When it comes to expatriate life, where is the best country to settle down?
The United Arab Emirates tops the list of places that provide the highest quality of life for expats, according to a new poll by HSBC. Quality of life, cost of living, and ease of settling in were considered in selecting the top choices. Findings from the poll provided insight into the factors that motivate people to go overseas as well as the challenges they encounter once making the move.
One of the primary reasons individuals relocate to the United Arab Emirates is to improve their level of living, as evidenced by the poll. Around 36% of people polled said that better living conditions were the main reason they moved to the UAE. The salaries and domestic security offered by the UAE are among the greatest in the world for expats to consider when weighing their options. Money stretching and the chance to create a more sustainable lifestyle also received great marks.
The researchers wanted to understand the economic impact of the pandemic on expats, as well as their motivations for leaving their home countries.
The Expat Life
The two largest and most significant cities are Dubai and Abu Dhabi. Both of these glittering new towns in the middle of the desert were made possible by the extraordinary wealth created by oil and gas exploration in the United Arab Emirates. The administration is taking measures to reduce the economy’s dependency on hydrocarbons. Over 200 different nationalities are represented in the population of Dubai and Abu Dhabi combined. The other five emirates are home to many of these people.
The United Arab Emirates is an Islamic state, and as such, its citizens and visitors must adhere to Islamic law and customs. In this country, social norms differ from those in the West. The proper consumption of alcohol and the proper treatment of women are both governed by regulations.
Some of the difficulties of moving to a new nation were highlighted in the poll. More than half of those who responded said they felt anxious because of the hassle involved in setting up a bank account or residential utilities. Five-sixths of respondents attributed these problems to a lack of local credit history.
The outcomes were significantly worse in the United Arab Emirates than the global norm. 44 percent of respondents in the United Arab Emirates reported feeling uneasy about the change, according to the survey results. Respondents, echoing findings from elsewhere, attributed this outlook mostly to the local credit history.
Half of those polled claim they received no financial assistance in getting ready for the relocation. Moreover, 74% of all respondents claimed they require assistance comprehending the tax consequences of investing abroad.
Choosing UAE as the best place to settle down in
Daniel Robinson, who is the head of wealth and personal banking at HSBC UAE, remarked that individuals from all over the world have been lured to the UAE owing to the allure of the UAE as a destination to reside in an interview with Arabian Business.
“Moving anywhere globally may be a difficulty logistically, financially, and personally, but we find the UAE so highly scored among the areas that matter most to expats,” said Robinson. “Although relocating anywhere internationally can be a challenge, we see the UAE so highly rated.”
One of the things that expats who work in the UAE do not have to do is pay income tax on their salary since they are exempt from doing so. Also, those living abroad are exempt from paying taxes on inheritances and capital gains.
The temperature outside is mirrored by the state of the economy. The United Arab Emirates (UAE) features searing heat throughout the whole year, which means no uncomfortable coldness for everyone!
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