Relocation / April 5th, 2016
So maybe you’ve spotted a job you like, but it’s in Malta, or perhaps you are just looking for somewhere where you'll get a little more sunshine and someone recommended Malta a...More >
The referendum result was a significant shock for the 60% of Londoners who voted for Remain. Now, as the dust begins to settle, many of them are starting to think about what comes next for them, personally and professionally.
We have already seen a rise in interest in relocations as a result, as people begin to question whether London is still the right place to build a long term career. Top of the list are countries in which people have family ties, can apply for a passport, and have similar financial and tech sectors, such as Ireland and Germany. For those without such ties, however, we are consistently being asked about one growing EU job market: Malta.
That should raise two questions for Londoners who have yet to consider moving: will Brexit effect my career prospects enough to consider moving, and why is Malta the top of so many people’s list?
Regarding the first question, the only certain outcome is uncertainty, and we have already seen some of what uncertainty can do to the markets that London’s job market relies on so heavily. Longer term changes and the results of the UK’s negotiations with the EU are anybody’s guess; the real problem is whether some companies aren’t prepared to wait two and a half years to find out. Companies with significant interests in the Continent are likely to start moving jobs or even whole offices to EU jurisdictions. If or when that happens, early movers in the jobs market will be at an advantage, so there is good reason to be looking at serious alternatives now.
As for why Malta is looking so popular, it is because it is a fully independent member state of the EU with a booming finance and tech-based economy, but with some important advantages over other potential centres such as Dublin, Paris, or Frankfurt. Firstly and most importantly, it is English speaking and is closely tied to Britain historically and culturally. There are already a large number of expats amongst its half-million population and the working culture is very British; they even drive on the left! Secondly, it is very welcoming to those looking to relocate because it needs to import skilled labour, particularly for its finance and gaming sectors. A combination of these two points means locals are extremely confident that British workers will continue to be welcome in Malta whatever the outcome of the negotiations with the EU down the line.
On top of these positive attributes that are of particular concern to would-be migrants from London, Malta has a lot to offer: lower taxes, the most sunshine in Europe, and an economy with the second highest growth rates in the EU (2015). Salaries are also increasing quickly and will look even more attractive to Londoners after the recent fall of Sterling versus the Euro. The islands have universal high-quality education and healthcare, you’re never more than 15 minutes from the Mediterranean, and quality of life compares favourably to London.
For those Londoners who see themselves are European citizens and are concerned about the capital’s prospects over the next few years, a move to Malta is a sensible route to consider.
There are a few other good options in the offshore world, off course. After Malta, one major option – particularly for those with technology and development skills – is the Isle of Man. It’s a British Crown Dependency just an hour’s flight from London and has quite resilient technology and finance sectors which stand to be less affected by Brexit than many other similar offshore spots.
If you are concerned by the consequences of the referendum for your local job market and would like to discuss relocation options, please email Julian Perigo or call +356 2704 1691 during European office hours.