Movinga, a relocation firm, ranked the best locations in the EU27 for London bankers after Brexit. Luxembourg placed in the top 5, ahead of Brussels, Frankfurt and Paris. However, Dublin topped the tables.
Luxembourg has been ranked 4th most attractive city for London bankers to relocate to after Brexit
Luxembourg has been ranked the fourth best EU city for London-based bankers post-Brexit, in an index by relocation firm Movinga.
Banks and other financial firms are expected to begin moving jobs out of the UK after the British prime minister triggers Article 50 beginning a two years of exit negotiations.
Already US insurer AIG announced it would open a Luxembourg operation to write business in the European Economic Area and Switzerland as did Blackstone while Lloyds of London has hinted that Luxembourg is on its shortlist for a post-Brexit base, next to Frankfurt and Dublin.
The Movinga ranking considered a range of factors including income tax rates, use of Enlgish, rents, flight time from London airports and luxury lifestyle considerations such as the number of Michelin-starred restaurants and Burberry stores. Dublin occupied the top spot, followed by Amsterdam and Valletta in Malta.
The top 10 was completed by Brussels in sixth place, Frankfurt, Hamburg, Madrid, Paris and Milan.
“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."