Last month, HSBC released the 2017 results of their annual Expat Explorer Survey and in a surprising twist of events, Turkey outranked the UK has a favoured destination. Rising five positions from 39 in 2016 to 34 in 2017, it overtook the UK which dropped a massive 13 positions from 22 in 2016 to 35 in 2017.
What is the HSBC Expat Explorer Survey?
Running since 2017, the HSBC Expat Explorer survey is the largest opinion-based ranking system displaying the quality of expat life. More than 27,000 people took part in the last survey which is promoted on social media websites and via email.
HSBC’s reason for running the poll is simple. They say despite country affairs being broadcasted all over the world, expats now more than ever before want to broaden their horizons and take advantage of the opportunities before them.
The lifestyle choices available are mainly due to technology and mobile connectivity, but they also evoke a need to understand the wants and challenges that existing and potential expats face.
The study covers 48 countries and expats rank the country they live in on the greatest levels of fulfilment for economics, experiences and family.
Key findings from the 2017 survey revealed that countries ranking the highest in each category were New Zealand for the experience, Netherlands for family life and Switzerland for economics.
Also, 41% of the expats who took part in the survey, regardless of where they lived in the world said that the move had enabled them to have a more positive outlook on life.
47% of those who retired said they did so for a better climate, while a staggering 53% who returned home stated that they missed their old life living overseas. The survey is just one part of a broader expat banking system offered by HSBC to expats all around the world.
The Scores for Turkey
Turkey’s overall position at 34 is based on the above three rankings, consisting of 27 questions in total. They came in at 43 for economics, and 28 for family. However, they scored an impressive 8th position in the world rankings of countries for experiences.
The experience league asked nine fundamental questions such as how easy it was to find accommodation, how they interacted with locals and quality of life.
More importantly, the report also emphasised that through the experiences of expats, four aspects were essential for those planning to move abroad. They were…
- Make sure you know the property market, especially the risks, mortgage options available and extra costs.
- Plan for your retirement, whether you intend to live in your new country or go back home.
- Keep an eye on currency exchange fluctuations, especially when buying property in another country and handling your monthly financial affairs.
- Take care of your banking needs, whether this is using banks in your adopted country, home country or global entities. 52% of expats had moved most of their wealth to their adopted country while 33% had kept it in their countries of origin. Weighing up your investment and banking opportunities and comparing what is available to you is essential.
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