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Banking in Frankfurt, Germany – Part 2: Relocation to Germany

Banking In Frankfurt, Germany – Part 2: Relocation To Germany
Beitragsserien: Banking in Frankfurt

Dear London bankers, we hope you will enjoy our little series of posts about Banking in Frankfurt, Germany! In the second part we look at some aspects of a relocation to Germany.

Relocation to Germany… It’s complicated…

Last time, we tried to give you a warm welcome to Banking in Frankfurt, Germany. We showed you what our city is all about, including the culture, infrastructure and some of its highlights. Of course, it is nice to dream of the charms of a foreign city, but relocating a firm to such a place is another ordeal. In this post, we’ll look at some of the more important aspects of this topic. Of course, this matter is so big that we can’t conclusively solve it in a single blogpost. But we’ll try our best!

Dear London Bankers!

It’s a done deal now that Great Britain is going to leave the EU, and we are all really sad to lose one of our favourite rivals in football as well as business. Nevertheless, it doesn’t hurt to look forward. So, since we suspect to see some of you in Germany soon, we will try to compile a comprehensive source of information on relocating to, as well as working and living in Frankfurt, Germany. In the second part, we talk about the issue of relocating to Germany.

1. Finding Real Estate for Your Bank

Let’s start with some good news! This should be a delightful topic for you, because one thing is certain: coming from London the prices for commercial real estate in Frankfurt will seem dirt cheap. We are talking 38 Euros per square metre. This is even less than in Dublin (49€/m²) and Paris (67€/m²) and definitely cheaper than in London, where the prices exceed even 150 Euros. This is due to the fact that, when it comes to office space, 11.8 percent of the available objects are actually vacant. To be sure, the demand has increased in 2016, says BNP Paribas’ Oliver Barth, but even a medium increase in prices shouldn’t hurt your company coming from England. Also, there are interesting new construction projects underway, like the OMNITURM and the WESTEND SKY.

Bright Side Frankfurt

2. Finding Real Estate for Your People

This could be a bigger problem than finding a nice office. Because even without an influx of the British banking community, projections tell us that by 2030 Frankfurt will be missing 155.000 residential apartments. And the metropolitan area will even be short 184.000 of them… At least, this is a prediction of one of Germany’s biggest insurance companies. Vacancies are very rare, even though the city builds new residential buildings every year. But there is a bright side to this. Many of the current construction projects are meant for upper to middle class housing. They are working on some phenomenal new high-rises that might just suit the taste of your employees.

3. Settling in as a company: In Germany, we have lots of rules…

Well, we have good news for you, and we have some bad news. Let’s start with the good, shall we? You might want to book some of our great seminars! Because – and this is the bad news – most everything concerning law in Germany can be really complicated. We are talking a complex labour law that stems from several different codes, our national banking regulations and tax codes. Fortunately, in our seminar on Banking in Frankfurt, you will be able to get a comprehensive look at all of those. For further information, feel free to visit our website for the event!

Recht Paragraph
Paragraph, Fragezeichen

4. Don’t forget about work visas!

After Britain leaves the European Union, people from the UK will lose their status as EU citizens. This may become a problem, because in Germany people are only eligible for citizenship once they have leaved here for eight years. Although our politicians are debating of relaxing this rule for British citizens, you might want to look into the topic of work permits. In Germany, these are linked to your status as a resident, so your employees will need German residence permits. Typically these are granted for one year and have to be renewed afterwards, however, after five years people can apply for a settlement permit or an EU right to residence. The full ramifications of Brexit for British citizens remain to be seen, though, since this is the first time a country leaves the European Union.

5. Don’t forget about your kids: school enrolment can be confusing at best…

This can be a big issue if you aren’t prepared, because the German school system can be very confusing at a first glance. So, let us give you the basics right here!

In Germany, school is divided into three phases of which two are obligatory.

  • There is the “Kindergarten”, which provides childcare in the preschool phase. It’s optional, but in Germany there are many nurseries for young children that are very useful for double income families.
  • The year your children turn six years old, they have to visit the German “Grundschule” which is basically our primary school. In Frankfurt, children typically visit the Grundschule for four years. The Germany school year starts in autumn every year.
  • After Grundschule comes the German secondary school system. And here starts the confusing part.
Bild: Ein Kind schaut in ein Fernglas

In Germany, school is divided into three phases of which two are obligatory.

  • The Gymnasium for the most academically promising students. It takes at least 9 years to finish this with the German “Abitur” and be eligible to visit a university.
  • Then there is the Realschule, which is the second highest ranked secondary school. It qualifies good students for visiting a Gymnasium after six years, as well as attending a vocational school or starting an apprenticeship.
  • A vocational school (“Berufsschule”) is, put in simple terms, a mix between an apprenticeship and visiting a Gymnasium. It prepares for entering specific occupations and there are lots of jobs that require this formal training.
  • Then there is the Hauptschule, which provides the lower level of secondary education. It ends after 9th (sometimes 10th) grade. It provides basic general education and afterwards students typically enter an apprenticeship in the industrial sector.
  • Last, there is the Gesamtschule which is basically a comprehensive school combining Gymnasium, Realschule and Hauptschule under one roof.

Keep in mind though, that there are other types of German schools and even five types of the aforementioned Berufsschule. But we don’t want to overcomplicate things at this point.

So, about Relocating to Germany

In case you want to know more about Relocating to Germany, we recommend visiting our seminar on Banking in Frankfurt. Also, we comprised a nice little presentation about the reasons why you just might like it over here. Feel free to browse through it, you might be surprised!


10 Reasons You Won’t Hate Living in Frankfurt

Download our tongue-in-cheek list of 10 reasons you just might love banking in Frankfurt, Germany. Hopefully, you'll enjoy our attempt at German "humour" and find some valuable information in it.
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Christoph Erle

Mein Name ist Christoph Erle und ich betreue bei Management Circle die Blogs zu Personalwesen, Banken, Energiewirtschaft und Handelsmarken. Als langjähriger Freund des Netzes und Content-Marketing-Spezialist wollte ich mir die Chance nicht nehmen lassen, bei einem renommierten Veranstalter den Aufbau einer Online-Präsenz zu unterstützen. Ich hoffe, hier hilfreiche Inhalte für Sie bereitzustellen und Sie demnächst im Netz oder auf einer unserer Veranstaltungen anzutreffen.

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