In 2021, Ireland's economic growth was impressive. Although the domestic economy remained under lockdown to suppress the spread of the pandemic in the first quarter, it still grew by 7.8%, the strongest growth rate in Europe. Data shows that Irish exports grew by 5.8% in the first quarter, while imports fell by 8.9%, resulting in strong net trade that significantly boosted GDP for the quarter.
The latest report from the International Monetary Fund (IMF) on the Irish economy indicates that the government's quick response has protected and mitigated the impact of the pandemic on families and businesses. Ireland has embarked on a favorable path of "high growth and reduced vulnerability." With restrictions easing and an increased adaptability to remote work, Ireland's economy is expected to grow by 4.6% this year.
Additionally, the Irish government’s foreign investment promotion agency, Enterprise Ireland, recently released its mid-year report for 2021, which shows that foreign direct investment (FDI) flows into Ireland were robust in the first half of the year, maintaining significant investment growth. It can be said that the first half of 2021 saw remarkable achievements in foreign investment in Ireland. The existing foundation of foreign direct investment continues to show resilience, with a total of 142 investments secured by the end of the second quarter, including 62 from new investors; the performance in local regions was strong, with 68 of the 142 investments (48%) directed towards local regions, which could generate over 12,530 new jobs.
Ireland has successfully attracted substantial foreign direct investment capable of creating jobs, reflecting that Ireland is a destination where businesses can achieve success and growth. Over the years, Ireland has maintained a stable, consistent, transparent, and competitive corporate tax policy.
With sustained economic growth, a high level of national wealth, and an advantageous tax system, Ireland’s investment development potential has garnered significant attention from global investors, attracting numerous investors to immigrate here.
Currently, to invest in Ireland through the government-approved donation program, a donation of €500,000 (which can be reduced to €400,000 for group donations) is required for the whole family to apply for Irish residency. Additionally, immigration to Ireland can also be achieved by investing €1,000,000 in a local Irish business for a minimum of three years.
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