According to a recent report published by property agent Knight Frank ‘rapid population growth and innovative infrastructure projects are creating new business hubs and transforming the geography of our Global Cities’. These are the hubs of innovation, attracting young talent from all over the globe. We picked out the best European cities from the study that are perfect if you’re looking to build your career.
According to the study, young professionals in Berlin manage to keep hold of 63.7 per cent of their monthly salary after paying for life’s essentials. Berlin became the first city in Germany to introduce rent controls in June 2015 to stop housing costs getting out of control. The city’s officials have said it’s important to keep rent affordable for all Berliners, regardless of their income and avoid taking the same route as Paris and London. Now that’s forward thinking. Wilkommen in Berlin!
Ahh, Frankfurt. The fifth largest city in Germany can not only boast low property costs, but as a major financial centre it also offers well-paidemployment opportunities for graduates and young professionals. According to the study, workers in Frankfurt can set aside 58.8 per cent of their earnings after all essentials are paid for.
Also a financial hub, Scotland’s capital Edinburgh is one of the most affordable cities in Britain. It’s also known for a lively tech startup scene and has one of the highest concentrations of new digital and creative businesses in the country. Different from Berlin and Frankfurt, the city is small enough to walk to most places, giving residents an opportunity to save well on travel costs. Workers in Edinburgh can save up to 48 per cent of their salaries after expenses, according to the study.
Although Spain has struggled with high levels of unemployment in the last few years, the rate is currently falling and job creation is on the rise. As eating out is cheap, but clothes are more expensive, those more interested in food rather than fashion can expect to keep 45.8 per cent of their earnings after living expenses.
Although Dublin’s rent prices are on the rise, young professionals can still expect to be left with 42% of their salary after essential costs. Some of the world’s greatest tech and pharmaceutical companies’ offices are in Ireland, like Apple, Intel, Pfizer and Google to name just a few, creating opportunities for young professionals to build their careers.
And then there’s Amsterdam. A vibrant and liberal city bursting with culture – every bohemian’s dream. Because salaries are fairly standard in Amsterdam but the Netherlands has high living costs and some of the highest taxes, it might not be the ideal money-saving experience, but it’s surely an experience nevertheless. Generally, living in Amsterdam could leave you with a mere 21.4% of your salary after all living expenses. However, if you happen to be one of the lucky ones transferred from overseas to work in Amsterdam and you’ve got very specific and sought-after skills, you could apply for the 30 per cent tax ruling which means you’ll only be taxed on 70 per cent of your salary.
Although it seems London is becoming more expensive by the minute, it is still undoubtedly one of the world’s leading innovation hubs, especially when it comes to financial technologies. Home to the Monese office too, London attracts young talent from all over the world with career opportunities that are hard to find elsewhere. And yes, rent prices in London can be a tad ridiculous (ahem!), but here are 15 reasons why everybody should live in London for a while.
Another topic entirely is trying to open a bank account in your new home country as a foreigner. Good thing we have you covered. You can open a FREE current account with a debit card and cheap international payments in under 2 minutes! And it doesn’t even matter which EEA country you live in. Check us out and get invited at www.monese.com!