Last Updated on: 21st July 2023, 04:38 am
UAE is Considered The Best Country in The World For Expats
According to a survey by Hong Kong and Shanghai Banking Corporation (HSBC), the United Arab Emirates is the best country in the world for expatriates.
According to the survey, the main motivation for moving to the UAE is the chance for a better quality of life. The survey came to this conclusion based on the motivations and obstacles faced by those wanting to relocate.
According to the results, 36% of the respondents who have moved to the United Arab Emirates (UAE) cite lifestyle as their main motivation. This is the highest share of any other global market surveyed.
Income growth (36%), family stability (34%), money optimization (37%) and the ability to live in a more sustainable environment (30%) also received higher ratings compared to other markets.
The study was commissioned to determine how the financial lives of international citizens are changing as a result of the pandemic. He highlighted people’s reasons for moving abroad and the difficulties they encounter in settling in their new homeland.
The survey also uncovered the challenges people face when moving abroad around the world. He said that 53% of respondents said they were concerned about the initial difficulties in opening a bank account or household services. Additionally, 56% of respondents cited a lack of local credit history as a reason for these obstacles.
In the United Arab Emirates, at 44%, these numbers are significantly lower than the global average, both because of their discomfort and citing a lack of local credit history as the cause.
Half of the respondents, 51% across all nine markets and the UAE say no one has helped them financially prepare for the move, while 70% of respondents (74% in the UAE) say they have They need help understanding the tax implications of international transactions.
Daniel Robinson, Head of Wealth Management and Personal Banking at HSBC UAE said:
The attractiveness of the United Arab Emirates as a place to live attracts people from all over the world. While moving abroad can be logistically, financially, and personally challenging, we find that the United Arab Emirates ranks high among the categories that matter most to ex-pats.
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