Turkey climbs HSBC’s Expat Explorer table but remains in last third
Turkey has ranked 34th out of 46 countries – above a Brexit-dazzled United Kingdom, but below Russia, Qatar and Indonesia – in HSBC’s 10th annual Expat Explorer report.
The report, titled Broadening perspectives, explores the realities of the expat world through three key themes: economics, experience and family. Based on the views of expats living in the countries ranked, the survey aims to help inspire and support firsttime movers and existing expats in financial, professional and personal areas.
Singapore was ranked the world’s best overall destination for expats for the third consecutive year. The survey’s biggest winner was undoubtedly the Netherlands, which rose by 10 places to come fifth. Norway, New Zealand and Germany came second, third and fourth respectively.
Famous for straddling Europe and Asia, Turkey rose by five places from its 2016 standing in the report. Other notable climbers include Mexico, which rose by 11 spots to 21st and Hong Kong, up by
seven places, was ranked 20th.
Economically awful
Switzerland came top for economics, as it was the highest ranked country for confidence in the local economy and political stability. Pulling Turkey down the overall table was economics. The country was voted fourth worst (43rd) in this category, beating only Brazil, Argentina and last-placed Italy.
In the economics sub-categories, although Turkey ranks a middling 30th for personal finances, which covers earning prospects, its poor overall economics ranking was due to awful scores for local economy (last) and working life, which includes career prospects (third-tolast). The local economy sub-category covers ease of starting a new business. To its credit, this is an area where Turkey is now attempting to improve – having this month opened its Invest in Istanbul agency to ease local bureaucracy for new businesses. Judging by this survey, the agency will have plenty of work to do to approach the business environments of other high-ranking countries, including the top three in this area: New Zealand, Switzerland
and Singapore respectively.
Turkey eighth for life experience
New Zealand was ranked the best destination for experience – 58% of expats moved there to improve their quality of life. A high quotient of sunshine, historical sights and friendly locals helped to place Turkey eighth for experience, far higher than in the other two categories. Expats ranked Turkey a better experience than places including Thailand (12th), Germany (16th) and the US (33rd).
Turkey’s high-ranking in this area is due to good scores across the board: 6th in the setting up sub-category, which covers finding accommodation, 12th in the people sub-category, which includes ease of integration with locals, and 16th in the lifestyle sub-category, which covers quality of life. New Zealand ranked top for the people and setting up sub-categories.
Middling scores for family life
The Netherlands was ranked the best destination for family, standing out for better health and wellbeing of expat children (76%) and better quality of education (72%). Turkey ranked 28th for family, with its sub-category scores less extreme than elsewhere. The country ranked 17th for relationships (which include whether expats enjoy a more active social life than in their own country), 27th for raising children (which covers the ease of expat children to make friends) and 29th for education/childcare (which covers the quality and cost of education) – headed by Sweden.
Russia were the survey’s biggest losers compared with 2016, falling 15 places to 32nd, while Brexit-ravaged UK fell 13 spots to 35th and neighboring Ireland 10 places to 37th. HSBC’s research shows a 22% drop in expats’ confidence in the UK’s political stability (to 31%) and a 20% fall in economic confidence (to 43%) since 2016.