Dubai has been named as the second most popular overseas relocation destination by young British professionals.
New research carried out by independent financial advisory deVere Group shows that with 23 per cent of British professionals wishing to relocate to Dubai, the emirate closely trails first-placed Hong Kong (26 per cent), and is ahead of other hotspots like New York (19 per cent), Cape Town (15 per cent) and Sydney (7 per cent).
The results of the survey also showed that 10 per cent of those polled cited other destinations including Abu Dhabi, Barcelona, Tokyo and Geneva.
Of the 365 UK-based young professionals who were polled in this survey, 78 per cent said they have ‘seriously considered’, ‘are thinking about’, or ‘would be tempted’ to move overseas.
“Relocating overseas is always a big step and so the benefits and rewards for doing so need to be clearly identifiable and substantial,” said deVere Group’s founder and CEO Nigel Green.
“Naturally, high achieving young professionals like those who participated in this survey would be looking at global destinations that are perceived to offer the very best career and remuneration opportunities available; and preferably have a competitive tax rate in order to maximise their income whilst abroad.
“Bearing these important ‘pull’ factors in mind, it makes perfect sense that Hong Kong and Dubai topped the poll for British professionals under 35.
“Perhaps the reason why Hong Kong ranked just slightly ahead of Dubai, by three percentage points, is due to it being arguably more familiar in business terms because of its former British colony status.”
He continues: “Besides the top five overseas relocation destinations all being major international business hubs and having comparatively lower personal taxation than the UK, they also share other characteristics.
“For instance, they all have large, established expatriate populations, English is the primary business language, infrastructure and communications are world-class, and they are all well-served by airlines servicing UK airports.”
“I would suggest that those key international business hubs that didn’t make the list need to be asking questions regarding what they should be doing to become more attractive to the very best young professional talent in the UK, the majority of whom are prepared to relocate overseas,” said Green.