the better and 53% for the worse. 25% feel it has completely changed their view for the worse.
The survey also suggest that 57% of respondents still view the UK as a good opportunity for property investment. This despite almost half of expats surveyed not feeling positive about the British economy as a whole.
Potential financial gains, however, are not the main factor in Brits choosing to move abroad with 41% of those who do so seeking an improved lifestyle. An additional 10% do so for an adventure, while 9% expatriate to join family in their new host country.
Chris Ball, Partner at Hoxton Capital Management comments: “It’s a common misconception that the majority of expats move abroad for their own financial gain, but in most cases it’s a genuine desire from individuals to improve their lifestyle – or experience a different culture and way of life.”
Not surprisingly Brexit remains a concern for British expats, with 71% of those surveyed being ‘very concerned’ or ’somewhat concerned’ about how the process is affecting the UK.
Around 27% of the expats surveyed left the UK to improve their financial prospects, while four in five do not benefit from employer contributions to their pension pots.
“Workplace pensions are something that we take for granted in the UK, though they simply don’t exist in a number of popular expat destinations so retirement planning should be viewed as an integral aspect of the expatriation process.
“If you are considering moving to another country then we suggest seeking financial advice before moving and once settled in your new home. Those receiving advice on average benefit from an increased return of at least two per cent per annum on their investments compared with those who don’t have support from a strong adviser.”