Issue link: https://maltatoday.uberflip.com/i/803478
maltatoday, SUNDAY, 26 MARCH 2017 News 13 Dublin, Ireland 52% 100% €1,975.67 €14.5 €156 €79 €11 7 1 Yes €105.99 70 Amsterdam, Netherlands 52% 90% €2,010 €18.9 €168 €76.5 €9 12 2 Yes €126.99 65 Valletta, Malta 35% 89% €2,243.33 €13 €72 €65 €5.46 0 0 No €224.99 200 Luxembourg, Luxembourg 40% 56% €2,278 €14.4 €180 €99 €10 11 0 No €142.99 80 Brussels, Belgium 50% 38% €1,519.33 €15.9 €120 €99 €9 19 1 Yes €137 70 Frankfurt, Germany 47.48% 56% €2,129.00 €12.4 €144 €99 €9 10 2 No €112.99 100 Hamburg, Germany 47.48% 56% €2,445.67 €11.9 €156 €99 €9 15 1 No €130.49 90 Madrid, Spain 42% 22% €2,442.67 €11.99 €120 €75 €9 13 4 Yes €153.99 155 Paris, France 49% 39% €3,363.67 €17.4 €168 €105.42 €12 82 8 Yes €168.23 70 Milan, Italy 45.83% 34% €2,913.05 €10.9 €166.8 €57.1 €9 17 3 Yes €213.99 130 City Maximum English High-end rent Dry House Luxury Evening Michelin Burberry Uber Flex ticket Flight-time income tax levels cleaning cleaning gym cocktail restaurants stores (mins) SOURCE: Movinga.de 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. Valletta could be 'Brexodus' capital (with a Michelin- star restaurant) MATTHEW VELLA 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, excel- lent English comprehension, and competitive pricing, Valletta could easily be top of the Brexo- dus list. The Maltese capital city made it in the top 10 ranking of "best cit- ies for bankers", according to the Berlin-based relocation company Movinga (also a start-up), which rated the desirability of several European countries for the Lon- don 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 busi- nesses will thrive in exactly the same environments. With the United Kingdom's inevitable exit from the EU on the horizon, hundreds of thousands of Brit- ish professionals face the possi- bility of relocation. Many major European cities, offering much- wanted access to the EU single market, are vying for the finan- cial 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 re- sult 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 cit- ies like Paris and Frankfurt pre- paring for an influx of banking industry workers due to Brexit," said Movinga's managing di- rector Finn Hänsel. "But other cities like Dublin, Valletta, Lux- embourg 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 attractive- ness 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 res- taurants with Michelin stars, price of an evening cocktail, monthly price for luxury fitness studio access, price of a flex-tick- et flight to London and flight- minutes from London. The results, from top to bot- tom: Dublin, Amsterdam, Vallet- ta (Malta), Luxemburg, Brussels, Frankfurt, Hamburg, Madrid, Paris, and Milan. Price of an evening cocktail a must for the London banker. Photo shows Charles Grech interior, on Republic Street, Valletta CONTINUED FROM PAGE 12 With the UK's expected trigger- ing of Article 50 and the start of its departure from the European Union, the European Central Bank recently also confirmed it would fast-track the authorisation of banks leaving the UK because of Brexit. That means the ECB could tem- porarily forego its requirement to pre-approve the financial mod- els banks use to determine risks, provided that these models have already been approved in Britain, ECB board member Sabine Laut- enschlaeger told bank executives Such a fast-track regime would apply across all European banking markets, which turns the entire European landscape into a level playing field since different mem- ber states cannot leverage their regulatory advantages against each other. Banks would therefore not need to undergo a lengthy initial test of their risk models, which can take months for those reviewing these internal controls. Financial centres like Dublin, Frankfurt, Paris, and Luxembourg – as well as Malta – will be eager to grab this kind of business from London, if the banks' models are already approved by the UK's Pru- dential Regulation Authority. Britain will trigger divorce pro- ceedings with the EU on March 29, which will mean UK-based banks will lose their rights to access the EU's single market from London. "Malta is less expensive and more tax-efficient than Dublin while Luxembourg, Liechtenstein, Norway, Switzerland or Gibraltar have one or more flaws that weaken their case." VALLETTA TAKES TOP-THREE SPOT FOR 'BREXODUSING' BANKERS SEEKING NEW LONDON