Economy

Luxembourg, an advantageous alternative for British companies

On the eve of Brexit, British companies are looking for the best solution for relocation in the European Union.

27-brexit-bisMovinga, a platform specialised in the online moving business, has released a ranking of the most favourable cities for relocation of British companies after Brexit. As far as financial professionals are concerned, Luxembourg ranks 4th, leaving its neighbours Paris, Frankfurt and Brussels behind.  

The financial sector barometer takes into account 12 criteria in order to establish the ranking, i.e.:

  • business framework (taxation, social security contributions, English language);
  • basic expenditures (housing, laundry, housekeeping, gym);
  • daily life (starred restaurants, presence of Uber, price of a cocktail, ...);
  • return to London (duration and average price of a flight to London).

Luxembourg stands out in the field of taxation, where it ranks 2nd in Europe. The country also takes a leading position as far as the ease with which English is spoken is concerned, where it comes in 4th position. Finally, Luxembourg's third most advantageous criteria for the possible relocation of British financial sector professionals after Brexit is the flight distance to London (1 hour 30 minutes).

What is Brexit?

Brexit is the withdrawal of the UK from the European Union following the referendum of 23 June 2016 in which the British voted in majority (51.89%) for this exit. David Cameron, then British Prime Minister, stepped down after the vote. Theresa May is his successor.

By the way, the term 'Brexit' is the contraction of English words 'British' and 'Exit'.

(Article written by the editorial team of the portal luxembourg.lu)

  • Updated 30-03-2017