Observations, Global Travel and Immigration Impacts
Communication and collaboration across the industry throughout the pandemic, and into the future, positions mobility to remain a critical element in the support of business and talent development goals.
Questions on specific cases should continue to be directed to your Client Services contact or to firstname.lastname@example.org.
This week's observations:
- Upcoming Foreclosures – Concerns have been raised regarding potential impacts on the real estate market and foreclosures. This is particularly true once mortgage companies are authorized to begin foreclosing on homeowners that have been unable to pay their mortgages and will not be able to pay at the conclusion of their forbearance program.
- Relocation Appraisals – Due to the forecasting element, relocation appraisals are becoming more challenging. This is driving the increased use of Buyer Value Option (BVO) in lieu of Guaranteed Buyout Offer (GBO).
- Continued Flexibility – We anticipate ongoing flexibility related to COVID-19 delays. With this, we expect pressure to secure suppliers for corporate moves as we enter the summer months and strongly encourage as much pre-planning and pre-booking as is possible.
- Property Listings – Concerns about where the market will go and a potential COVID-19 second wave may impact on price. We expect this to drive accelerated home sales in lieu of holding off and waiting.
- Budget Matters – Companies are beginning to prepare hiring managers and budget owners for extended benefit periods and delayed accruals.
- White Glove Services – There has been a marked increase in specialized services to encourage employees to move in this challenging environment. Typically, we see these services limited to those in the executive space and have also observed the addition of sanitizing services in many instances.
- Family Matters – Employees are requesting family to join them in temporary housing, driving requests for larger units and therefore increased costs.
Global Travel and Immigration Impact
- In the US, the opening of Social Security Offices will be a relief to many newly arrived transferees who have been unable to obtain a Social Security Number. While processing times are still anticipated to be longer than pre-Covid, this is a significant development for those currently unable to join local payrolls and medical enrollment schemes.
- One of our valued partners, Newland Chase, has recently published a Q&A report based on inquiries received during their webinar sessions. The full report an be accessed here.
- Newland Chase also continues to maintain a Travel and Immigration Guide updated twice daily. The guide includes individual country reports which can be accessed here.
Developments in Asia
- Relo Network Asia, has issued an updated COVID-19 report. The report focuses on service, borders, immigration, international schools, arrivals, and lifestyle categories and can be accessed here.
CapRelo actively is monitoring all cases to determine how moves will be impacted. The safety and care of our employees, clients and customers is our highest priority. We will continue to share our observations that pertains to the relocation landscape.
With changes coming frequently, questions on specific cases should continue to be directed to your Client Services contact or to email@example.com
To access previous CapRelo updates, please visit our resource center:
LEGAL DISCLAIMER: The statements above are not intended as a substitute for legal and/or tax advice. CapRelo is not responsible for any loss or implication arising from reliance on these statements.
Recommended Articles For You:
- What is a Job Relocation Package & What Should it Include?
- Lump Sum Relocation Packages - Everything You Need to Know.
- Don't Confuse Relocation Reimbursement With a Bonus.
- What is Gross Up -Tax Gross Up Formula & Definition.
Please submit your contact information, and we will get right back to you! You'll also be subscribed to the CapRelo blog.