Young British expats flock to Dubai

Dubai - The five most popular destinations for Britons were Dubai, New York, Cape Town, Sydney and Hong Kong.

Dubai has been named as one of the top five destinations for young British expatriates seeking a new life abroad, a survey by the deVere Group has found.
Almost two thirds of Britons under 40 are considering quitting the UK, with 65 per cent of those surveyed saying they are 'seriously considering', 'are thinking about' or 'would be tempted to' move overseas. Twenty two per cent said they would not consider leaving Britain and 13 per cent did not know.
The five most popular destinations were Dubai, New York, Cape Town, Sydney and Hong Kong.
"The survey challenges the traditional perceptions of who emigrates from the UK. Often, it is assumed that British expats are pensioners, who relocate during retirement to sunshine destinations such as the Costa del Sol, Australia's Gold Coast and Florida," says Nigel Green, deVere chief executive officer (CEO).
"And while it is true that a considerable number of British pensioners head to these places, we've found that there's a significant, and growing, number of the UK's working population who are considering moving abroad."
He says the individuals polled in the survey are all of working age. The vast majority said the primary driver for relocation would be to further their careers for enhanced lifestyle opportunities that higher salaries would afford them.
"The so-called push factors in the UK, including high taxes and living costs, crime levels and a poor climate, were also highlighted by the majority of those who indicated they are considering quitting Britain," he adds.
While Dubai may not be a popular retirement option given the high cost of living, young British professionals continue to move there in droves.
A recent NatWest International Personal Banking Quality of Life report showed that Dubai ranks third in the table of nations offering the best quality of life for British expats, behind Australia and Canada.
The UAE took third place in the index for the second year running, with 92 per cent of British expats there reporting a high disposable income, 84 per cent enjoying a good working environment and 82 per cent saying they had excellent career prospects.
The main draw for expats in Dubai is the zero rate of income tax. Dubai's growing construction, tourism and financial services sectors, as well as its established oil industry, are attracting workers. While earnings are tax-free, the cost of living is high, making it less appealing to retirees who want to keep their outgoings in check.
"It is our experience that wherever British expats choose to live in the world, there is an overall sense of well-being; typically our expat clients report that they feel more financially and personally fulfilled than they would in the UK," says Green.
"There is a likely combination of reasons for this such as the novelty factor of living abroad to a certain extent, perhaps better weather than in the UK, often higher salaries, and the fact they are able to use their expat status to their financial advantage, thereby allowing them to grow, maximise and protect their wealth."
- rohma@khaleejtimes.com