Expat Explorer HSBC Global Report 20170927 Final
Expat ExplorerBroadening perspectivesGlobal Report
Contents4Foreword6Key findings8Expat Explorer overview12Economics28Experience38Family46Country reports48Australia50Canada52China54France56Hong 68Taiwan70United Arab Emirates72United Kingdom74United States of America76Practical steps78The research
ForewordWe are living in interesting times. A growing number of countries around the globe areexperiencing a period of political and economic uncertainty. And yet millions of people areembracing these times. They don’t share a common language, location, demographic, oreven life experience, but many share one fundamental identifier.They are expats. An international community unified by the decision to experience life in acountry other than the one they consider home.This year, we celebrate the 10th anniversary of the annual HSBC Expat Explorer survey the world’s largest and longest running of its kind - that delves into expats’ attitudes andaspirations, drivers and dreams.One clear insight has emerged: the global circumstances in which we find ourselves are failingto deter expats. They are widening their horizons, pursuing new opportunities, embracingnew challenges, and achieving their goals with greater commitment, relish and reward thanever before.Today, with international mobility increasing thanks in large part to the advancement oftechnology and connectivity, it has never been more important to understand the changingneeds, wants and challenges of expats.Our latest report in the Expat Explorer series, Broadening perspectives, explores the realitiesof the expat world through three key themes – economics, experience and family.The report includes a league table of nations across the world, rated by expats themselves a valuable and revealing assessment of 46 countries where those living the expat life find thegreatest levels of fulfilment, be they financial, professional, personal or crucially, a combinationof all three.I want to personally thank the 100,000 expats who over the last 10 years have completed thisstudy, helping us inspire and support both first time movers and existing expats. I hope thisreport will help all expats broaden their perspectives, find the best location to pursue their goalsand appreciate the many life experiences along the way.Dean BlackburnHead of HSBC Expat4Expat Explorer Broadening perspectives
Key findings62%of expats say the movehas given them a morepositive outlook on lifeof expats own propertysomewhere in theworld, with 9% owninga property in both theirhome and host countrySingaporeNew ZealandUSD99,90047%The NetherlandsSwitzerland52%81%is the world’s best overalldestination for expatsis the best destinationfor family. It stands outfor the better health andwellbeing of expat children(76%) and better quality ofeducation (72%)641%Expat Explorer Broadening perspectivesis the best destination forexperience. 58% of expatsmoved there to improvetheir quality of lifeis the best destinationfor economics. It is thehighest ranked countryfor confidence in thelocal economy andpolitical stabilityis the average expatincome, up 25% sincemoving abroadof expats have a betteroverall quality of lifeand 53% a better work/life balance than in theirhome countryof those who retiredabroad did so for a betterclimate and 44% for amore appealing lifestyleof expats returning homeexperienced at least oneissue, with 53% missingtheir life abroad7
Expat ExplorerOverall league tableThe Expat Explorer league tableranks each country or territoryusing a score that summarisesexpats’ overall views of thatdestination. The Expat Exploreroverall score is the average ofthe Economics, Experience andFamily scores, covering 27 keyquestions from the survey.Further details of themethodology for this leaguetable can be found in ‘Theresearch’ section at the endof the report.8Expat Explorer Broadening .48140.54250.42Belgium190.47230.50310.47200.44Hong 40.51Qatar310.43130.55400.41410.34New 45310.38Germany40.5630.65160.5250.50South ia70.54110.5650.59120.46South Switzerland110.5210.69280.49350.37Saudi Arabia400.40220.51420.41450.27Czech 8430.32Scores are rounded to two decimal places in the league table9
Top destinations“I moved here for the forward-looking environment.”British expat living in Singapore, age 36.For the third year running,expats have crowned Singaporethe best overall destination,ranking consistently high acrossa range of economic, experienceand family criteria.Top 5 reasons for moving abroad38%For a new challenge34%To improve my quality of lifeNorway just missed out onachieving the top spot, and is upfour places since 2016 thanks toparticularly high economics andfamily scores.And while New Zealand comesin third, mostly due to its leadingposition when it comes to expatexperience, it has slipped byone position.Fourth placed Germany hasimproved its ranking by one placeover the same period. But by farthe strongest improvement in thetop ten is from the Netherlands.Now leading the family rankings,the country has climbed tenplaces to claim fifth spot overall.Elsewhere there is evidence ofeven more dramatic progression,with India rising 12 places to 14th,while Australia in seventh (upfour places) and the United ArabEmirates in 10th (up two places)have made steady improvements.Further down the table there arealso impressive gains since 2016,including Mexico (up 11 placesto 21st), the Philippines (up13 places to 24th) and Indonesia(up 12 places to 26th).10Expat Explorer Broadening perspectives26%To improve my job prospects22%To improve my earnings15%To find purpose in my careerHowever, several countries haveexperienced significant falls in therankings. These include Japan(down to 29th, in part due to itslow rating by resident expats foreconomics) and Vietnam (downto 30th, despite a relativelystrong economic score).Spain is now 17th (down oneplace) even though it is has a verypositive experience score.Several countries are continuingan annual downward trend. Forexample, Russia, which hadalready fallen two places in 2016,has fallen a further 15 positionsin 2017, and is now 32nd dueto a low experience ratingamong expats.
Economics
EconomicsLeague tableThe Economics leaguetable ranks each country orterritory using a score thatsummarises expats’ views onnine key questions. Three ofthese questions concern anexpat’s personal finances(for example, their earningprospects); a further three coverviews on the local economy(for example, how easy itis to start a business in thecountry); and the final threecover an expat’s working life(for example, their prospectsfor career progression).Further details of themethodology for this leaguetable can be found in‘The research’ section at theend of the report.14Expat Explorer Broadening eRankHong 1280.42290.41Saudi rland10.6940.7220.7440.62South Czech outh 49280.41Egypt420.33350.44430.23410.32New 6240.46160.51Italy460.29440.35450.17390.35Scores are rounded to two decimal places in the league table15
Life overseas boostsincome growthThere’s no denying that the drawof international life is based atleast partly on the bottom line.Top 5 countries for expat incomeGlobally, expats have an averagegross personal income eachyear of just under USD100,000.They earn on average 25% morethan they did at home. Indeed,more than one in ten expats (14%)say their income has doubledsince moving abroad.1.Though Switzerland-based expatsearn an average of USD193,000,around 54% higher than it hadbeen at home, the Gulf statesconsistently top the list ofdestinations for those seeking agreater income.Expats in Saudi Arabia (58%),UAE (50%) and Qatar (48%) seethe greatest uplift in income.At just under USD102,000,average expat incomes arealmost USD3,000 higher inemerging economies with rapidindustrialisation and growththan they are in developed ones.In India, expats commanda typical income of overUSD176,000, for example, andin China, the average incomeis a little under USD171,000.16Expat Explorer Broadening perspectivesGlobal AverageTop 5 countries forUSD99,903expat income2.1.3.2.4.3.5.4.SwitzerlandGlobal AverageIndiaSwitzerlandChinaIndiaUSAChinaHong KongUSA5.Hong KongUSD193,006USD99,903Average annual gross personal age annual gross personal incomeTop 5 countries for increases in expat income 58%1.Saudi Arabia2.1.3.2.4.3.5.4.SwitzerlandSaudi ArabiaUnited Arab EmiratesSwitzerlandQatarUnited Arab EmiratesKuwaitQatar 54% 58% 50% 54% 48% 50% 46% 48%5.Kuwait 46%Top 5 countries for increases in expat incomeAverage change in annual gross personal income since moving to host countryAverage change in annual gross personal income since moving to host country
International life offersfinancial uplift“We moved to develop our financial circumstances.”Australian expat living in Malaysia, age 56.Across the globe, 52% of expatssay they can save more than theydid in their home country and 57%have more disposable incomethan they did before they moved.Both figures have remainedrelatively stable over the lastthree years.Top 5 countries where expats have more disposable incomeGlobal average1.Qatar2.South Korea3.Saudi ArabiaIn Saudi Arabia, for example, theconsiderable increase in incomehelps around three-quarters ofexpats save more than they did athome (79%) and enjoy the benefitsof more disposable income (73%).4.Switzerland5.KuwaitSimilarly, in Switzerland, morethan seven in ten expats (72%)have a greater level of disposableincome because of their move.Meanwhile, there can be a gapbetween the earnings of expatswho have arrived in a particularcountry and those who haveleft that country for an expatlife elsewhere.It is easy to see why this isthe best expat destinationeconomically for the thirdconsecutive year. Indeed,alongside a boost in theirpersonal finances, 89% of expatsare confident about the localeconomy compared with 53%globally (up from 48% last year).Norway is in second place foreconomics and Germany isholding third place.The Swiss overseas bringin USD131,000, for example.Though well above the globalaverage, it is still USD62,000more modest an income thanthose who have travelled toSwitzerland from elsewhere.57%76%74%73%72%71%Japanese nationals basedoverseas earn an average ofUSD166,000 while expats whohave moved to Japan earn anaverage of USD127,000.The largest difference, our datasuggests, is in China. Thosewho have arrived in China fromoverseas command an averageincome of USD171,000 whilethose who have moved abroadfrom the country have an incomeof around USD79,000.Bangkok – an affordable lifeCommanding a higher thanaverage income of USD119,600,but with little discernibledifference between their incomein their home country and here,Bangkok-based expats still win onthe financial front thanks to theaffordable cost of living.Almost seven in ten expats(69%) based in the city note an18Expat Explorer Broadening perspectivesaffordable lifestyle as one of thetop things that the Thai capitaland economic centre offers expatresidents (equalling the quality ofrestaurants and food - also 69%).Indeed 71% of expats living heresay they have more disposableincome than they did at home and68% say they can save more.It makes the city particularlyattractive for those expats seekingan affordable cost of living,alongside Berlin, Prague, KualaLumpur and Cairo.
A global view strengthensfinancial affairs“I moved so that I could grow my business globally.”Indian expat living in the UK, age 42.The expat life is, overall, a verypositive one. More than two-fifthsof expats globally (41%) evenbelieve the move has given thema more positive outlook on lifein general. But an internationallifestyle presents a series ofcomplex challenges.Expats concerned about theirfinancial wellbeing do not solelyfocus on the domestic climate intheir host or home country andour data confirms that the threatsthey see are broader than that.Around a third of expats surveyedcite economic (31%) and political(29%) uncertainty globally as theirgreatest worry, slightly ahead ofconcerns about the economic(29%) or political climate (27%) intheir host country.That said, expat status doesn’tshield them from local issuesand developments.For example, expats in MiddleEastern countries such as Bahrain(39%), Kuwait (27%), Oman(27%), Qatar (32%), Saudi Arabia(44%) and the UAE (44%) areconcerned about tax increasescompared with less than a quarter(23%) globally.In China and Vietnam, the focus ison greater restrictions on movingmoney around (38% and 43%)compared with only 15% globally.Nor, as our annual leaguetables demonstrate, do expatperceptions remain staticthroughout their tenure.Concerns and plans change inresponse to both personal andnational developments.quickly elsewhere compared witha global average of 25%, and16% believe they could increasetheir earnings faster elsewhereagainst 20% globally.However, the UK ranking hasbeen affected in light of a20 percentage point drop inconfidence in the UK’s economyand a 22 percentage point fallin confidence in the country’spolitical stability since 2016.Among expats consideringleaving their host country earlierthan expected, fewer of those inthe UK currently experience anymajor problem when comparedto the global average.Of course, it would be a mistaketo expect all expats to respondin the same way to dynamic orsudden change.They are less likely to dislike theirjob or role (14% compared witha global average of 20%), haveunsettled children (2% comparedwith 5% globally) or be concernedabout their current financialcircumstances (17% say they arefinancially worse off since themove to the UK compared with20% globally).Those considering re-arrangingtheir plans in the UK, for example,tend to be the more flexible andfinancially secure, especiallyyoung men aged between 18 and34 and those earning USD200,000a year or more. Others are serialexpats whose long-term historyof living overseas may accountfor the confidence to leave theircountry of residence in responseto economic or political events.Expats living in the UK don’tfeel they are missing out onopportunities either. Only 19%of those in the UK say theycould progress their career moreLondon – a destination and a gatewayThe UK’s capital has been anexpat hotspot for centuries, thanksto its rich history, and its roleas a hub for global exploration,commerce and learning.Expats come to the city toimprove their earnings (25%), theirquality of life (27%) and above allfor a new challenge (48%). Theyreport a warm welcome – morethan half (52%) say London ismore welcoming than their home20Expat Explorer Broadening perspectivescountry in general. They find theculture compelling (72%) andlearn and use English (77%).They believe life in the city offersbetter career progression thanat home (75% compared with aglobal average of 54%) and thechance to acquire new skills (70%against a global average of 51%).Expats here are true explorers,often using the city as an excellentbase from which to explore andtravel. Indeed, expats in theUK are more dispersed acrossthe nation than in many othercountries. Nearly half (44%) ofexpats in the UK live in the otherurban and rural landscapes acrossthe country excluding the capitaland other major cities such asEdinburgh, Manchester andBirmingham.
Profile of serial expatsExpat life demandstailored solutionsUSD118,632Average grosspersonalincome p.a.43% of respondents were serial expats(expats who have lived abroad at least twice before)“I came for nine months for school. I have been here over 13 years.I never planned on staying, it just happened.”GenderAgeHave childrenHave access to expatemployment benefits30%65%Italian expat living in the USA, age 34.The ways individual expats assesstheir needs is also driven by theirunique set of circumstances.For example, expat tenure hasa strong influence on expatattitudes, especially when itcomes to money management.Short-term expats are morelikely than others to have mostof their wealth in their homecountry, and serial expats – whoare more likely to have wealththat requires management - tendto be invested in both their hostand home country. With a morenomadic lifestyle, they have aclear need for a global bankingrelationship as well as a localone to comprehensively supporttheir more complex wealthmanagement needs.The same is true of higher incomeearners, with 36% of thoseearning more than USD200,000expressing a need for both globaland local banking.Expats’ plans for their moneyare varied and as influencedby life-stage as they are fornon-expats.for something specific (89%compared with 80% of expatsaged 55 and over).While looming retirement is alsodriving 49% of those aged 55 andover to set aside savings or investfor later life, for 46% of 18-34year olds, buying property is thetop ployment statusEmployedThis generation is also the mostlikely to be paying for insurance toprotect themselves, their family,property and possessions. Infact, this age group is very likelyto be actively saving or investingOtherNorth America15%10%Europe59%4%Eastern AsiaSouth & Central AsiaRetired8%Oceania3%Student38%For a new challenge30%To improve my quality of life26%To improve my job prospectsExpat Explorer Broadening perspectivesTop 5 nationalities79%Just under a third (31%) of expatsaged between 35 and 54 yearsold, those most likely to haveyoung families, are saving for theirchildren’s education.Top 3 reasonsfor moving abroad2255 Top 3employment sectors13%Financial Services13%Education11%Telecoms, IT and Internet7%4%
Expats ride the globalproperty wave“We have a large property here, with lots of space anda swimming pool.”British expat living in France, age 44Many expats seem to take withthem their native attitudes toproperty ownership and itsimportance as an investment.With the appetite for internationalproperty ownership growing1,62% of expats own a propertysomewhere in the world, with 9%owning bricks and mortar in boththeir home and host country.A remarkable 75% of Britishnationals overseas own aproperty, influenced by a strongsense of the importance of homeownership in the UK culture.This puts British expats third inthe expat property ownershiprankings (just behind Sri Lankansand Egyptians), closely followedby Indian expats at 74%.This is markedly higher thanthe proportion of native Britonswho remain in the UK and own24Expat Explorer Broadening perspectives62%Expat property ownershipof expats own property somewhere in the worldproperty there - currently around64% of the adult population2.But Indian expats lag behind theirnative counterparts in the homeownership stakes. In part dueto high ownership rates in ruralareas, around 80% of Indiansliving in India own property3.While 37% of all expats ownproperty in the country they livein, 32% own property in theirhome country, but the reasons formaintaining such an investmentvaries between nationality.Those expats from the UK (54%),Australia (54%) and France (49%)are especially keen on retainingand renting out property in theirhome country.Meanwhile, 47% of Indian and46% of Chinese expats ownproperty at home in expectationof their return, until which timemany (37% and 42% respectively)say family and friends live intheir property.When it comes to buying aproperty in their host country,expats’ motivations are even morewide-ranging, including buying toavoid paying rent (38%), becausethey intend to live in the countryfor three or more years (38%) andas an investment (30%).Investing in property is particularlypopular among expats in theUAE, Hong Kong, the UK andSingapore, home to some of themost expensive property marketsin the world. Separate researchby Savills for HSBC4 shows primeresidential property currentlycosts approximately USD3,800per square foot in Hong Kong,USD1,700 in London, USD990 inSingapore and USD590 in ppsso.eurostat.ec.europa.eu/nui/show.do?dataset ilc lvho02&lang -a-home/article3006673.ece4Global Real Estate: Trends in the world’s largest asset class, July 2017, Savills for HSBC1Expat property ownership62%Expat property ownershipof expats own property somewhere in the worldTop 5 expat nationalities by property ownership62%Sri Lankans1.expats77%ofown propertysomewhere in the worldTop 5 expat nationalities by property ownership2. 77% EgyptiansSriLankans1.British3. 77%75%Top5 expat nationalities by property ownershipEgyptians2. 74%77% Indians4.Lankans1. 77% SriBritish3.75%5. 72% Ukrainian2. 77% Egyptians4. 74% Indians3. 75% BritishUkrainian5. 72%Top5 hostcountries for expat property ownership4. 74% Indians1. 73% Norway5. 72% UkrainianTop5 host countries for expat property ownership2. 69% FranceNorway1.Portugal64%3. 73%Top5 host countries for expat property ownershipFrance69%2.4. 63% New Zealand1. 73% NorwayPortugal64%3.5. 61% South Africa2. 69% France4. 63% New Zealand4.Portugal64%61% South Africa63% New Zealand5.61% South Africa3.5.
Top 5 reasons for property ownership in home country35%Top5 reasons for property ownership in home countryI rent out my property for additional income35%I planto liveit whenforI returnto homecountryrent ndslive inI itI planto live in it whenreturn to home country23%29%IMyplanto sell it in thefamily/friendslivefuturein it20%23%I plan to liveininit thewhenI retire in home countrysell itfuture20%I plan to live in it when I retire in home countryTop 5 reasons for property ownership in host country38%Top5 reasons for property ownership in host countryI plan to stay here for at least another 3 years38%I don’trentfor at least another 3 yearsplan towantstaytohere30%38%Asan investmentI don’twant to rent24%30%Ableafford my first/additional propertyAs dfirst/additional property21%I want to retire here26Expat Explorer Broadening perspectives
Experience
ExperienceLeague tableThe Experience leaguetable ranks each country orterritory using a score thatsummarises expats’ views onnine key questions about theexperience they have in theiradopted country. Three of thesequestions cover an expat’slifestyle (for example, theirquality of life); a further threelook at the people around them(for example, how easily theyintegrate with the local people);and the final three concern theease of setting up (for example,finding accommodation).Further details of themethodology for this leaguetable can be found in ‘Theresearch’ section at the endof the report.30Expat Explorer Broadening ds180.52220.51190.58210.46South 160.49Hong 9260.47290.53180.47South 8380.36ScoreNew xico130.5470.59160.59230.45Saudi 440.31Czech 10.46430.32Scores are rounded to two decimal places in the league table31
A worldwide viewoffers personal reward“I moved to learn something newabout the world.”German expat living in China, age 50.While some expats relocate toimprove their financial prospects,our survey shows that for manythis isn’t the only factor. Forthese expats, there are numerousreasons to embrace an expatlife, with financial considerationsforming only a small part of thedecision-making process.Although more than a fifth (22%)of those surveyed did indeedmove overseas to improve theirearnings and more than a quarter(26%) did so to improve their jobprospects, a far greater proportionhad personal goals in mind.Almost two in five (38%) movedfor a new challenge, and just overa third (34%) moved to improvetheir quality of life.Once they had arrived, 20% ofexpats felt at home in their newcountry almost immediately, upfrom 16% in 2016, and 56% tookless than a year to settle in.For the third year in a row, NewZealand tops the experience table.More than two-thirds (69%) ofexpats in the ‘Land of the LongWhite Cloud’ are living overseasfor the first time compared withfewer than three in five (57%) ofexpats globally. Well over half(58%) of expats in New Zealandmoved to improve their qualityof life compared to just 34% ofexpats globally.And expats in New Zealand arecommitted to the country. Sevenin ten (70%) have lived there forfive years or more comparedwith just over half (52%) ofexpats globally.There is similar data for expatsin Spain - which ranked secondfor experience also for the thirdconsecutive year. More than half(53%) of expats in Spain movedto the country to improve theirquality of life. And when theyarrived, almost a third (32%)settled instantly and two-thirds(66%) felt at home in under a year.The quality of the experience,over other factors such as incomelevel, is a fundamental part of thedecision-making process when itcomes to expat tenure.Sydney – promoting a leisure lifestyleWith a huge natural harbour anda plethora of beaches, Sydney isthe global leader for great leisurefacilities, according to expats.Almost half (45%) of those livingin the metropolis rate it highlyfor gyms, swimming pools, open32Expat Explorer Broadening perspectivesair facilities, sports grounds andthe like, helped by a year-roundwarm climate.With almost four in ten (39%)expat ‘Sydneysiders’ praising itsclean and safe public spaces, andnearly a third (31%) citing it asan excellent base from which toexplore and travel, almost threequarters (72%) of expats livingin the city report a higher overallquality of life here than in theirhome country.
Enriching lifein retirement“I moved to obtain citizenship and eventually retire.”South African expat living in Switzerland, age 38.Retired expats in Europeancountries report a hugely positiveexperience once they have givenup work.In Portugal, a new entrant thisyear to the Expat Explorer leaguetable, 42% of expats are retired,compared with just 11% globally,drawn to a better climate (79%),lower cost of living (72%) and amore appealing lifestyle (57%).Almost all expats (96%) who hadretired to Portugal rated it as agood or v
Our latest report in the Expat Explorer series, oadening perspectives xplores the realities . es - e nd the , a combination of all three. e completed this xpats. I hope this sue their goals . Dean Blackburn Head of HSBC Expat d. 6 Expat Exploreres s 7 USD99,900 t e d 52% r e / r y 81% e e g d
The Expat Explorer Survey 2012 Page 2 Expat Explorer is the world’s largest global survey of expats. Commissioned by HSBC Expat, a trading name of HSBC Bank International Limited, and conducted by third party research company YouGov, 5,339 expats were questioned through an online survey. Now in its fifth year, the survey continues
HSBC Bank International Expat Explorer Survey 2009 Methodology About Expat Explorer The Expat Explorer survey, now in its second year, is the largest global survey of expats. Commissioned by HSBC Bank International and conducted by third party research company FreshMinds, more than 3,10
HSBC Mutual Funds and HSBC Pooled Funds Annual Information Form November 12, 2021 HSBC Mutual Funds Cash and Money Market Funds1 HSBC Canadian Money Market Fund HSBC U.S. Dollar Money Market Fund Income Funds HSBC Mortgage Fund1 HSBC Canadian Short/Mid Bond Fund1 HSBC Canadian Bond Fund1 HSBC Global Corporate Bond Fund1
Oct 31, 2018 · HSBC accounts from an HSBC Premier Bank Account (including HSBC Jade) 12 n/a 30 HSBC accounts from an HSBC account which is not an HSBC Premier Bank Account (including HSBC Jade) 20 n/a 30 All other accounts 30 n/a 30 Sending money outside the UK or in a foreign currency within the UK HSBC accounts 0 0 30 Non-HSBC accounts 9 .
HSBC Expat Explorer Survey, 2013 give 14th rank to Malaysia in 37 countries league table under its Expat Economic section. The compiled findings of HSBC Expat Explorer Survey, 2013 ar
HSBC Expat is a division of HSBC Bank plc, Jersey Branch and is regulated by the Jersey Financial Services Commission for Banking, General Insurance Mediation, Investment, and Fund Services Business. Principal address: HSBC House, Esplanade, St. Helier, Jersey, JE1 1HS, Channel Islands. HSBC Bank
Thank you for banking with HSBC. HSBC Bank Malaysia Berhad (“HSBC”) Generic Terms & Conditions (November 2016 Edition) EFFECTIVE DATE: CMB082 Issued by HSBC Bank Malaysia Berhad (Company No. 127776-V)}10 November 2016 for new customers of HSBC}02 December 2016 for existing customers of HSBC as at 10 November 2016
Basic Description Logics Franz Baader Werner Nutt Abstract This chapter provides an introduction to Description Logics as a formal language for representing knowledge and reasoning about it. It first gives a short overview of the ideas underlying Description Logics. Then it introduces syntax and semantics, covering the basic constructors that are used in systems or have been introduced in the .
