Why Invest?

Ireland offers investors a stable, profitable and English speaking base to service world markets. This is why almost 1,000 overseas companies have made Ireland their location of choice.  Ireland's competitiveness is based not on Irish tax benefits and costs alone, but on knowledge, innovation, flexibility and connectedness - how everything works together. Ireland has demonstrated the ability to adopt and adapt to change in a unique way that connects innovation, knowledge, people and enterprise to meet the fast-evolving demands of world markets.

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Market Report

We forecast that the rates of property in Ireland would increase from 30 to 50% by 2010, with private sector demand continuing to dominate the market.

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Economic Overview

The Irish economy has continued to expand at a steady 3-6% per annum, from 2003 to date. Construction in particular has experienced phenomenal growth in recent years with house prices in parts of Dublin regularly going up by 25% year-on-year.

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Visa/Residency Issues

Everyone entering Ireland must have a valid passport or in the case of European Union Member States, a national identity card. Visas are not required for most European and Eastern European countries, nor are they needed for visitors from the following: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Israel, Jamaica, Japan, Republic of South Korea, Malaysia, Mexico, New Zealand, Nicaragua, Panama, Paraguay, Singapore, South Africa, USA, Uruguay and Venezuela. Citizens of other countries should check with the local Irish representation.

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Getting to Ireland

Flights from all main British locations take approximately an hour to arrive in Ireland. The main gateway to Ireland is through Dublin International Airport, but international flights also arrive through the airports at Cork, Shannon, and Belfast. Flights from the United States vary in length. It takes between 6-8 hours to reach Ireland from New York and Chicago, whilst a flight from the West Coast such as Los Angeles, takes around 10-11 hours. At present, there is no direct flight from Australia and New Zealand to Ireland; they come via the UK.

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Fees & Taxes

• The employer is obligated to deduct tax at source from an employee and to make additional contributions to social security, known as PRSI (Pay Related Social Insurance). The Annual Income around 48,800 (4.0%) up to 48,800 (2.0%).
• In most cases, VAT is 21%. There are reduced rates of VAT of 4.8%, and 13.5%. VAT is charged on assets and services in Ireland as well as on imports into Ireland. The minimum turnover for registering with the VAT authorities is EUR 35,000 (for services) and EUR 70,000 (for goods).
• An individual is liable for tax on his income as an employee and on income as a self-employed person. Tax will be payable on income earned in Ireland and overseas by an individual who meets the test of a "permanent resident" of Ireland. The standard rate of Irish income tax for individuals is 20% on the first EUR32,000 of taxable income, rising to 42% on the balance.
• The rate of tax payable on capital gains in 2007 is 20% for individuals. A capital loss may be offset against a capital gain in the current year or against a capital gain in the coming years.

Ireland

Basic Information

Ireland Overview

Ireland is the third largest island in Europe and the twentieth largest island in the world. It lies to the northwest of Continental Europe and is surrounded by hundreds of islands and islets. To the east of Ireland, separated by the Irish Sea, is the island of Great Britain. Politically, the Republic of Ireland (also known simply as Ireland) covers five sixths of the island, with Northern Ireland, part of the United Kingdom, covering the remainder in the northeast.

Average Property Prices

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Buying Process

• Nonetheless, the apparently overvalued property in Ireland has a very reasonable basis for its current standing: an increasing demand, coming from both the Irish and the foreigners fascinated with the magnificent scenery of rural and urban locations in Ireland and, at the same time, interested in owning a property in Ireland which they can comfortably call "home".
• A cheaper property in Ireland comes with less space and, generally, it has been built during the last 30 or 40 years. However, such a property as well usually reaches purchase prices of over €180,000 or €200,000.Any property in Ireland with a certain respectable background and corresponding modern facilities included, will go beyond costs of €600000.
• Having seen a suitable property, the buyer makes an offer, and generally there will be some negotiation to agree an acceptable price with both buyer and seller.
• Solicitors are instructed and the owners Solicitors prepare and issue contracts (two identical copies).  The buyer is advised to have the property surveyed and Local Search undertaken.  Once the buyer’s Solicitor has approved the contracts the buyers sign them, and pay to their Solicitors a further 5% deposit. 
• Contracts are then sent to the owner’s Solicitor, with the further 5% deposit, and again the owner signs both contracts.