DUBAI: German relocation company Movinga has released a top ten list of the best cities for UK-based finance professionals to move to after Britain leaves the European Union, factoring in various criteria such as living costs and lifestyle amenities.
The UK formally triggered Article 50 on Wednesday, meaning it now has two years to leave the EU.
“With the United Kingdom’s inevitable exit from the EU on the horizon, hundreds of thousands of British professionals face the possibility of relocation,” Movinga states in the report.
“Many major European cities, offering much-wanted access to the EU single market, are vying for the financial benefits these workers may bring. But which city can offer the best business and lifestyle environment for the archetypal financial … employees?”
The company’s “Brexit City Ranking” ranks 10 business hubs vying for expat bankers based on business ecosystem, monthly essentials, lifestyle factors and the ease and cost of visiting home.
When studying a city’s business ecosystem, the report takes into account the maximum tax rate and English-language comprehension; for monthly essentials, the report accounts for high-end rent, house cleaning costs, the price of a luxury gym subscription and dry cleaning costs; under lifestyle factors, the researchers took into account the price of an evening cocktail, the number of Michelin restaurants, the number of Burberry stores and whether or not Uber operates in the city.
“Everyone is talking about cities like Paris and Frankfurt preparing for an influx of banking industry workers due to Brexit,” said Movinga’s Managing Director Finn Hänsel. “But other cities like Dublin, Valletta, Luxembourg and Amsterdam may actually be better equipped to make these workers feel happy and at home. Individuals and businesses alike should consider the unique factors important to their relocation before planning their move.”
The top 10 cities for bankers to move to, according to Movinga, are:
Dublin, Ireland
With 100 percent English-language comprehension and seven Michelin-star restaurants, Dublin came out on top.
Amsterdam, the Netherlands
Just a 65-minute flight from the UK, this city boasts a 90 percent English-language comprehension rate.
Valetta, Malta
With the lowest maximum income tax of 35 percent, this city came in third.
Luxembourg, Luxembourg
Eleven Michelin-star dining establishments but only a 56 percent English-language comprehension rate saw this city come in at number four.
Brussels, Belgium
With a 38 percent English-language comprehension rate, Brussels came in at fifth place.
Frankfurt, Germany
With a maximum income tax of 47.48 percent, Frankfurt came in sixth.
Hamburg, Germany
With a maximum income tax of 47.48 percent and no Uber service, Hamburg came in seventh .
Madrid, Spain
The lowest English-language comprehension rate in the list – at 22 percent – saw this city slide in at the eighth spot.
Paris, France
A whopping 82 Michelin-star restaurants but soaring high-end rental costs saw Paris come in ninth.
Milan, Italy
With 34 percent English-language comprehension and a maximum income tax rate of 45.83 percent, Milan came in tenth.