With rapid globalization, multinational firms are sending a growing number of employees on foreign assignments. A growing body of research attests to the interest in the stress experienced by these expatriates. The current study focused on a subject rarely addressed in expatriate stress research, namely burnout. Its goals were to demonstrate: (1) the relevance of burnout to expatriates; (2) the difference between stress and burnout; (3) the role played by the perceived importance of expatriates' work; (4) the relevance of existential theory as a theoretical backdrop. The study included 233 Israeli expatriates who responded to a questionnaire. Findings revealed high level of stress, low level of burnout and very high perceived work importance. Hierarchical regression showed that importance moderated the effect of stress on burnout. There were differences between the correlates of stress and burnout, especially work importance, which was negatively correlated with burnout and positively correlated with stress.