Healthcare professionals are among the hardest-working people in our communities, and during the pandemic years were pushed to their limit.
Many doctors feel that their salaries and working conditions remain seriously lacking. Is that you?
According to an OECD report, salaries for doctors increased in most European countries and are substantially higher than the average wages. GPs can earn around two or four times a country’s average salary and specialists upwards of six times more.
Are you interested in working internationally? International companies and top-of-the-range hospitals abroad offer not just the opportunity for higher earnings but also a better quality of life.
Nomad Capitalist has spent the last ten years helping 1,500 plus high net-worth clients from all around the world create and execute holistic plans to reduce their taxes, increase their options, and grow opportunities overseas.Apply here to become a client.
Singapore is a small country located between Malaysia and Indonesia, offering warm weather, delicious food, and diversity.
These are just a few reasons many American doctors aspire to work and practice medicine in Singapore.
Doctors working in Singapore earn from $180,000 per year and up to $278,000. Primary care physicians generally earn about $107,000
Is it possible for a foreigner to work as a doctor in Singapore? The simple answer is yes. As long as you meet the requirements and criteria to obtain a medical license and appropriate visa, you can work as a doctor in Singapore.
In terms of easy communication, English is the primary language used in medical settings, although some patients may also speak Mandarin or Malay. The culture of rounds and patient care is similar to that in the United States.
Regarding taxes, Singapore has much lower taxes and is more straightforward than European Countries.
Imagine spending your time off in Malaysia, Thailand, or Bali. The beauty of Singapore is easy to access some fantastic locations from Singapore.
United Arab Emirates (UAE)
The United Arab Emirates (UAE) has rapidly developed to benefit business, tourism, and healthcare.
In Dubai, doctor salaries will typically range from around $177,000 per year, with higher salaries of upward of $270,000, for specialist doctors.
The country has become a magnet for physicians and other healthcare professionals who are drawn by the opportunity of attractive earnings.
Doctors in the UAE receive a salary comparable to physician compensation in the US. They also enjoy additional benefits such as generous vacation time, incentive programs, health insurance, a relocation allowance, and compensation for their children’s schooling.
However, the most significant advantage the UAE has over working in the US is its favorable tax system.
Profitable options exist in primary care for all experience levels, from newly graduated physicians to experienced specialists. The specialist areas with a need for doctors include pulmonology, cardiology, occupational medicine, and spine surgery.
Fifty-five hospitals in the UAE have earned the highly respected Joint Commission International (JCI) accreditation.
Additionally, the majority of doctors in the country are trained in respected institutions in the United States and the United Kingdom and are fluent in English.
Renowned for proficiency and patient care, hospitals in the UAE provide top-quality services.
Other countries in the region that are often overlooked are Bahrain and Kuala Lumpur. At Nomad Capitalist, we don’t sell a country, but rather holistic strategies, taking you where you are treated best. We have helped clients obtain residence in more than 38 countries.
Securing work and obtaining a visa to live in the Netherlands is not the easiest option. However, it does offer some of the most lucrative salaries for healthcare workers. The Netherlands also provides a high standard of living in charming cities like Amsterdam.
Primary care physicians can expect to earn around $117,000 annually, while specialists can earn about $253,000.
Salaries in the Netherlands can also come with extra benefits such as housing and transport. However, the major drawback of working in this bicycle-loving country is signing up for its tax system.
The Netherlands orates a progressive tax system with doctors paying a rate of a whopping 49.5% on personal income.
Thanks to its efficient healthcare system, Germany stands out as one of the most financially rewarding countries for doctors.
This Western European country offers an attractive working environment, particularly for physicians.
Medical doctors in Germany are generously compensated, with general practitioners earning an average salary of approximately $79,677.20, and some doctor salaries can, depending on the practice wages can easily surpass $113,000 before taxes.
Specialist doctors command even higher salaries, typically around $17,800 a month. Notably, surgeons tend to earn substantially more than professionals in other specialties.
However, as with the Netherlands, practicing in Germany means signing up for the progressive tax system, which means handing over about 40% of your taxes.
The national healthcare system in Ireland (HSE) has just launched a national and international recruitment campaign for consultants.
This initiative comes with attractive salaries, training benefits, and the chance to live in one of Europe’s best destinations for expats.
The campaign will focus on attracting healthcare workers from the UK, Australia, New Zealand, and Canada.
Physicians employed in Ireland typically earn average wages of around $112,000 per year but can range from the lowest average salary of about $57,000 to the highest average salary of $171,000.
As with most other countries, your years of experience play a crucial role in determining your salary, second only to your specific profession. It is logical to assume that with more years of experience, your wage will increase accordingly.
For physicians with between two and five years of experience, your average annual salary would be around $89,000.
If you are a more experienced doctor with more than 15 years of experience, then you would earn around $154,000.
Education level and the medical school which someone has attended also play a part in determining the physician salary.
With its massive tech scene, Dublin especially has a very international vibe. As with other European nations offering high physician compensation, Ireland’s tax system is progressive, meaning those on higher incomes pay proportionately higher tax rates.
Luxembourg, a small country in Western Europe with a population of around 650,000, stands out with the highest salaries for doctors.
Given Luxembourg’s impressive quality of life and efficient medical infrastructure, it is no wonder that physicians are generously rewarded for their work.
General practitioners can expect to earn around$278,900 annually, while specialists can earn about $352,300.
Luxembourg offers an extremely high standard of living, putting it among the top 10 countries in that respect, but it also boasts a fair and generous salary system compared to other European nations. With a GDP (PPP) per capita of $97,662, Luxembourg is also one of the richest countries in the world.
Many high-net-worth individuals and businesses have flocked to Luxembourg to take advantage of low taxes.
So not only can you earn the best salary for doctors, but you also keep more of your wealth, unlike many other European countries that will keep a good portion of your hard-earned wages in taxes.
Doctors and specialists also have the opportunity to take advantage of the rising interest in medical tourism.
The 10 best countries for medical tourism and overseas healthcare include:
- Costa Rica
- Czech Republic
Take, for example, Malaysia, which attracts over half a million medical tourists annually thanks to its advanced infrastructure and affordable prices.
Malaysia has established agencies specifically dedicated to this purpose to draw significant medical tourists. Malaysia also boasts a higher level of English than other medical tourism destinations.
Our founder Andrew Henderson recently took a trip to the Prince Court Medical Center in Kuala Lumpur for a comprehensive medical checkup and not only saved a lot of money but was also impressed by the high level of care.
Need for Doctors
According to a study published in the Lancet Medical Journal in 2022, there was a shortage of around 6.4 million medical doctors worldwide needed to meet healthcare goals.
This crisis moved the World Health Organization (WHO) to create the Global Strategy on Human Resources for Health: Workforce 2030, which has already led to growth.
There is a particular need for medical specialties, including:
- Plastic Surgery
There are significant shortages and gaps in the European and Central Asian countries. Urgent action is required to tackle these workforce shortages, especially considering the current economic crisis countries are facing.
Go Where You Are Treated Best
A Medscape physician compensation report for 2023 revealed an average physician salary of $352,000, up about 4% over the previous year. Medical specialty wages rose from $368,000 in 2021 to $382,000.
The rise in physician incomes globally is the result, partly, of a shortage, retirements, and the impact of burnout, with more physicians making career shifts within medicine, including reduced shifts, gender pay gap, and a move to virtual care.
Ready for a change for the better? Would you like to work abroad, keep more of your earnings and enjoy a better lifestyle? Navigating the complexities of taxes and residence status can quickly become complex.
If you are a high-net-worth doctor, contact our team at Nomad Capitalist today. When you become a client, we help you acquire more wealth, freedom, and opportunities by helping you go where you’re treated best.
We don’t believe in a one-size-fits-all solution. At Nomad Capitalist, we do things differently by taking a holistic approach to offshore planning.
In 2022, the highest average annual compensation was found in surgical and procedural specialties focused on treating adult patients.
In the lead for the highest-paying medical specialty is neurosurgery, followed by thoracic surgery, orthopedic surgery, plastic surgery, and oral and maxillofacial surgery.
On the other hand, pediatric and primary care doctors typically earned the lowest annual compensation. Among them, pediatric endocrinologists had the lowest average annual compensation, followed by pediatric infectious disease specialists, pediatric rheumatologists, pediatric hematology and oncology specialists, and pediatric nephrologists.
The top specialists based on average pay:
Thoracic surgery: $706,775
Orthopedic surgery: $624,043
Plastic surgery: $571,373
Vascular surgery: $557,632
Oral and maxillofacial: $556,642
Radiation oncology: $547,026
According to the Times Higher Education rankings, North America and Europe boast the finest medical schools globally.
It is common in Europe to find specialized universities solely focused on medicine. With its longstanding medical tradition spanning thousands of years, Asia has quality medical schools. Some of the best medical schools across the globe include:
Harvard Medical School
Stanford Medical School
John Hopkins University
University of Oxford
University of Cambridge
Imperial College London
University of Toronto
Tsinghua University (China)
University of Hong Kong
National University of Singapore
Charité – Universitätsmedizin Berlin
Heidelberg University (Germany)