21/9/0
At first glance, the republic does not give the impression of a tax haven at all. This is not surprising, given that Ireland largely borrowed its legislation and state institutions from its neighbor, Great Britain, which, as you know, is not known for modesty in tax matters. Indeed, the overall level of taxation in Ireland is quite high. The average Irish worker earning about 15,000 pounds a year, according to various sources, gives from a third to a quarter of his earnings to the state. Skilled personnel, entrepreneurs, and managers whose annual incomes exceed 17,000 pounds pay income tax at a rate of 44%, and all income of a citizen is subject to taxation, regardless of where in the world the money was earned. This state of affairs is, of course, not particularly inspiring. But nevertheless, Irish legislation provides a number of unique opportunities to save one's capital from the most intrusive state; it's just important to be able to use them. More details about investments in citizenship can be found on specialized resources; now we will consider the possibilities of this island state.
The most famous of these opportunities was created by the Irish government for cultural and artistic figures. Artists and poets, composers and writers are completely exempt from taxes on income derived from their creative work. The privilege, however, applies only to creators of their own works, which does not include directors, conductors, or, say, journalists. Many world luminaries have already taken advantage of the opportunity to settle in Ireland, including Frederick Forsyth, Anne McCaffrey, and recent Nobel Prize winner Seamus Heaney. Whether any of our servants of the muses have become Irish citizens is unknown to the author of this article.
However, it is hardly worth expecting Nobel laureates from our long-suffering fatherland in the foreseeable future. But the number of wealthy people in Ukraine is growing every year. They are precisely the ones who can take advantage of the unique opportunities of the Irish business immigration program. Almost anyone, by applying to the Irish Ministry of Justice, can obtain Irish citizenship without the required prior residence in the country. If the applicant has not broken the law before and has sufficient financial resources, he can well count on a positive response. To do this, however, a number of conditions must be met.
The most important of these is investing a fairly substantial amount in the Irish economy – 1 million Irish pounds, that is, about $1.2 million. The investment object is chosen by the government of the republic independently. Part of the money is invested in assets or shares, and part is given as a loan (at 1-2% per annum) for a fairly long period – 5-7 years. After placing the money, the applicant receives a Certificate of Naturalization, which entitles him to obtain an Irish passport. It is not necessary to renounce previous citizenship, as Irish law allows the possibility of dual citizenship for its subjects.
During the first two years, the new citizen must spend 60 days per year within Ireland. In addition, he must buy a house on the island that will not be rented out. Throughout the entire period, the implementation process of the program is strictly controlled by a state body – Forfas. Its competence is to monitor compliance with the program's conditions. If Forfas considers the procedure to be incompatible with legality, the newly minted citizen may lose his acquisition.
The high cost of the Irish business immigration program is obvious. But at the same time, its advantages are also obvious. First, a Schengen passport, which allows you to feel free almost anywhere in the world and gives the right to live and work in any country of the European Union. Second, Irish citizenship can save any savings from taxes.
As already noted above, taxes in Ireland are high. In addition, the law provides for a tax on the worldwide income of citizens. But there is one "but" here. Only those citizens who are residents, that is, permanently living on the island, are subject to taxation. A citizen of Ireland is considered a resident if he spends at least 183 days a year in the country. Non-residents, on the other hand, pay taxes to the Irish government only on income earned in Ireland. Similarly, money earned before obtaining citizenship is not subject to Irish taxes.
The same applies to enterprises. An Irish citizen can freely register a legal entity that will be considered non-resident if the company's management and ownership are carried out from the territory of another country. A non-resident company must not receive any income in Ireland. Such legal entities do not pay registration fees and are not required to submit annual financial statements to the tax department.
Besides its excellent tax climate, Ireland possesses a number of other advantages as an offshore financial center. These include a superb banking and commercial infrastructure, time-tested political stability, and a modern, well-honed legislative and administrative machine. Having made a huge economic leap forward in the mid-1990s, Ireland remains one of the most dynamically developing countries in Western Europe. The country's economic growth rate is around 6-7%, which has prompted Western marketers to call the economy of the green island the 'Celtic Tiger,' by analogy with the enterprising Japanese and Thais. Perhaps this is why holding Irish citizenship is not only beneficial but also prestigious.
Ireland's business immigration program has been operating successfully for more than ten years. However, it has not been without unpleasant surprises. For example, in 1994, one investor very easily and quickly obtained Irish passports for himself and his family members by investing a large sum of money in an enterprise owned by the then prime minister.
Another scandal related to the investment program erupted three years later, in October 1997. This time, an Arab sheikh who had invested almost twenty million dollars in the Irish economy decided to avoid formalities and offered one of the Irish ministers no less than 3 million pounds. The result was deplorable both for the minister and for the reputation of the program itself.
However, despite a number of unpleasant incidents, the Irish investment-for-citizenship program continues to operate and remains one of the most elegant and effective developments in this field. Each year, about two dozen Irish passports are issued to businessmen from various countries who are willing to pay for the right to travel the world without paying much attention to borders and to freely dispose of their earned money. Today, the opportunity to join the business immigration program to Ireland is also opening up for Ukrainian citizens.