100 financial companies leaving London for Dublin

Thousands of workers and billions of dollars are now heading to Dublin to avoid the worst effects of Brexit.

Some 100 financial companies are now in the process of moving their staff and operations to Dublin in order to be able to continue their businesses unhampered by the effects of Brexit. On March 29, a minute before midnight, some £9 billion will be transferred by just one company, Aviva, and the rout will begin for the rest of the pack. Aviva’s move was recently approved at the British High Court of Justice, and is just one small part of capital and asset withdrawals by firms desperate to keep a foothold in Europe.

After nearly three years of competition between various EU capital cities, Dublin would seem to have won the race for the most financial business relocations, as almost half of the total numbers of hedge funds, private equity firms and asset managers chose the Irish Republic capital as their new home. Where headquarters find their new homes, jobs follow, with the tech sector mostly affected by the move.

It’s not just financial services, as insurance, banking and fintech firms are also shifting, with experienced expat professionals the first to arrive in the new country of residence. An influx of executive-level top expat talent is already ongoing, but no-one’s quite certain the necessary infrastructure is now in place. Suitable property might be a problem, as Dublin’s real estate market isn’t geared up for pristine, ultra-modern luxury dwellings suitable for top-drawer financiers.

According to real estate agencies in the city, its central areas need a good number of brand new high-rise residential towers, as the available housing stock isn’t quite what’s needed for those determined to be within walking distance of work as well as leisure. For expats relocating with their families, suitable schooling is also set to be a problem, as waiting lists for international private schools are extremely long. Expat parents are faced with registering their brood in around four schools, each of which demand a usually non-returnable deposit of £1,000.

Other problems include delays in getting an Irish driving license, the high cost of vehicle insurance and the right visas for non-EU spouses and other family members. For expats at less than executive level looking for jobs outside the UK, Dublin’s cost of living is high at present, and is expected to increase further, especially as regards rental costs.