Dublin tops list of Brexit destinations for bankers

But startups should look at moving to Berlin or Warsaw, study claims

Photograph: iStock

Photograph: iStock

 

Dublin has come out top in a list of potential EU cities that London-based bankers should move to after Brexit, according to a new study.

The index of 15 cities was compiled by relocation company Movinga. It found higher income tax rates were outweighed by considerations such as average high-end rent prices, language, food, luxury stores and bars.

Amsterdam was ranked second and Valletta in Malta third, with Frankfurt in sixth place and Paris in ninth.

“Everyone talks about Paris and Frankfurt as the new financial centres of Europe after Brexit,” said Finn Hänsel, managing director at Movinga. “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.”

Startup ecosystem

However, startup employees would find a better home in Berlin, the same study said, with a low cost of living and a booming startup ecosystem. Dublin doesn’t make the top three, partly due to having high monthly travel costs, with Warsaw and Budapest considered the next best options.

Banks are expected to begin the process of moving jobs out of the UK soon after prime minister Theresa May starts the clock ticking on the two-year negotiation period to leave the EU, expected on March 29th. Dublin has emerged as one of the favourites for London-based banks seeking uninterrupted access to the bloc post-Brexit, with Standard Chartered, Barclays and Bank of America likely to choose the city for their new EU hubs.

However, Frankfurt is shaping up as the top pick for many of the biggest international banks, including Goldman Sachs and Citigroup.

The German city has a financial ecosystem featuring Deutsche Bank, the European Central Bank and BaFin, one of the only EU regulators with experience overseeing complicated derivatives trading.

The movinga list and criteria can be found here.

Additional reporting - Bloomberg