| Topic: |
Politics > Politics-USA |
| User: |
"The Golf War" |
| Date: |
02 Jun 2007 08:56:49 AM |
| Object: |
Why are Banks moving staff to Dubai? |
Why is Standard Chartered bringing its London staff to Dubai?
http://www.ameinfo.com/122106.html
Living and working in Central London has become hard
even for well-paid banking staff. The public transport is
dirty and unreliable; the weather notoriously bad;
accommodation expensive and cramped;
and UK citizens pay tax while many foreigners living in
their capital avoid such payments and live better than
nationals can afford.
Small wonder is it then that a tax-free environment like Dubai
is attractive to bankers. They will pay no income tax.
They will pay no taxes on their investment income, or
on capital gains. And it is the same tax regime for everybody
who lives in Dubai.
From a business perspective Standard Chartered Bank is also
revealed as being particularly bright. The bank was clever enough
to invest in its own building in the new DIFC a few years ago
which is now fine asset on its balance sheet, and offers relatively
low-cost accommodation.
Banking the banks
Moreover, these offices are within a financial free zone
with more than a hundred of the financial institutions
that Standard Chartered serves as the 'bank to the banks'.
State-of-the-art offices, customers on your doorstep
in a purpose built financial zone, it does not get much better
for bankers who will also find that they can park their
cars under the DIFC. Even the traffic jams of Dubai
have shown signs of improvement recently with hundreds
of millions spent on new roads.
When did the City of London last make a serious investment
in its transport infrastructure? There have been no major roads
built in the centre of London for over forty years.
And if the UK capital is unacceptably congested then
the soaring cost of living just adds to the attraction for
both business and individuals to seek out a new alternative
with an attractive lifestyle at a lower cost.
Good life
Step forward cosmopolitan Dubai with its tolerant and
welcoming attitude to expatriates, superb new villas and
apartments, excellent global aviation links, great golf and
hotels, a high quality of life for well-paid bankers
and unlimited free sunshine.
It will be interesting to hear if anyone offered an
incentive package by Standard Chartered Bank
decides to stay in London.
Is this not like the Australian penal colonies
that were finally abandoned when people were
committing crimes to get a free passage out of the UK?
Dubai will clearly be glad to be winning another set of
high-rolling expatriates that any country would be happy
to accommodate. Rumor has it that HSBC has secured a
large tower in Dubai and that Credit Suisse has only
postponed a similar move.
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