According to the latest EY Financial Services Brexit Tracker, 43% (95 out of 222) of financial services firms have publicly stated that they have already moved, or plan to move, some of their UK operations and staff to other European countries, with Dublin, the capital of Ireland, being one of the top choices.
A total of 89 firms have identified at least one European location to which they are moving staff and operations. Among these universal banks, investment banks, and brokerages, 32% have chosen Dublin; more than half of wealth and asset management firms have chosen Dublin; and 37% of insurance companies and insurance brokers have chosen Dublin.
For Ireland, ranking at the top of the European financial development charts is highly encouraging, and economic growth and tax data are likely to mirror its performance on European rankings. Ultimately, Ireland's ability to become a favored destination for major European financial firms is inseparable from its economic strength and favorable tax system!
Exceeding Expectations! Ireland's GDP Grew by 3.4% Against the Trend in 2020
According to data released by the Central Statistics Office of Ireland, industries with a higher degree of globalization in Ireland continued to grow, with the information and communication sector, which accounts for about 15%, growing by 14%. On a macro level, Ireland's Gross Domestic Product (GDP) grew by 3.4% last year.
The European Union had predicted in the spring of 2020 that Ireland's GDP would fall by 7.9%. Compared to this forecast, Minister for Finance Paschal Donohoe described this growth as a "significant" improvement, noting that the GDP growth was largely due to an increase in exports, which rose by 6.25% despite a sharp decline in global demand.
Superior Tax System Facilitates Corporate Development
Ireland's ability to attract numerous financial giants is also closely linked to its superior tax system! Since the 1990s, Ireland has implemented an open and relaxed tax-exemption policy, introducing a large number of financial and high-tech enterprises from developed countries around the world. The corporate income tax rate is 12.5%, which is the lowest among major English-speaking countries and one of the lowest in the European Union. There are tax exemptions for newly established enterprises and R&D companies, strongly encouraging and supporting leading companies from various global industries to establish a presence in Ireland.
Ireland's strong economic strength and superior tax system have brought stable, developed markets and huge profits to companies from all over the world, making it highly favored by global giants and bringing benefits to immigrant investors!
Currently, to invest and immigrate to Ireland, one can apply for Irish residency for the whole family by investing in a donation project recognized by the Irish government, with a donation of only 500,000 euros (group donations can be discounted to 400,000 euros). In addition, one can also immigrate to Ireland by investing 1 million euros in a local Irish enterprise for more than three years.
Worldway Group, one of the Top 500 Asian Brands, currently offers multiple projects suitable for investors for education planning, identity planning, health planning, and creating overseas homes! These include immigration to Canada; investment immigration to the United States; immigration to Australia; immigration and EU passport projects for European countries such as Montenegro, Turkey, the United Kingdom, Greece, Portugal, Cyprus, Spain, Ireland, and Malta; investment citizenship projects for Commonwealth countries such as Saint Lucia, Vanuatu, Saint Kitts and Nevis, Dominica, Antigua and Barbuda, and Grenada; as well as overseas property consulting and assistance with overseas settlement services.
For more details, please consult: Mainland China: 400-138-2929; Hong Kong, China: (852) 2802 8798.
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