Where in the world is the best place to live as expats? According to a recent HSBC survey, the answer is the United Arab Emirates, which offers the best lifestyle to expatriates. The results were chosen based on factors, such as quality of life, personal finances and ease of settling in. The survey shed light on why people decide to move abroad and what problems they face when they do.
The survey shows that the main reason that people move to the UAE is for a better standard of living. For 36 percent of respondents who have relocated to the UAE, lifestyle is the primary motive for their move. When compared to other markets, the best things about expats lifestyle in the UAE were wages and family stability. Other things that ranked high include the ability to make money stretch and the opportunity to live in a more sustainable environment.
The study’s purpose was to learn about how the epidemic affects the financial lives of international residents, the reasons for moving abroad and more.
About UAE
Dubai and Abu Dhabi are the two most populous and important cities. The phenomenal wealth that the UAE generated from oil and gas drilling has allowed for the creation of both of these dazzling new cities in the middle of the desert. The government is working to wean the economy off of its reliance on hydrocarbons. Both Dubai and Abu Dhabi are home to approximately 200 nationalities. Many of them make their homes in the other five emirates.
It is important for expats to be aware that the United Arab Emirates is an Islamic state. The country has different standards than Western nations do regarding how people should behave in public. There are rules about how alcohol should be consumed and how women should be treated.
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The Challenges for Expats
The survey revealed that some of the challenges people face migrating to a new country. More than half of the people who answered said that the initial difficulty of setting up a bank account or home utilities made them feel uneasy. For 56 percent of those who responded to the survey, a lack of local credit history was to blame for these issues.
In the United Arab Emirates, the results were much lower than the average throughout the whole world. The data revealed that 44 percent of people in the United Arab Emirates felt uncomfortable about that transition. Similar to the results in other places, the respondents said the main cause for this feeling was the local credit history.
One-half of all respondents say that nobody helped them prepare financially for the move. In addition, 74 percent of all respondents said that they need help understanding the tax implications of overseas investment.
Why Choose UAE
In an interview with Arabian Business, Daniel Robinson, who is the head of wealth and personal banking at HSBC UAE, he stated that people from all over the world have been drawn to the UAE due to the attraction of the UAE as a location to live.
“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,” Robinson said.
One of the things that expatriates working in the UAE are exempt from is paying income tax on their wages. Expats also can forget about paying taxes on capital gains and inheritances.
The economy is just as hot as the weather. UAE has scorching temperatures all year long.
