More than half of British expats do not want to return home

A new survey from Lloyds TSB International, exclusive to The Telegraph weekly world edition, says that more than than half of all British expatriates believe they will never live in the UK permanently again.

However, only a quarter of expats are happy to cut all ties with the UK with three quarters saying it’s important to keep links with the mother country.

The survey shows that nearly 60 per cent of British expats left the UK for work reasons. A third of those who are expats for work reasons fall into the 45-55 year age group – and half of them say they’ve no plans to return home.  

The survey interviewed British expats in France, South Africa, USA, UAE and Hong Kong. Expats in the first three countries were likely to stay away from the UK the longest. Expats in the UAE and Hong Kong, who tend to be men aged 25-54, were less likely to remain expats for more than 10 years.

Of all those surveyed, 56 per cent said they would never live in the UK permanently again with the younger the expat, the more likely the chance they plan to return home. Understandably, the older the expat, the more likely they are to stay abroad: 80 per cent of those age 65 or over don’t plan to return to the UK.

Out of all the age groups, the most popular reasons given which would make them return home were family pressure and poor health. Three-quarters of those surveyed keep ties with the UK, with visits to family outnumbering business trips six to one.

Jakob Pfaudler, managing director Lloyds TSB international said: “Research shows that moving countries carries with it a huge emotional investment and it take on average one to two years before an expat establishes a social network and starts to feel settled.

“Coupled with the fact that most move to advance their career, it is no great surprise therefore than once they start to reap the benefits they aren’t contemplating moving yet again: over two-thirds of respondents with more than £500,000 in liquid assets are not planning a return to the UK.”

Those expats could soon find their numbers growing, according to the results of a separate survey by Currency UK. It says that 43 per cent of 60 to 65 year old Britons are considering a move overseas, thanks to worries over the spending cuts and possible tax hikes.

Of those who say they’d consider a move overseas, 32 per cent said it was because they thought it cheaper to live abroad and 26 per cent said the UK had little to offer retired people.

Source: http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8055346/More-than-half-of-British-expats-do-not-want-to-return-home.html