Ireland Appeal | Asian Legal Affairs


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The pandemic and prolonged work from home have given plenty of reasons to take a close look at where they are based, their families and their belongings, especially as travel restrictions make mobility difficult. A compelling, but perhaps not obvious, choice is Ireland.

In recent years, Ireland has emerged as a top immigration choice for families and high net worth individuals (HNWs), said Jeffrey Ling, regional director of Bartra Wealth Advisors.

“Ireland is not only a beautiful green island with a temperate climate, fresh air and abundant natural resources, it is also one of the most open economies in the world with a large and dynamic international trade sector. It is a member of the European Union and the only country in the EU whose mother tongue is English, ”Ling said of its benefits.

Currently, investment immigration programs in other English speaking countries are either having issues with long application windows, processing times and limited quotas, or issues with visa rejection rates. It could have an impact on childrens education and peoples career development or retirement plans in the country of destination.

—Jeffrey Ling, Bartra Wealth Advisors

The country, which ranked second with Switzerland in the United Nations Human Development Index for 2020, actively encourages investment immigration through its IIP program, which Ling describes as “simple and extremely fast, with processing times averaging between four and six months. . ‘

It also offers multiple options for potential investors including a corporate investment of € 1million (€ 1.21million) in an Irish company, an investment fund option worth € 1million. euros, an investment in a real estate investment fund of 2 million euros, or a philanthropic donation of 500,000 euros to a project of public interest for the arts, sport, health, culture or education in Ireland.

“In addition to offering investors more flexibility in their investment options, the IIP allows applicants to add their spouse and dependent children under the age of 24 at their request. And unlike many investment residency programs, the IIP does not require long periods of residence for the applicant to maintain residency, but rather requires them to stay in Ireland only one day per year, ”he said. Ling said.

For clients with families to consider, the IIP program provides access to the best educational institutions in the country and to ‘leading’ companies in the Irish job market.

“Ireland, the Silicon Valley of Europe, is one of the few countries in Europe to have experienced rapid growth in the employment rate in recent years,” Ling said, noting that this increase was the result “The attractive corporate tax rate of 12.5%, which has prompted many of the world’s largest financial institutions, technology companies and pharmaceutical companies to set up their European headquarters there. “

According to Ireland’s National Skills Bulletin 2019, the country needs talent in tech and IT, science and engineering, finance, healthcare and construction.

“This means that people who worked in these industries would have the opportunity to continue their careers there,” says Ling. “Many students consider this when choosing where to study, and Ireland quickly tops the list when it comes to post-graduation opportunities. The country has drawn titans from various industries to its shores, including Amazon, Johnson & Johnson, Microsoft, Apple, the creator of the first COVID vaccine Pfizer, and many more. “

Despite Brexit, the UK and Ireland have a common Common Travel Area (CTA) agreement, which provides associated rights between the two countries, “such as the right to work, to study, to voting in some elections, accessing social and health benefits. services and traveling freely between the two jurisdictions endures, ”Ling said, noting for investors, the IIP offers their children“ the luxury of choosing; they can sue. their studies in the UK or Ireland without having to worry about student visas.

LOW TAX ENVIRONMENT

Other attractions for the IIP program include those looking for a low tax environment.

“A natural person can only be considered Irish resident for tax in any tax year if he or she spends 183 days or more in Ireland in the tax year, or 280 days or more in Ireland in the tax year current and the previous fiscal year. combined, ”Ling notes. “In other words, given the flexibility of the IIP, which requires a minimum stay of one day per year, investors who spend less than 183 days per year and who are domiciled outside of Ireland would not be not subject to Irish tax. It should be noted that investors who stay in Ireland for more than 183 days in a tax year, as long as their income is not transferred to Ireland, they may be exempt from Irish income tax ”, adds he does.

For those who wish to pursue the option, applications are usually approved within four to six months.

“IIP has no limit on application quotas,” says Ling, who adds that approvals are based on meeting basic requirements and background checks.

“Applicants will only make their investments once their application has been approved, which will allow them to further eliminate financial risk. Once applicants have received their Stamp 4 visa which is equivalent to PR status, we provide one-stop field services with our local partners, such as airport pick-up service, tour guide city, site inspection visit, butler service, education consultant, legal consultant, tax consultant, real estate consultant and insurance service, to cover the needs of our clients in all aspects ”, adds he.

While the immigration process can be stressful and ambiguous at times, Ling says that IIP solves many typical problems.

“Right now, investment immigration programs in other English-speaking countries are either having issues with long application windows, processing times and limited quotas, or issues with visa rejection rates. This could have an impact on children’s education and the career development or retirement plans of people in the destination country, ”he explains.

“Another advantage of IIP is that the requirements are comparatively lower. For example, no language requirements, interview or medical exam are required to apply. Successful applicants would only need to stay in Ireland for one day per year to maintain their permanent resident status, providing the additional flexibility that Asian ‘astronauts’ may need to take care of their families and businesses ”, Ling adds.

To contact the editorial team, please send an email ALBEditor@thomsonreuters.com.

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