Brexit - time to take your tax career to Dublin ?
Ever considered moving to Dublin for your career with tax? In times of uncertainty, there’s never been a better time for you to consider your next move. If you have started looking at relocating into a different country but don't know about the Irish opportunity, there may be more than meets the eye.
A 2018 report published by EY Economic Eye report, indicates that up to 236,700 new jobs will be created in the Irish isle by 2022. This continues a trend for business across Ireland showing resilience with impressive levels of job creation.
Why Dublin could become Europe’s next business hub
With 1,173,000 people currently living in Dublin and over 56 nationalities, Ireland has the opportunity to turn Dublin into Europe’s next big business hub.
In January 2019, UK and the Republic of Ireland are locked in negotiations over a Free Trade Agreement and meanwhile, many industry sectors, including insurance, have identified Ireland as a strong prospect for an alternative base to the City within the bloc. And Dublin attracts investors because of its strategic advantages, English-speaking, low-tax hub, similar legal system and in the same time zone as London making it an automatic satellite for financial services.
Dublin has been so successful that it overshadows the rest of Ireland: the wider metropolitan area accounts for 40 per cent of the country's population and more than half of GDP. With an increasing GDP forecast in 2019, Ireland’s economic outlook is strong for 2019 making the Irish state a prospering business destination.
Talent Attraction and Retention
Difficulty in retaining talent in the UK has resulted in a number of London based firms to move jobs across from London to other European cities. Major American banks are amongst those companies relocating; Merrill Lynch is moving 125 jobs from London to Dublin while Wells Fargo have chosen a mix of Dublin and Paris for their operations. Anna Finucine, Board Chair at BofA, has explained the choice of Dublin as their EU base after Brexit stating that: “I think that probably more than [the crisis] was how effective Ireland was in recovering”.
One of the biggest challenges for Ireland is attracting and retaining highly skills professionals, with 60 per cent of business leaders stating their biggest challenge regarding Brexit is the failure to attract and retain top talent. This doesn’t need to be an ongoing issue for progressive business leaders who can tap into the rising trend for people migration into Ireland.
A Hot-bed of Multi-National Companies
Various international companies with European operations call Ireland their home with various motivations - and not just the favourable tax environment. Fortune Global 500 firms Accenture and Johnson Controls both have Dublin headquarters, as well as Silicon Valley giants Facebook and Google.
Tight Labour Market
The ability to attract international workers to fill vacancies has perhaps curbed the natural progression that would be expected from a tight labour market. In addition, the ability for employers to relocate in a variety of locations while offering attractive incentives, particularly in sectors with low capital costs, is also a possible factor in attracting workers from abroad.
No regret decisions
Business leaders should feel encouraged by the report’s findings and take bold ‘no regrets’ decisions to incentivise an increasingly mobile workforce to relocate to Ireland.
The evidence is there that skilled tax professionals will be drawn to this vibrant economy and Kingpin International are well placed to find tax opportunities with dedicated resourcers and recruiters to map out your next career move.
If you are interested in relocating to any of United Kingdom nations or the Republic of Ireland or anywhere else in the world and would like to speak to Kingpin International about international tax opportunities, please contact a member of the team. Alternatively, please browse their current international tax vacancies.