Valletta could be Brexodus capital (with a Michelin-star restaurant)

With its great income tax rate, excellent English comprehension, and competitive pricing, Valletta could easily be top of the Brexodus list

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Matthew Vella
29 March 2017, 7:30am
Price of an evening cocktail a must for the London banker. Photo shows Charles Grech interior, on Republic Street, Valletta
Price of an evening cocktail a must for the London banker. Photo shows Charles Grech interior, on Republic Street, Valletta
Uber, come to Malta. Burberry? The next big name for Malta’s hungry retail giants hunting for a new franchise. Becuase with its great income tax rate, excellent English comprehension, and competitive pricing, Valletta could easily be top of the Brexodus list.

The Maltese capital city made it in the top 10 ranking of “best cities for bankers”, according to the Berlin-based relocation company Movinga (also a start-up), which rated the desirability of several European countries for the London banker.

Movinga’s ranking focused on bankers considering “Brexodus” in the aftermath of the ‘hard Brexit’ that could punish the United Kingdom’s severance from the European Union, with no special trade privileges with the world’s biggest market and restricted freedom of movement to and from the Continent.

“No two employees or businesses will thrive in exactly the same environments. With the United Kingdom’s inevitable exit from the EU on the horizon, hundreds of thousands of British professionals face the possibility of relocation. Many major European cities, offering much-wanted access to the EU single market, are vying for the financial benefits these workers may bring,” Movinga said. 

Its Brexit City Ranking seeks to understand which locations are best suited for London bankers, ranking those European cities best equipped to accommodate professionals relocating as a result of Brexit. For 10 business hubs vying for expat bankers it has researched the main factors contributing to the overall fit of the city for expat professionals. 

“Everyone is talking about cities like Paris and Frankfurt preparing for an influx of banking industry workers due to Brexit,” said Movinga’s managing director Finn Hänsel. “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.”

Movinga used twelve distinct criteria to rank the attractiveness of cities to London bankers, among them maximum income tax rate, English-language-friendliness, monthly rent for upscale flats through price of a house-cleaning, number of restaurants with Michelin stars, price of an evening cocktail, monthly price for luxury fitness studio access, price of a flex-ticket flight to London and flight-minutes from London.

The results, from top to bottom: Dublin, Amsterdam, Valletta (Malta), Luxemburg, Brussels, Frankfurt, Hamburg, Madrid, Paris, and Milan. 

Methodology

Banking: Maximum Income Tax Rate represents the rate, for each country, at which the highest income bracket is taxed. Where separable, this tax rate includes social security contributions made by the employee

English Comprehension: percentage of people in each country who “know English well enough to have a conversation”, according to European Commission report “Europeans and their Languages.”

High-End Rent: average of selected premium two-bedroom apartments in city centre based all currently available properties listed in online and in selected high-end realtors listings

Cleaning: Dry cleaning costs valid for one standard suit, prices sourced from five dry cleaning companies within business districts. House cleaning costs based on average hourly rates for 12 hours of hiring a cleaning service

Luxury Gym: costs are an approximate cost of a monthly membership at a high-end gym in the city centre based on rates available online for three gyms

Evening Cocktail: average of a standard cocktail from five bars in the city centre

Michelin Restaurants: total number of Michelin restaurants within the city

Burberry Stores: total number of Burberry stores within the city

Flex Ticket fares: average of the one-way fares from airports serving desired flight path

Flight Minutes: standard timing of direct flight from main airport to one of four London airports, including Heathrow, Gatwick, Stansted, and Luton.

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Matthew Vella is executive editor at MaltaToday.