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Dubai: Compared to other popular destinations for expats, a lack of credit history is less of an issue in the UAE for new residents establishing a base here. That’s according to a new HSBC poll that cites the top reasons why newcomers choose one global city over another.
The poll found that 53 percent of respondents said they were “disturbed” by the difficulty of initially opening a bank account or signing up for utility services. Fifty-six percent of respondents cited a lack of local credit history as the reason for these challenges.
“For the UAE, these figures are well below the global survey average of just 44 per cent, as they are both feeling uneasy and citing local credit history,” the HSB report found.
Daniel Robinson, Head of Wealth and Personal Banking at HSBC Emirates, said: “While moving anywhere internationally can be a logistical, financial and personal challenge, we see the UAE scoring so highly in the most important category for expats. evaluation of.”
“These findings remind us that help is at hand when moving internationally, and a bank that knows you when you arrive can help you settle in and plan for your new future faster and easier.”
Time to move into the UAE
Lifestyle choice is an important factor in deciding to relocate, with 36% of respondents citing this as a factor in choosing the UAE. Of course, typical incentives such as increased income (36%), family stability (34%), “making money go further” (37%) and choosing to live in a more sustainable environment (30%) play a role in decision-making played a role in.
Clearly, the UAE’s ongoing efforts to attract external talent across multiple industries are paying off. This has clearly had an impact on the local real estate market, as can be seen in the two years of consistent increases in sales values and rents.
Golden visa investment schemes, easy residence permits for certain categories of professionals, 100% ownership of businesses, and retirement options were introduced or renewed during this period.
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