The quality of life in Greece is better compared to their country, argue 7 out of 10 expatriate workers in our country who live and work away from their homeland. That is the conclusion reached by 14^the annual global survey HSBC Expat Explorer, in which more than 20,000 people participated.

Several (61%) of HSBC respondents find that their work-life balance has improved compared to their home country. Spain and Cyprus have a higher percentage (73%). In this respect, New Zealand (77%) and Australia (74%) occupy the first places in the world.

Mediterranean countries are rated among the top destinations to move to in order to improve the quality of life. Spain is ranked first (66%), followed by Cyprus (64%) and Portugal (62%). Greece, although lagging behind these Mediterranean countries, scores relatively high on this question. This rate reaches 40% compared to the world average (35%).

Improved quality of life

Respondents prioritize their personal lives over more traditional reasons why someone decides to move to work in another country. For example, professional advancement (14% in Greece vs. 34% worldwide) or the growth of the professional network (11% in Greece vs. 31% worldwide). In general, the local community and culture are at the top of the priorities of expatriates for the coming year. Specifically, within the next year, expatriate executives in Greece believe that they will succeed in:

1. meet new friends (52% in Greece vs. 45% worldwide)
2. understand and explore the local culture (52% vs. 47%)
3. go out more (49% vs. 41%)
4. travel more (46% vs. 47%)
5. start a new activity in their free time (38% vs. 33%).

The research highlights that expatriate strains proved resilient during the pandemic. The majority of respondents in Greece, 56% (compared to 42% worldwide), say that they managed to continue taking care of their health while 39% (compared to 36% worldwide) continued to spend time outdoors.

Some expatriates have improved their physical condition and mental well-being since moving abroad. Almost half (48%) of respondents in Greece said they felt healthier physically. 46% say that their mental well-being has improved since they came to our country. The corresponding percentages worldwide stand at 35% and 30%.

Optimism prevails

Not only do the priorities of executives living outside their country change, but they also feel optimistic about the coming year despite the uncertainty of the last 18 months. In Greece, the percentage of optimists reaches 67% - slightly higher than the global average (65%). The main reason why they feel optimistic is their hope of returning to normality (74% in Greece and 75% worldwide).

Globally and in Greece, more than two-fifths of expatriate executives believe that the societies in which they live have become more supportive during the pandemic. Societies in Ireland and New Zealand (67%) are at the top as the most supportive globally. Greece has high percentages in this area recording 55% against 45% of the world average.

Despite the ongoing instability regarding geographical mobility, research highlights that the37% of the surveyed workers in Greece felt "at home" almost immediately. This is significantly higher than the world average (23%).

Greece performs well in terms of sense of security (57% compared to 49% worldwide). As in terms of the environment it offers (57% vs. 41%).

Stelios Pirpinias, Head of Wealth and Personal Banking, HSBC Greece

«It is encouraging to see that despite the pandemic, most executives from abroad working in Greece are optimistic about the future. They feel safe, satisfied with their mental and physical health and social life, while the majority of them have maintained or even increased their disposable income.

The results reveal that the priorities of those who live and work outside their country are shifting from traditional purely professional goals to improving well-being and adopting a more active social life. On the other hand, life in a foreign country can prove complicated in many ways. At HSBC thanks to our international presence we are able to support both customers who are already working away from home and those who are considering doing so in the future, to meet the challenges and demands of an increasingly globalised world, allowing them to focus on improving their quality of life."

The economics of expatriates in Greece

The majority of foreign executives in Greece (59%) do not have much concern for their financial well-being. A percentage that is at the same level as the global average. 35% of respondents in Greece said that their disposable income has increased. 38% reported that it has remained the same since moving to our country. The top financial goals for executives from abroad who live and work in Greece are:

• savings/investing for retirement (35%)
• saving in case of need (29%)
• This is followed by saving on their children's education (17%) and saving money, which they will bequeath to their children (17%)

Saving to buy property is one of the main priorities for expatriate executives worldwide (30%). For those who have moved to Greece, the percentage is significantly lower (16%). However, 62% of respondents living and working in Greece already own property in the country. This is significantly higher than the global average of expatriates who own real estate in their country of residence (48%).

From those who own property in Greece, A majority (53% vs. 39% globally) say that affordability is the key factor in buying property in the country. This is followed by the fact that Greece is a safe investment destination, with a percentage of 28% compared to 35% globally. Of the employees who do not own a property in Greece, only 26% plan to buy in time.

Top countries to live and work in 2021 according to HSBC research

1. Switzerland
2. Australia
3. New Zealand
4. United Arab Emirates
5. Guernsey
6. Jersey
7. Isle of Man
8. Bahrain
9. Singapore
10. Qatar

In the overall global ranking, according to HSBC, Greece ranks ^34th (up from ^37th in 2020), but in terms of quality of life (which gathers expatriates' views on their living conditions), Greece ranks ^19th.

The HSBC Expat Explorer 2021 survey includes for the first time data from a number of new countries such as Cyprus, Denmark and Finland. The majority (88%) of expatriates in Cyprus are optimistic about the next 12 months, as they expect to enjoy a better quality of life. Meanwhile, almost two-thirds of those living and working in Denmark (62%) would recommend the country for its good quality of life. More than half of respondents in Finland (63%) say that their children receive a better education in that country than in their home country.