Whether it is worth settling down abroad rather than at home is a highly personal decision that depends on an individual's goals, values, and circumstances. Some people may find that living abroad provides them with new opportunities and experiences that they could not find at home. Others may prefer the familiarity and support of their own country and culture.
There are many factors to consider when deciding whether to settle abroad or at home. Some of these may include:
Job opportunities: If you are seeking work, you may want to consider the job market in your destination country.
Cost of living: The cost of living can vary significantly from one country to another. You will want to consider whether you can afford to live comfortably in your chosen country.
Quality of life: You may want to consider factors such as the climate, political stability, and cultural diversity of your destination country.
Family and social support: If you have a close network of family and friends at home, you may find it more difficult to leave them behind.
The above mentioned are some basic factors to consider, but there are many other issues that can arise from the experience of settling abroad. Before making a decision, let's consider these additional factors as well.
Settling period : Each country has its own policies for student visas, work visas, permanent residency, and citizenship. On average, it takes a minimum of 8-10 years to become a citizen of a country and fully settle down. For students moving abroad, this often involves 2 years of study, followed by 5-6 years of work to obtain permanent residency, and possibly another 1-2 years to obtain citizenship. In some countries, the process may take even longer than this.
Pension eligibility : Retirement is a silly term for a 20 years old but when you reach 40 then this is the most important thing in life. Each country has its own ways of saving for retirement and eligibility for pension contributions. In many countries, there is a distinction between permanent and contract jobs. Permanent jobs often start with a lower salary, but both the employer and employee can contribute to a pension fund, which can provide a larger sum for retirement. However, this may mean that your monthly expenses have to be minimised in the present in order to contribute more to your pension fund. On the other hand, if you are happy with a contract job, you may be able to earn more money by contributing less to a pension fund. This can create a dilemma of deciding between short-term and long-term financial goals.
House prices : When choosing a place to settle down, many people consider factors such as the quality of the residential community and the availability of good schools. In any part of the world, areas that meet these criteria tend to have higher house prices. In some countries, the required down payment for a house can be as much as 20%, and there may also be additional fees such as stamp duty to consider. As a result, it may be necessary to save for a significant period of time in order to be able to afford to purchase a house in a desirable community. Finally, the mortgage is an important factor to consider when buying a house. In many countries, lenders will assess your annual income to determine how much you can afford to borrow. This can affect your ability to purchase a house, as well as the type of house you can afford. Additionally, rising inflation can lead to higher interest rates, which can make it more expensive to pay a mortgage than to rent a house in some cases.
Supporting Aging Parents : Supporting aging parents from abroad can be a challenging task, as it requires balancing the needs and preferences of the parents with the realities of living in a different country. Some of the challenges that children who live abroad may face when supporting their elderly parents include:
Communication: It can be difficult to stay in touch and keep track of the parents' health and well-being when there is a significant distance. It is important to find ways to stay connected and communicate effectively, such as through regular phone calls, video chats, or other forms of communication.
Coordination: It may be necessary to coordinate the care of the parents with other family members or caregivers who are located in their country of residence. This can require careful planning and organisation to ensure that the parents' needs are being met.
Time and distance: Being physically distant from the parents can make it difficult to provide hands-on care and support, especially in emergency situations. It may be necessary to make arrangements for caregivers to be available in the parents' country in case of emergencies.
While these methods can be helpful in supporting aging parents from afar, they may not fully replace the benefits of being physically present and providing emotional support in person.
Children's education : When choosing a country to live in, many people consider the quality and cost of education for their children. While primary education is often free in many countries, the cost of secondary and higher education can be expensive, particularly if you are considering private schools. University tuition fees can be especially high in major countries, and it is common for students to take out loans to cover the cost of their education. This can lead to questions about whether the cost of a degree is worth it in terms of the starting salary that the student can expect after graduation. In some cases, students may find themselves paying off their loans for many years after completing their studies, which can impact their ability to start fresh financially.
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