As the world is becoming connected more than ever, words like expat and immigrant are trending in the media. Sometimes, they are used interchangeably and this creates confusion among people to understand the exact notion of each.
Expats and Immigrants Both Need A Great Insurance
Moreover, after the US presidential election and the Brexit in Europe, more and more people started paying attention to foreigners in their country. Sometimes with scrutiny, foreigners fall into one of the two categories. However, grey areas still exist and many non citizens living in a foreign country would take inaccurate titles.
What is an Expat?
An Expat by definition is the shortened word form of expatriate. According to Merriam Webster’s, to be an expatriate is : “to leave one’s native country to live elsewhere”. This definition is very true, however it includes the characteristic of immigrants as well. Notwithstanding the definition, one fundamental difference would be the time period of stay in the foreign nation.
Usually some jurisdictions are considered pro-expats. Consequently, these are the financial hubs of the world and they are very business friendly. Therefore, historically many western expats relocated to them. Such places in Asia include Singapore, Hong Kong, Shanghai and Thailand. Whereas Dubai constitutes the financial hub of the Middle East.
On the other hand, Spain, Portugal, Italy, Greece and Cyprus are among the favorable locations for Northern European retirees. Those Southern European nations provide perfect havens of sunshine and golden sands. Moreover, some traditional touristic places are overlapping with expats’ favorable spots. These are especially true when the economy is fully developed, yet continues to expand in the hosting nation. One example is Monaco, nicknamed as the playground of the rich. Additionally, Southern France provides a lot of opportunities to expats and retirees alike.
On the other hand, western financial centers like London and New York are among the top destinations for investors and wealth managers. These two cities take the Alpha++ ratings according to GaWC City Classification.
What is an Immigrant?
An Immigrant is similar to an expat in terms of leaving his/her home country. However, an immigrant has a different goal and approach. To elaborate, this person foresees the opportunity to gain permanent residency in a country and ultimately citizenship.
Contrasting the above with expats, the latter usually seeks financial benefits or sometimes better geographical locations. An example would be an English retiree living in Cyprus. This person is usually not looking for citizenship in the hosting country. However, he is longing for the warm weather and picturesque beaches. In this sense, he is looking for a lifestyle rather than a passport.
The UN has placed a definition for migrants and refugees, by providing specific reasons and applying time frames to segregate each category. Additionally, the UN uses the word migrant which traditionally refers to movement within the same country. However, the definition adds the word “international” to the word “migrant” and that makes the whole difference. Check the official definition here.
Controversies
Some countries are tightening the rules for foreigners visas. As the world economy enters through cycles, so does the general sentiment towards immigration.
However, resilient nations who read into the future are always open for two types of people. Those with declared sources of sufficient income(s) and those with high talents. The two groups, no matter the big label being expat or immigrant, they will surely add value to the hosting nation.
