Moving to Abu Dhabi from Basel

Overview

Abu Dhabi, the capital of the United Arab Emirates, has emerged as a global financial hub attracting top finance professionals from around the world. With its booming economy, favorable tax regime, and high standard of living, the city offers ample career opportunities in investment banking, private equity, asset management, and other finance domains. For finance professionals relocating from Basel, Abu Dhabi presents an attractive option to advance their careers and experience a dynamic, multicultural environment.

Cost of Living Comparison

Compared to Basel, the cost of living in Abu Dhabi is generally lower. Rent for a one-bedroom apartment in the city center averages around AED 50,000 (CHF 13,500) per year, while outside the center it's approximately AED 35,000 (CHF 9,500). Utilities, including electricity, water, and internet, cost around AED 500 (CHF 135) per month. Domestic helpers are widely available and affordable, with average monthly salaries ranging from AED 2,000 to AED 3,000 (CHF 540 to CHF 810). Dining out and groceries are also more cost-effective in Abu Dhabi. However, the cost of private healthcare and international school tuition can be higher than in Basel.

Tax Implications

One of the primary draws of relocating to Abu Dhabi is the absence of personal income tax. Residents of the UAE, including Abu Dhabi, do not pay any income tax on their salaries or other earnings. Additionally, there are no capital gains taxes or inheritance taxes. This creates a significant financial advantage for finance professionals compared to the Swiss tax system. However, it's essential to consult with a tax specialist to understand any potential double taxation implications and ensure proper tax planning.

Visa & Work Permits

The most common visa for finance professionals relocating to Abu Dhabi is the UAE work visa, which is sponsored by the employer. The process typically takes 4-6 weeks and requires submitting various documents, including a valid passport, educational certificates, and a medical fitness certificate. Dependent visas are also available for spouses and children. It's important to note that the employer is responsible for obtaining the work visa and ensuring compliance with UAE labor laws.

Job Market Insights

Abu Dhabi's finance sector is dominated by large banks, sovereign wealth funds, and government-backed investment firms. Major employers include the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company, and the Abu Dhabi Global Market (ADGM) financial free zone. Salaries for finance professionals in Abu Dhabi are generally competitive, with the potential for tax-free earnings and generous benefits packages. The job market is active, with a steady demand for skilled talent in areas such as investment banking, asset management, and risk management.

Quality of Life

Abu Dhabi offers a high standard of living for expatriates, with a modern infrastructure, world-class healthcare facilities, and a diverse cultural landscape. The city boasts numerous leisure and entertainment options, from pristine beaches and luxury resorts to vibrant cultural attractions and dining experiences. The city's warm climate and low crime rates also contribute to an appealing lifestyle. However, it's important for finance professionals to be mindful of local customs and cultural sensitivities to ensure a smooth integration.

Practical Moving Tips

When planning a relocation from Basel to Abu Dhabi, it's recommended to allow 2-3 months for the process. Secure housing arrangements in advance, as the rental market can be competitive. Open a local bank account and arrange for utilities and internet services prior to arrival. Additionally, research international schools and healthcare options to ensure a seamless transition for you and your family. During the first 30 days, focus on completing necessary administrative tasks, such as obtaining a UAE driver's license and exploring the city to familiarize yourself with your new surroundings.