Non-doms, hedge fund managers, entrepreneurs and investors are still welcome in Ireland:
- Only income from Irish sources is taxable in Ireland.
- Income from UK or foreign sources is only taxable to the extent of amounts remitted (brought into) Ireland.
- Remittances of capital are not subject to Irish income tax – income earned at a time when the individual was not resident in Ireland would be treated as capital in nature and therefore not subject to income tax here when brought (remitted) to Ireland. This means that while such individuals will be chargeable to tax in Ireland on Irish source income and gains, they will only be chargeable on foreign income and gains to the extent that they are remitted to Ireland.
- Where non-domiciled individuals come to Ireland and use their wealth accumulated outside of Ireland to cover their day to day living expenses, it is possible for such individuals to live in Ireland free of tax.
- Individuals tax resident or ordinarily tax resident but not domiciled in Ireland are liable to Capital Gains Tax on gains arising on the disposal of assets situated in Ireland and the United Kingdom, and on all foreign gains to the extent that those gains are remitted to Ireland.
- Prime property in Dublin as well as estates in the country are still below their bubble highs – though Dublin is rebounding fast. Beachfront properties or houses with stabling facilities are plentiful.
- Ireland has world beating sporting teams, fantastic golf courses, the fishing is spectacular, hunting is legal, the sailing is great and the country is the world leader in equestrian sports.
- Ireland’s regional airports are an hour away from London City Airport in your Lear jet.
- Ireland has a world class educational system and universities, technology start-ups are springing up everywhere, foreign tech firms like Twitter base their European headquarters in Ireland because the young well-educated English-speaking workforce has the talent they need. The International Financial Services Centre ‘IFSC’ in Dublin welcomes hedge funds with financial incentives to relocate and is second only to London for the number of fund managers. The Heritage Foundation ranks Ireland the freest economy in the euro-zone.
- There is broad cross-party support for Ireland remaining a low tax, business friendly country welcoming to foreign investors. Corporation tax is 12.5%, inward investment incentives with tax breaks for entrepreneurs are generous.
If Red Ed does get elected on May 7 and the socialist terror comes to Britain, Ireland will welcome the huddled elite, yearning to breathe free…