Where do UK expats go, and how do they lose unclaimed assets?
Did you know that Great Britain has the eighth highest expatriation levels in the world? A massive 5.5 million Brits live abroad, which is 7.7% of the total UK population. So why do so many British residents pack their bags, where do they tend to move to, and how do they leave unclaimed assets behind?
The Telegraph quoted that at least 400 UK citizens leave the British Isles every day. That’s enough to fill 10 double decker buses … But where are these people going?
Well … a lot of the departing Brits are heading down under, to Australia, with 1.2 million UK citizens living in Oz. According to the expats, the ‘Aussie’ dream appeals for a number of reasons. These include a better quality of life, stunning beaches, warmer climates and the al-fresco lifestyle. For skilled workers, the employment opportunities are another weighty pulling factor, with hefty salary offers.
The North American continent is the next most popular destination for expats. The USA currently houses 701,000 Brits, whilst Canada isn’t far behind with 675,000. Cheaper real estate prices, spectacular scenery and knowing what to expect with the weather are all attractions.
Of course, not all of the expats emigrate across vast oceans to the other side of the world. Spain (411,000 Brits) and Ireland (397,000) are still both very popular locations for Brits to live out their days. These both offer their own individual enticements, which have been drawing people from the UK across Europe.
Below is a complete table of the most popular country’s British citizens have emigrated to:
|Country of Residence||Number of UK Emigrants|
So why are UK expats and emigrants losing unclaimed money?
When an individual or family packs up their home to move abroad, a breakdown in communication is easy to occur. Particularly when in all the excitement of moving, you forget to notify your financial accounts of your change in circumstance.
Financial providers will find it extremely difficult to contact you, because of their traditional methods of communication. It is also very expensive for them to trace people. When you are unable to liaise with your providers, your accounts will become inactive and dormant. Subsequently, this leads to your outstanding assets becoming trapped within these accounts. This is where your unclaimed money comes from.
Monimine utilise an innovative, digital platform and expert researchers, to ensure that we find your unclaimed assets. If you are a UK expatriate and think you might have lost money, start your search today at monimine.com for FREE. If we match your details with an outstanding asset, we can reunite you with the money that belongs to you.
Josh Cousens – Monimine