It is a curse that we thought had been consigned to the past but emigration has returned with a vengeance as the stagnating jobs market forces people to look elsewhere for work.

However, the nature of emigration has changed considerably since the 1980s when the Irish flooded Britain and the US to take advantage of the opportunities presented by their robust economies. This recession has not been kind to either and the Irish have been looking elsewhere for a new home this time around, most notably Australia and Canada, which have both seen a surge in residency visa applications from Irish people.

Obviously, the primary concern when choosing where to hang your hat for the next few years is going to be your prospects for employment but when making what is a life-changing decision you should also consider the financial implications of your final destination. There are vast differences in the cost of starting a new life in London, Toronto or Sydney.

Visa Costs: If you were born in Ireland and hold only Irish citizenship, you are going to need a visa if you want to work anywhere outside of the European Union. Despite the surge in visas granted to Irish citizens by both Australia and Canada last year, the numbers are still relatively small. Last year, Australia gave residence visas to 2,501 Irish people – up from just under 2,000 the previous year – and the Canadians granted close to 3,000 – up by 400 from the previous year. This does not include the 23,000 under-30s who have escaped the recession by heading down under on the Working Holiday Visa for a year.

Visas are not cheap. If you apply for a visa under Australia's General Skilled Migration programme you can expect to pay a total of AU$6,035 (€3,836). Just under half of this fee must be paid on application. An application for Canada's Federal Skilled Worker Visa will cost you CA$550 (€366).

Travel Costs: It goes without saying that the further away you go, the more you are going to have to spend on flights. One of the blessings of the low-cost airline culture that has become prevalent over the last decade is that emigrating to Britain can be as simple as booking a free flight – plus the many attendant extra charges – on Ryanair. The rest of Europe can be accessed for relatively little. Going further afield, however, will come at a considerable cost. Return flights to Toronto, if booked well in advance to lessen the sting, should cost you around €400 a time. Travelling to Australia or New Zealand, however, can mean forking out anything from €700 to €1,300 for a return flight depending on the time of year and your luck when booking.

It is advisable to book a return ticket when you initially depart – going to the other side of the world filled with blind optimism may feel good but it will do you no favours if something goes wrong and you need to come home. You should also consider the long-term cost of your choice for you and your family – nipping back and forth from Britain on cheap Ryanair flights is one thing but visiting home from Australia is going to seriously dent your finances. Budgeting for just one visit a year is going to strip the guts of €2,000 from your net income for an individual and much more for a family.

Accommodation: If you are emigrating permanently, it is unlikely that you will be willing to share a one-bedroom apartment in County Bondi with 10 other Irish people rotating bed privileges. Although rents in Ireland are falling as the surplus accommodation built up during the recession works its way through the system, rents abroad are still largely on a par with, or better than, here.

A two-bedroom apartment in Toronto will cost you an average of CA$1,100 (€733) a month. In Sydney, the average rent for a property stands at AU$400 (€254) per week or AU$1,600 ($1,018) per month according to the most recent survey by the New South Wales Department of Housing. That is only slightly higher than the average rent of €924 in Dublin in the third quarter of last year. Renting in London, as you might expect in one of the most expensive cities in the world, is considerably more expensive, with the average rent coming in at £1,651 (€1,860). Even renting a room in London is prohibitive, coming in at around £550 (€617) before bills.

Cost of living: We have a well-established and entirely justified reputation for having a high cost of living in Ireland and even with the deflationary environment experienced across much of the economy last year, Dublin remained the 25th most expensive place to live in the world last year according to Mercer's annual Cost of Living Index. London is more expensive, however, coming in in 16th position, but Sydney (66th) and Toronto (85th) are considerably cheaper. Still, two litres of milk will cost you 86p (97c) in London; AU$2.66 (€1.69) in Sydney and CA$4.35 (€2.90) in Toronto.

Healthcare: If moving to Britain, you will be entitled to access the free National Health Service – you will be asked to prove that you intend taking up permanent residence there. Australia's Medicare system provides universal access to free hospital care and assistance with doctor's fees as well as help with the cost of most medicines. If you want to go private, Medicare will cover 75% of the cost of services and procedures, but you will be responsible for other costs including accommodation. Calling an ambulance in Australia can cost thousands, so it is wise to at least take out ambulance cover while there. In Canada, permanent residents are covered under its Medicare system which is paid for through extra taxes – a three-month eligibility waiting period may apply.

Tax considerations: Just because you are living 10,000 miles away doesn't mean the taxman isn't interested in your affairs. If you intend renting out your property while you are working elsewhere, be aware that you will be liable for tax on the rent you receive and should be filing a tax return annually.