Where in the world are the best places to live for expats?According to a recent HSBC investigation, the answer is united arab emirates, offering the best lifestyle for expats. Results were selected based on factors such as quality of life, personal finances and ease of settling in. The survey sheds light on why people decide to move abroad and the problems they face when doing so.
Surveys show that the main reason people move to the UAE is for a better standard of living. For 36% of respondents who moved to the UAE, lifestyle was their main motivation for moving. The best thing about the expat lifestyle in the UAE is salary and family stability compared to other markets. Other high-ranking things include the ability to earn money and the chance to live in a more sustainable environment.
The purpose of the study is to understand how the pandemic has affected the financial lives of international residents, reasons for moving abroad, etc.
About the UAE
dubai And Abu Dhabi are the two most populous and important cities. The UAE’s vast wealth from oil and gas drilling has led to the construction of these two dizzying new cities in the desert. The government is trying to wean the economy off hydrocarbons. Both Dubai and Abu Dhabi are home to around 200 nationalities. Many of them have made their homes in the other five emirates.
It is important for expats to know that the United Arab Emirates is an Islamic country. The country has different standards than Western countries when it comes to how people behave in public. There were rules about how to drink alcohol and how to treat women.
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Challenges for expats
The survey revealed that people face several challenges when moving to a new country. More than half of respondents said they were uneasy about the initial difficulty of opening a bank account or household utilities. Of those surveyed, 56 percent cited a lack of local credit history as the cause of these problems.
In the United Arab Emirates, results are well below the worldwide average. The data shows that 44% of people in the United Arab Emirates are uncomfortable with the shift. Similar to results elsewhere, respondents cited local credit histories as the main reason for this perception.
Half of those surveyed said no one helped them prepare financially for the move. Additionally, 74% of respondents said they need help understanding the tax implications of investing overseas.
Why choose UAE
during an interview arabian businessDaniel Robinson, head of UAE wealth and personal banking at HSBC, said people from all over the world are drawn to the UAE because of its attractiveness as a place to live.
“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,” Robinson said.
One thing that expats working in the UAE are exempt from is paying income tax on their wages. Expats can also forget about paying taxes on capital gains and inheritances.
The economy is as hot as the weather. The UAE is hot all year round.