Christmas is a time when many people come home to enjoy the festivities and spend time with their family and friends. But what if you want to make your visit home permanent?
Issues that are commonly seen as barriers to moving home to Ireland include housing, school places, personal taxation, social support, administrative issues, or worries about reintegration into Irish life and culture. Despite these concerns, the possibility of making a life here shouldn't be ruled out lightly, as there are now more and more opportunities to return and work in Ireland.
So, what has changed in the last few years?
The Irish economy is growing again. Economic growth is set to be around 5% this year, and there is a 4% expansion forecast for 2018, making Ireland a candidate for the fastest growing economy in Europe this year and likely next. The unemployment level is at 6%, down from 15.1% in 2012, with Dublin, according to some, approaching full employment rate.
Some of the fastest growing and most innovative businesses are already in Ireland, meaning we no longer need to look abroad for progressive opportunities. There has been huge growth in green energy sectors and tech, as well as finance, professional services, pharmaceutical, construction and manufacturing.
Return to Ireland with a business plan
This year the Irish Government introduced a new support fund of up to �100,000 for returning Irish emigrants who are looking to set up a business at home. This new one-year pilot project assists emigrants who have returned or are planning to return to Ireland, by fostering entrepreneurial activity and addressing barriers and challenges to starting a business.
Ways in which this mentoring programme assists returning diaspora are bridging the gaps in personal and professional networks, providing support, and up to date local knowledge crucial to the successful establishment of new businesses.
What else makes Ireland a competitive location for a business?
- 12.5% corporation tax rate
- 25% R&D tax credits on qualifying expenditure against Irish corporation tax
- 100% tax relief for capital expenditure on Intellectual Property. Including expenditure on: patents, trademarks, copyrights, brands, licences, industrial know-how and goodwill directly attributable to any of these intangible assets.
- 6.25% Knowledge Box development corporate tax rate on qualifying profits
- Three-year start-up relief on profits
- Powerful technology hub
- Well educated and capable workforce
- Ireland is a member of the eurozone and will be the only native English-speaking country in the EU following Brexit
At Cpl, we have been helping individuals to come home via One Tribe. For anyone coming home this Christmas and wanting to explore the opportunities to set up business here and make a move permanent, make an appointment to meet with one of our specialists.