Tax change may draw wealthy individuals to Ireland

IRELAND could attract thousands of high-net-worth individuals based in Britain arising from a small change to the tax system in yesterday’s budget.

“Arising from EU requirements, the [Finance] Minister has introduced rules that will make it very attractive for individuals currently resident in the UK to relocate here,” says Pádraig Cronin, head of tax accountants Deloitte.

“This represents a significant marketing opportunity for Ireland Inc to position itself as a hub for high-net-worth individuals who make significant income and gains from investments and trading activities sourced in the UK. Such individuals could act as a catalyst to attract further business to this country.”