Spoiler Alert – this isn’t some new MTV / Reality TV show about the lives of Offshore expatriates – although if it was I have no doubt it would be far more interesting than the offerings of the incumbents of Essex, Newcastle, Chelsea, New Jersey, OC and so on. No, instead I’m talking about the results from the 3rd Annual HSBC Expat Zone survey.

While I feel duty-bound to mention that because this is only the third survey conducted and therefore hasn’t incorporated some of the smaller jurisdictions like the Cayman Islands or the British Virgin Islands, it does still shed some fascinating insight into the successes and perhaps, more importantly, the locations that are most beneficial to experience Offshore / Expatriate life.

Countries of direct interest and relevance to CML followers would be Hong Kong, Singapore, Bermuda and to an extent Canada and the US. That being said the content and lessons that can be gleaned from this report are certainly directly applicable to the Cayman Islands as well.

For starters – the reports: There are three conducted by HSBC.

1. Expat Economics Report – focuses on the Financials – i.e. Salary Earnings, Spending, Saving, Investing, Disposable Income and Luxuries.
2. Expat Experience Report – focuses on overall ‘Quality of Life’ encompassing ease of settling/relocation, finding accommodation, finding schools for children, setting up finances, local climate, making friends and integrating into the local culture.
3. Offshore Offspring Report – focuses on children, the cost, happiness, education and so on.

Offshore Report Findings (Summarised)

I’ve summarised the relevant findings for each report (n.b. I’d recommend reading each report comprehensively and/or speaking to one of our recruitment consultants so you’ll be able to discuss not only these findings but also offer real-life examples and opinions).

From the Economic Report: – Singapore and Bermuda rank joint 4th globally, with Hong Kong a close 9th. (This is out of the main 25 Expat destinations worldwide.) All ranked highly in terms of wealth, income and disposable income and were classed as ‘Level 1’ countries to relocate to. Regionally Bermuda was top of the Americas and Hong Kong and Singapore were the top 4 in the APAC region.

From the Experience Report: – Bermuda ranked 7, Singapore 12 and Hong Kong 13. All 3 offshore jurisdictions ranked extremely highly in terms of ease of settling in, making friends, and integrating into the culture.

Finally, the Offspring Report: – Bermuda is somewhat irrelevant in this instance due to its 2 child per family immigration policy, therefore it was discounted. However, Hong Kong came 4th internationally with Singapore 10th. Interestingly US and UK ranked the bottom two, not only for this Report but overall amongst all of the findings!

While these surveys aren’t the be-all and end-all of what Offshore and Expatriate life means, it still offers an insightful view into the perks and pros of why relocation and redomiciling offer such fantastic opportunities to you worldwide. Who knows, it might even serve to inspire you to make that last push towards shedding inhibitions and relocating to one of our tropical climes!

If you want any further information, or even just want to discuss relocation opportunities, lifestyle or offshore intricacies don’t hesitate to get in touch with the CML team!