Dublin jumps financial league

DUBLIN has clinched a top spot in a list of the world’s leading financial centres.

It jumped two places to 13th position thanks to its tax environment and pool of good staff.

The survey, written by consultants Z/Yen Group and published by the City of London, said: “Dublin is excellent — good reputation and very pragmatic regulation, genuinely keen to encourage business. It also has a good tax environment. Over time it’s become expensive but good staff can be found.”

Dublin with 613 points and came in ahead of Paris, Toronto and Edinburgh as a top financial centre.

London topped the survey, but its lead over New York as the top global financial centre narrowed from the previous year, partly because of proposed income-tax changes and the collapse of Northern Rock.

London had 795 points, down from 806 in September, with high marks for business environment, market access and infrastructure.

The authors added that a British government proposal to raise more tax from foreigners living in Britain would have a negative impact on the City district, where 350,000 people work. Ireland is expected to benefit from these changes with many non-domiciles expected to relocate here if the new law is implemented.

A second survey on tax competitiveness found that business leaders in London believed Britain’s tax framework has become less competitive at a time when many other countries were reducing their tax rates. However, Ireland, Switzerland, the Netherlands, Bermuda and Singapore were judged to be more attractive.