According to a survey by the Hongkong and Shanghai Banking Corporation (HSBC), UAE is the best country in the world for expatriates.
The top motivation for moving to UAE, according to the survey, is the opportunity for a better quality of life. The survey drew this conclusion based on the motivations and obstacles faced by those looking to relocate.
According to the findings, 36% of respondents who relocated to the United Arab Emirates (UAE) cite lifestyle as their primary motivation. This is the highest proportion of any other global market surveyed.
Increased earnings (36%), family stability (34%), making money go further (37%), and the option of living in a more sustainable environment (30%) were also rated more positively, compared to other markets.
The study was commissioned to determine how international citizens’ financial lives are changing in the wake of the pandemic. It underlined the people’s motivations for moving abroad, and the challenges faced settling into their new home.
The survey also uncovered challenges people face when moving abroad on a global scale. It stated that 53% of respondents say they were unsettled by the initial difficulty of establishing a bank account or home utilities. Also, 56% of respondents cited a lack of local credit history as the reason for these obstacles.
In the UAE, these numbers are significantly lower than the global average, at 44% for both feeling uneasy and citing lack of local credit history as the cause.
Half of all respondents — 51% across all nine markets and in UAE — say that nobody helped them prepare financially for the move, while 70% of respondents (74 % in the United Arab Emirates) say they need assistance understanding the tax implications of international investment.
Daniel Robinson, Head of Wealth and Personal Banking at HSBC UAE, stated,
The attractiveness of the UAE as a place to live has drawn people from all over the world. While moving anywhere internationally can be a challenge logistically, financially and personally, we see the UAE so highly rated among the categories that matter most to expats.
