Expatriates In Korea: What to Expect

For those unfamiliar with the term, an expatriate is a person residing in a different country from where he or she is a citizen.  The term is more readily referred to skilled professionals sent abroad to work.  This began in 19th century when Americans were drawn to other countries, such as Europe and Asia, to study and share their skills.  An expatriate can enjoy a favorable tax treatment, unlike immigrants, once they've lived in their chosen country for five years minimum.

Korea is one of the most extraordinary countries in Asia.  Though it is not exactly known to be an expatriate haven, it has become famous today for its attractive culture and local development. Korea has a strong culture that is relatively similar to big countries in terms of climate and style.

The language barrier, however, was one of the most significant reasons why foreigners hesitate to expatriate to Korea. Fortunately, this an issue that the nation is attempting to change as Koreans are making the efforts to integrate the English language into their school curriculum, making English proficiency mandatory at most levels of education.

Why Be Expatriates In Korea?

Cost of Living

Korea is known to have a relatively low cost of living, compared to the US and the UK.  If you are enjoying a salary of $2000 per month, you can live comfortably by spending roughly $800 of your monthly pay. Food and housing expenses may be rather high by local standards, depending on your location, but transportation and other things are actually very affordable. Additionally, as expatriates, most employers offer housing arrangements as a subsidy or even free of charge.

Climate

The climate in Korea is almost similar to countries like Europe, America and Australia.  There is really no need for foreigners from these countries to adjust to the weather.  It can be warm but muggy during the summer months of June to September, though. Winter, on the other hand, is cold to below the freezing point.  The best time to visit Korea is during fall when the weather is mild and a little dry.

Korea has extremes in temperature, to be sure to pack practically. If you are planning to live in the country, pack light shirts and heavy jackets to cope with the temperature disparities. Umbrella and raincoats are also must-haves during the peak of the spring time.

Government

Korea is politically classified as a Republic. Much of its economic prosperity is because of its stable and transparent government, which is somewhat influenced by the American style of governance to date. The economy is very strong and steady, making it a good place to open successful businesses with a greater chance of earning significant profits. 

Tax System

Most taxes in Korea are high; however, for those who want to become English language consultants(i.e English Teachers), a lower tax rate is offerred.  The income tax rate in Korea is actually quite high- similar to that which is seen in the west. However, for expatriate English teachers, you can expect an income tax rate of 3% to 10%. 

Medical Care

Medical care in South Korea is modern, clean and readily available. Before you and/or your family decide to become expatriates in Korea, make sure the health insurance plan you have issued in your country is also accepted in Korea.  Nonetheless, Korean employers are obligated to contribute to your health care, as Korea does have a very effective nationalized health-care system. Because of this low-cost, effective system, Koreans do not hesitate to go to the doctor for even minor illnesses.

Medications and health care products are highly accessible and cheap.  A lot of doctors also speak English well so you won't always need to bring a Korean friend with you to interpret during consultations.



Additionally, South Korea is becoming increasingly well known for the amount of plastic surgery that is done in country. The propensity to achieve  certain features of beauty coupled with the safety and quality of the work has made plastic surgery extremely common in Korea. In addition, the large number of doctors performing routine surgeries such as Botox injections, liposuction, calf reductions, and double eyelid surgeries, make the cost of such procedures comparatively cheaper than in the UK and US. 

Shopping

Several modern shopping malls and boutique shops are available in Korea both for high-end designer retailing or bargain hunting. Koreans are very much into brand names and looking fashionable, so you will most likely find familiar international names in most malls. If you don't like to spend much on brands, you will also find local markets where you can haggle the prices the fit your budget.

Be aware that finding western sizing in Korea is often an issue for expatriates. Particularly for clothes in larger sizes for both men and women, clothing can be very difficult to find. For plus size clothing, it his highly recommended to import items from your home country. Research size conversions thoroughly, but know that on average, Koreans are smaller and shorter than westerners, making their clothing similarly difficult to size. Also, Korean style of dress differs greatly in many respects from styles of the west. Particularly for men, it is considered fashionable for men to wear fitted pants and shirts, whereas the western style is seemingly favors a more relaxed, looser fitting garments.

4 Ways for Expats to Make Extra Money

  As many of you know, I am an expat- person living outside of my country of  citizenship. I've been living in South Korea now for over 14 months. As expatriates of our respective countries, it's easy to sometimes find ourselves trapped within the confines of our employment- which, in many cases, is our sole motivation for living abroad.

With all the muck and fuss with visas, contracts, and language barriers, it seems many times like there is no way to flourish financially beyond the set means of our employers.

This article is devoted to creative approaches to generating extra income while living, working, studying outside of your home country.


1. English Tutoring

English, in many parts of the globe, is a hot commodity. Assuming that you are comprehending what is written here, you surely have the capacity to teach English to natives with skills ranging from low levels on up to fluency. However, before you start posting fliers all over your neighborhood, be sure that you check the laws in your country in regards to foreigners employment. Particularly if your visa is linked to your employer( ie: you are in the country on a work visa), be sure to know the laws surrounding your pursuit of supplementary employment sources BEFORE pursuing anything. Depending on what you find, you may be in the clear, or might have to make a calculated assessment of the situation to see if the benefits outweigh the cons and possibility of getting caught(and deported)!

However, if you do decide to pursue English tutoring, know that it is a lucrative market, depending on where you are in the world, the saturation of native English speakers in the market, and the economic situation of the host country.

Resource: www.ESLCafe.com 
  I recommend this site because they have listings for teaching positions all over the globe.


2. Promotion

This is an obvious one, but getting a promotion in your current job can be a way to make extra cash while living abroad. Getting promoted from abroad though can be difficult, particularly when your boss or supervisor might not even be on site with you, or on the same continent for that matter.

However, getting promoted in any organization begins with you proving more value to the current situation that you take. Adding value to your workplace can be as simple anything from taking on the extra hours that nobody else wants, to communicating effectively and being a source of positive energy in a negative office environment. Overall, it never hurt to try!


Resource: www.DaniJohnson.com

  I recommend this resource as a way to improve your personal skills in working with people, and ultimately increasing the value you personally offer to your organization, family, and everyone that knows you.

3. Starting  Business

Starting a business has become easier than ever with today's technologies. Additionally, starting a business can provide a more long-term solution to your financial woes. Depending on the flexibility of your business- whether or not it can be operated without your physical presence, you might even be able to take your flourishing business with you on your next overseas assignment, or back to your home country when your employment term is finished. Starting a business can also give you certain tax benefits, depending on your country's regulations.

Again, do your due diligence in regards to laws about foreigners owning businesses in your respective host country. Additionally, know that businesses come with expenses that will be yours to bear as sole proprietor. Therefore, an initial investment is definitely necessary when strongly considering doing business abroad. It is advisable to start a business that is more or less automated as to avoid dealing with issues that come with having employees, as well, have capabilities to be run remotely from your home country(if you intend on ever going home or travel frequently on business). In addition, lowering costs may be key to your financial success because many countries do not readily offer bank loans or business lines of credit to foreigners as well, again, putting the weight of expenses solely on you.


Resource: www.NotEasyButWorthIt.com
  This site is by two guys that have made millions in business for themselves marketing via internet remotely from all over the world. 


4. Financial Investments

Expanding and diversifying your investment portfolio while living abroad can be a great way to put extra funds to work for you while you are hard at work as well. Depending on the amount of money you want to invest will determine exactly which financial instruments you are eligible to use.

Finding a good Financial Adviser that speaks English will be your first task. After that, surely be cognoscente of the length of time surrounding each investment product option and how they coincide with your immigration situation. For example, opening a 2-year high interest yielding Certificate of Deposit(CD) is a great idea only if you will be there on site in the host country in 2 years. Also, I have always been wary of signing papers in a language I can't understand- particularly when there is a large sum of my money on the line. Working with a firm in your home country is possible, particularly if you travel to your home country frequently, but can be a real pain when it comes to communicating with time differences and coinciding business hours.

Investing for the future is a necessity, but if you don't have some money set aside that you can live without ever seeing again( remember there is a risk involved), then this may not be the option for you. However, if you've really been saving your pennies taking advantage of the cheap cost of living in your host country while pocketing more money than you spend, a financial investment might just what you need!

Resource:  http://www.iamadvisors.com/
  This is a firm that works specifically with expatriates. I have never used their services, but seems to be good resource, particularly for American expats.


In an effort to give complete and relevant information to all readers, please feel free to leave comments, additional information, and links to resources that you have found. Expats unite!