Dublin named as best destination for UK banks fleeing Brexit

Dublin is the best destination in the European Union for London-based bankers forced to move after Brexit, according to a study of 15 cities compiled by relocation company Movinga.

Even though this country has the joint highest top income tax rate, at 52 percent, it benefits from being the only other English-speaking destination in the EU and the cost of renting a flat in Dublin is markedly cheaper than in Paris, Frankfurt or Luxembourg, Movinga said on their website.

Amsterdam is the next-best destination for Brexit exiles, while Frankfurt languished in sixth place and Paris in ninth, below Valletta in Malta and Brussels, the index showed.

Banks will begin the process of moving jobs out of the U.K. soon after Prime Minister Theresa May starts the clock ticking on the two-year negotiation period to leave the EU by triggering Article 50 tomorrow.

Dublin has emerged as one of the favourites for London-based banks seeking uninterrupted access to the EU post-Brexit, with Standard Chartered Plc, Barclays Plc and Bank of America Corp. likely to choose to come here.

Movinga MD Finn Hansel believes they will find everything they need here in Dublin.

“Everyone is talking about cities like Paris and Frankfurt preparing for an influx of banking industry workers due to Brexit.”

“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

 

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Padraig Conlon
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