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La Défense, Paris.
LONDON – London’s future as Europe’s main financial centre is uncertain.
Brexit threatens to strip the UK of its financial passport, which allows firms to use Britain as a springboard to operate across Europe.
As a result, banks, insurers and funds are cracking open their contingency plans to gain footholds in continental Europe.
Lloyd’s of London last month said it would open a subsidiary in Brussels one day after Prime Minister Theresa May triggered Article 50 and began talks to take the UK out of the 28-state trading bloc.
Not all cities in Europe are equally as appealing for financial workers. Relocation company Movinga put together a handy ranking of the best destinations for a new life, based on factors such as average income, rent, and restaurant quality.
“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.”
Here is how they stack up:
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9. Paris — The French capital is one of the main pretenders to London’s throne, but is let down by a high rate of tax (49%) and expensive high-end rent at over £2,000 a month. It does have the most Michelin-starred restaurants of the list at 82.
8. Madrid — Spain’s capital has a relatively low income tax at 42% and you can grab a cocktail for as little as £7.60, according to the Movinga ranking.
7. Hamburg — The German city of Hamburg has a high rate of English comprehension at 56% and as many as 15 Michelin restaurants but luxury rent is not cheap at around £2,066 a month.
6. Frankfurt — Germany’s financial capital boasts cheap luxury rent at £1,798 a month and a 100-minute flight time from London, but does not have Uber.
5. Brussels — The administrative centre of the European Union has a high rate of tax but manages to find a balance with the cheapest luxury rents on the list (£1,283 a month) and 19 Michelin restaurants.
4. Luxembourg — Luxembourg’s top rate of income tax is just 40% and the rate of English comprehension is high at 56%. The city also manages to squeeze 11 Michelin restaurants into a small space.
3. Valletta — The capital of Malta has a top end tax rate of just 35%, the lowest in the list, and the cheapest cocktails at under £5. There are no Michelin-starred restaurants however.
2. Amsterdam — The Dutch capital might have a high rate of tax at 52% but a 90% English comprehension rate and low luxury rent at £1,698 a month helps boost its standing in the rankings.
1. Dublin — The Irish capital tops the rankings with cheap travel from London and affordable luxury accommodation.
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Source:: Business By Insider