Financial News

How Much Moving Around The World Costs Expats

Where’s the most expensive city for expats to move to – especially with the spectre of banks and companies moving out of London when Brexit unravels?

The answer depends on your metric of choice for defining expensive.

International removal company Movinga has looked at the costs of moving home to 75 of the world’s leading expat assignment destinations.

If average moving cost is the figure you are watching, then Hong Kong is the most expensive city to move to, with an average total cost of setting up home of £3,086.

Dubai is next (£2,050), followed by Luanda, Angola (£1,769).

Seoul, South Korea, is the cheapest, costing £236.

What to pay

Rents are highest in New York, where expats can expect to pay £1,633 a month for a 35-square-metre flat close to the city centre. Luanda scores high again – taking second place with a monthly rent of £1,616 for the same size property as New York.

Cheapest is Tunis, Tunisia, at £101 a month.

Luanda also tops out for monthly food and drink bills at £895. Zurich is second with a cost of living of £865.

Food and drink is lowest in Bangalore, India, costing £185 a month.

London is the most expensive for public transport (£122 monthly), with Dublin, Ireland next (£102).

Overall, Luanda just tips the rest to take the unenviable title as the world’s most expensive city for expats, while Medellin, Colombia, is the cheapest.

Brexit will impact prices

“Berlin, Paris, Frankfurt, Dublin and Amsterdam are all cities preparing for an influx of banking industry workers due to Brexit,” said Movinga’s managing director Finn Hänsel.

“Among the factors that the directors of the banks must take into consideration for relocating will be the cost of moving for employees. Therefore, studies like this will be very important in years to come.

“With a greater understanding of the costs associated with relocation, we hope that people will feel empowered to confidently plan their next adventures.”

Several banks with London offices have already confirmed that they may move if the City loses ‘passporting’ rights under Brexit.

Passporting allows a financial firm with products or services regulated in one European Union state to offer them in another EU country.

Leave a Comment