Dubai: The lack of a credit history is less of a problem in the UAE for new residents setting up a base here compared to other popular destinations for expats. This is according to a new HSBC poll, which cites the main reasons for new expats to choose one global city over the other.
The poll found 53 per cent of respondents saying they were ‘unsettled’ by the initial struggle with setting up a bank account or signing up for utility services. And a lack of local credit history was the reason for these challenges say 56 per cent of respondents.
“For the UAE, these figures are much lower than the global survey’s average at just 44 per cent for both feeling unsettled and citing local credit history as the reason,” the HSB report finds.
“While moving anywhere internationally can be a challenge logistically, financially and personally, we see the UAE so highly rated among the categories that matter most to expats,” said Daniel Robinson, Head of Wealth and Personal Banking, HSBC UAE.
“These findings are a reminder that help is at hand when moving internationally and a bank that knows you on arrival can help make getting settled and planning a new future both quicker and simpler.”
A time to move into the UAE
Lifestyle options represent a big part of the decision to move cities, with 36 per cent of respondents saying this was the factor behind choosing the UAE. Of course, typical incentives such as increased earnings (36 per cent), family stability (34 per cent), ‘making money go further’ (37 per cent) and the option of living in a more sustainable environment (30 per cent) also had a part to play in the decisions.
Clearly, ongoing efforts by the UAE to draw talent cutting across multiple industries from outside is paying off. It obviously has had an impact on the local property market, as seen in the sustained rally in sales values and rentals through these two years.
The Golden Visa investment program, easy residency permits for professionals in select categories, 100 per cent ownership for businesses, and retirement options were all introduced or updated during this period.