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Category: Insights

Ireland’s Job Market – Which professional sectors are in high demand?

Posted on by bwa

Whenever a family chooses to emigrate to another country, there are a number of factors to consider, such as quality of education and job market prospects, as these may affect your children’s future. It would defeat the purpose of studying abroad if your children were not able to find a good job after graduation and subsequently remigrate. In recent years, Ireland has become one of the top immigration destinations, partly due to its unrivaled advantages in education and thriving job market.

Before looking into Ireland’s job market, let’s talk about how outstanding Irish education is. Ireland has one of the best education systems in the world, ranking seventh globally. As mentioned in our blog “Irish education – a future for your children”, Ireland remains the only English-speaking country in the EU following Brexit. An Irish education is strongly influenced by Britain, and the education systems of Hong Kong, Ireland, and the UK have many similarities. The primary goal of Irish education is to provide cultural, artistic, sporting, psychological and spiritual development as well as to prepare children for academia.

Under the Common Travel Area (CTA) arrangement between Ireland and the United Kingdom, Irish citizens are entitled to live, work and study in the UK. Through the Ireland Immigrant Investor Programme (IIP), your children can obtain residency status in Ireland and will be eligible for an Irish passport when they are aged 18 or over and have been residents in the state for at least five years. Once your children become Irish citizens, they can choose to study at top universities in the UK or Ireland. If they opt for a British university, they can qualify as local students and pay the ‘home rate’ instead of overseas rates, saving nearly three times the tuition fees.

Job Market

With the rapid growth of the Irish economy in recent years, local companies have continued to expand and are hiring more graduates. Of all EU member states, Ireland was the only one that maintained economic growth amid the global pandemic in 2020. GDP expanded by 3.4% according to the Central Statistics Office Ireland, despite falling 6.3% in the EU overall (and by 6.8% in the eurozone).

Boasting a competitive corporate tax rate of 12.5%, Ireland offers an attractive taxation framework and has been one of the most attractive countries for Foreign Direct Investment (FDI), while maintaining the highest economic growth rate in Europe for six consecutive years.

Ireland is home to:

  • Global tech giants, including Apple, Microsoft, and Google
  • 9 of the world’s top 10 pharmaceutical companies, including Pfizer and Johnson & Johnson
  • 18 of the world’s top 25 MedTech companies
  • Half of the world’s top 50 banks
  • More than 250 global financial institutions

What is the job market in Ireland like? Take a look at the following data:

  • Many new job openings
    The number of job postings increased by 34% in 2021 Q1 compared to the previous quarter, according to the latest Irish Jobs Index by ie. This shows that Irish companies have quickly recovered from the pandemic and are actively expanding.
  • The new financial hub of Europe
    According to New Financial, more than 400 financial firms have moved from the UK as a result of Brexit, of which 135 chose to relocate to Ireland (the most in Europe). New Financial expects relocation numbers to increase over time, with Ireland continuing to be the biggest beneficiary.
  • Europe’s Silicon Valley
    As stated by the Department of Enterprise, Trade and Employment of Ireland, there are currently more than 80,000 tech professionals in Ireland, with a further 8,000 IT job openings forecast each year in Ireland.
  • Talent from all over the world
    According to Eurostat, 1 in 8 people living in Ireland come from abroad, which is among the highest in Europe.

Top Sectors in Ireland

It is easier for your children to find a job after graduation if they specialize in one of the country’s booming sectors. So, what are the key sectors that have prospered in Ireland? Here are the 7 best-paying industries in Ireland, according to CPL’s latest Salary Guide for 2021:

Industry Top Salary in 2020
1 Accountancy & Tax €150K – €275K
2 Finance Services €190K – €260K
3 Legal €120K – €200K+
4 Marketing €95K to €160K
5 Life Sciences €155K – €280K
6 Technology €120K – €280K
7 Technology, Infrastructure €120K – €140K

After considering some of the most popular industries, below we detail four noteworthy sectors in Ireland based on data and trends:

Financial Sector

Ireland, the only English-speaking country in the EU, remains the top destination for financial firms to relocate to after Brexit, which brings Ireland’s prosperous financial industry to the next level. The funds and asset management sector have long been in high demand, while risk and compliance professionals are also attractive as Ireland’s fintech space continues to boom.

Due to the growing complexity of financial markets and transnational transactions, demand for taxation professionals such as tax accountants and tax analysts is also rising.

Ireland-Job-Market_Finance-District-at-Dublin

The financial district of Dublin, Ireland

Life Sciences & Pharmaceuticals Sector

The global demand for medical and healthcare products is increasing day by day. Did you know that Ireland is one of the world’s largest exporters of pharmaceutical products? More than 85 pharmaceutical companies operate over 100 facilities in Ireland, and 9 of the world’s top 10 pharmaceutical companies are established in Ireland. In 2020, Ireland’s total exports of pharmaceutical products hit a record high, reaching US$65.73 billion.

Ireland’s significant pharmaceutical sector plays a decisive role in creating employment. Jobs related to life sciences and pharmaceuticals have been featured on Irish job search platforms for many years, and the Covid-19 pandemic has provided the development of the industry with a boost. According to CPL, professionals in areas such as MSAT, quality, and chemistry R&D are in high demand.

Ireland-Job-Market_Life-Sciences-&-Pharmaceuticals-Sector

Life sciences and pharmaceuticals are one of the most popular sectors in Ireland

Technology Sector

Technology has always been one of Ireland’s key sectors. Ireland is home to a huge array of tech giants, such as Apple, which has been based in Cork since 1980. In Dublin’s Silicon Docks, you will find the European Headquarters of other tech giants such as Google and Twitter, and e-commerce stars like Amazon and PayPal. Many Chinese tech companies have also entered Ireland in recent years. For example, Tik Tok, a viral social video-sharing app, announced in 2020 that its European headquarters will be located in Dublin.

Fun Facts

  • Brendan Greene, the creator of the world-renowned multiplayer shooting game PUBG, is Irish.
  • Many companies in Ireland like to hire foreign nationals. For example, LinkedIn’s 1,600 employees in Ireland speak 35 languages; Google’s 70,000 employees in Ireland speak 49 languages. Many people, even if they are not EU citizens, come to Ireland to look for job opportunities.
  • In May 2021, Google and Dublin City Council launched “Air View Dublin”, an initiative that measures air quality across the city.

Construction and Engineering Sector

According to Construction magazine’s annual Top 50 CIF Contractors listing for 2019, the top 50 Irish contractors reported total turnover of €8.39 billion in 2018, an increase of more than €1.5 billion over 2017. Amid Covid-19 and lockdowns, the construction industry has been hit hard and has met with many challenges. However, with the introduction of vaccines and the potential stabilization of the pandemic, the construction industry in Ireland is gradually getting back on track.

According to CPL’s report, the most buoyant areas in construction include social housing, hospital builds and infrastructure, in addition to residential and commercial buildings.

Ireland-Job-Market_Construction-Sector

As one of the leading real estate developers in Ireland, Bartra has lodged a planning application for a major new community development with 1,047 A-rated social, affordable and private homes in the former O’Devaney Gardens site in Dublin 7, which has been the subject of discussion for more than 25 years. There will be two new parks, dedicated cultural and community spaces, shops, cafés and a crèche, comprising a sustainable, enterprising community that meets the needs of future residents.

Summary

Ireland’s economic success is no fluke, but the result of years of hard work by the Irish government. Diversified industries have laid a solid foundation for the Irish economy, which has remained resilient during the pandemic. As such, whether for education or employment, Ireland holds the title of the best immigration destination in Europe.

 

Ireland Market Update – Economy, Property and ESG

Posted on by bwa

Covid-19 and the global pandemic have battered economies around the world. Yet some have fared better than others. Ireland has proved resilient, recording economic growth and strong demand in other sectors of its market, such as real estate. Here, we look at how the nation has fared and what we can expect going forward.

Economy

Economy
The European headquarters of Google on Barrow Street, historic docklands of Dublin

Of all the EU economies, Ireland’s was the only one that recorded economic growth in 2020. GDP expanded by 3.4% according to the Central Statistics Office Ireland, despite falling 6.3% in the EU overall (and by 6.8% in the eurozone). This growth was largely driven by the export sector as many US companies use the country as a gateway to Europe. The domestic economy was less rosy, with demand shrinking 5.5% in 2020 and household consumption dropping 9%.

The economy’s growth is expected to continue in 2021, despite a tough first quarter thanks to lockdown in December and January as well as Brexit, though predictions suggest that it should regain its momentum with 3.5% growth expected for 2021, which should continue in 2022, as estimated by the EU.

As well as the wealth of multinationals and large US companies that have made Ireland home, the country is also benefiting from the fallout from Brexit with Dublin the most popular city for relocations by financial firms. According to EY, Dublin has seen almost 7,600 job relocations from Britain since the referendum, with 36 firms saying they will or are considering relocation to the city, of which nine are universal banks, investment banks and brokerages, 18 are wealth and asset managers and six are insurers or insurance brokers.

As a gateway to Europe and an attractive alternative to Britain now it is no longer a member of the EU, Ireland also offers a competitive tax regime that is comparatively appealing as a location for business. And the nation appears committed to maintaining its 12.5% corporation tax rate, according to KPMG, keen as it is to ensure that its tax system remains competitive, fair and sustainable, and ultimately attractive for business.

The tech sector also continues to thrive, boasting international tech companies including IBM and Microsoft as well as a burgeoning startups sector. The focus for many of these companies is deep technology as well as areas such as quantum computing, AI, robotics and IoT. Additionally, Trinity College Dublin launched a “world-class” AI accelerator programme in February 2021 to support early-stage AI businesses in the areas of Retail, Digital Health, FinTech, InsurTech, Regulatory, and Compliance, with a vision to help Ireland become a leader in using AI technology to benefit citizens and society.

Tech and Ireland continue to become increasingly interlinked. The new darling of Silicon Valley, Stripe looks like the latest company to give Dublin’s fintech sector a boost, as its founders, San Francisco-based Irish brothers Patrick and John Collison, plan to use the company’s latest USD600m funding to fuel expansion in Europe. This includes hiring 1000 more people in the company’s Dublin office over the next five years.

According to Fitch ratings, Ireland’s economic outlook is stable, with long-term foreign-currency IDR at ‘A+’ and governance and human development indicators comparing favourably with both AA and A medians. While the country is subject to elevated levels of public debt and risks around the uncertainty caused by Brexit, the effect of the pandemic is expected to be mild with pre-pandemic GDP growth boding well. Ireland’s 2021 budget includes an expansionary policy package of around EUR17.75 billion, which amounts to 4.6% of forecast GDP, including strong increases in health spending and capital expenditure, as well as a reserve of EUR5.5 billion available for further economic support if required.

Property Market

Property

Ireland’s property market dictates the attractiveness and competitiveness of the country as a location for business, as cost of living is a key factor for prospective companies looking for a foothold in Europe or outside of Britain.

The last year has seen growth for some property sectors in particular, including the multifamily and private rented sector, social housing, industrial and logistics, and data centres, according to CBRE’s Ireland Real Estate Market Outlook report. Retail and hotels, on the other hand, understandably struggled as a result of the Covid-19 pandemic.

Predictions for the year ahead see a focus on core assets in the office, industrial and residential sectors, with some looking towards alternative niche investment sectors, such as social housing, healthcare, data centres and life sciences, according to the same report.

Residential investment in the multifamily sector accounted for 48% of total investment spend last year. The balance of supply and demand in this sector worsened in 2020 – less than 20,000 housing units were delivered during the year demonstrating that supply of both public and private housing has come on stream at a very slow pace, while demand continues to outpace it. Therefore, investor interest continues to grow. The imbalance between supply and demand has also supported rental growth – prime yields remained unchanged at 3.75% in 2020 despite the challenging economic backdrop.

With an ageing population, investors continue to be attracted to nursing homes in Ireland. CSO data released last year showed that 14.5% of Ireland’s population are now aged over 65, marking an increase of 11.3% from a decade ago. This is expected to rise in the coming decade. By 2036, Ireland’s population aged over 80 is expected to rise from 170,000 in 2020 to more than double at 343,000. ESRI has projected a 39% increase in demand for residential long-term care, alongside a 70% increase for homecare services.

In this sector, supply remains constrained with very few nursing homes under development. In 2020 Northwood Nursing Home in Santry, Dublin 9, Beaumont Lodge in Dublin 5, SignaCare Waterford at Christendom, Co. Waterford, and Willow Brooke Care Centre in Castleisland, Co. Kerry opened. Appetite for this sector looks likely to continue in the coming year, particularly for primary care centres, nursing homes and other residential care facilities and private hospitals. Investment in nursing homes is dominated by French, German and Dutch groups; Irish and UK funds are the main investors in the primary care centre sector – and this is likely to continue in both respects.

ESG

Ireland

Ireland boasts an ESG Relevance Score (RS) of 5 for both Political Stability and Rights, and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption, as well as a high World Bank Governance Indicators (WBGI) of 89.2. These scores reflect a long track record in the country of stable and peaceful political transitions, well-established rights for participation in the political process, strong institutional capacity, effective rule of law and low-level corruption.

The Economist Intelligence Unit’s Democracy Index 2020 saw Ireland ranked at number eight, scoring highly in particular on Electoral process and pluralism, Political participation, Political Culture and Civil Liberties.

The country is also considered progressive in the way it is transitioning towards an equitable, fair and sustainable society. The Transitions Performance Index (TPI) ranks Ireland as the third-best country in the EU and fifth-best in the world in creating conditions for a sustainable future. Ireland was also shown to have the most improved overall score of any of the 70 countries assessed in the study, which included all 27 EU member states. Switzerland topped the list, followed by Denmark, the Netherlands and the UK.

Ireland’s Eclectic Sporting Scene

Posted on by bwa

Ireland’s neighbours might be best known for football and cricket – sports that dominate in Britain, but Ireland is home to a wide range of outdoor activities that aren’t commonly seen in the rest of the world. While Ireland’s prowess in rugby is renowned, lesser-known sports, such as Gaelic football, hurling and camogie make the country’s sporting scene stand out.

Ireland’s largest sporting organisation is the Gaelic Athletic Association, which promotes Gaelic games that include most of the nation’s distinctive sports, including Gaelic football, hurling, handball, rounders and camogie. As of 2018, GAA was Ireland’s most popular sport, followed by soccer, then rugby, with athletics, tennis, golf and swimming coming in joint fourth place.

We’ve rounded up some of Ireland’s most popular sports below, to reveal a little more about these intriguing games and what spectators can expect if they see the sport in action.

Gaelic Football

Gaelic football appears to have first been played in Ireland in 1802. With origins in the traditional football that was played across Europe, the distinctive Gaelic version was codified by the GAA in 1887, and while also based on the ancient Irish game of caid, it has similarities to rugby.

Gaelic football is played between two teams of 15 on a rectangular grass pitch – not so different to rugby in both respects. However, the Gaelic football pitch is slightly larger and the ball in play is round like a football, instead of oval as in rugby. This ball may be kicked or ‘hand passed’, which means that it is struck with a closed fist using the knuckle and thumb. Tackling is limited relative to rugby, though shoulder to shoulder contact is permitted, as is slapping the ball out of an opponent’s hand. The aim is to get the ball over or into the goal, which consists of two posts with a crossbar (narrower and lower than in rugby), but also with a net, effectively combining rugby posts with a football net. A ‘point’ is scored by kicking the ball or fisting – when a closed hand strikes the ball – it over the crossbar. Below the crossbar a ‘goal’ is scored, which is worth three points, but a ‘goal’ only counts if the ball is kicked into the net.

An amateur sport, Gaelic football is mainly domestic with no national Gaelic football teams, so it’s rare that you’ll be able to watch a game outside of Ireland.

Hurling

Played by men, hurling is a team sport that has some elements in common with Gaelic football, including the field and the goals, though its roots lie in shinty, a game predominantly played in Scotland. There are also similarities to both hockey and lacrosse, particularly given that hurling is a stick and ball game. It is, however, played using a ‘hurley’ (a stick made of ash) and a ‘sliotar’, a small ball that is slightly bigger than a tennis ball and is comprised of a cork core encased in leather, similar in appearance to a baseball. For the teams to score, this ball is hit over the crossbar for one point or into the net (past a goalkeeper) for three points.

In terms of rules, the ball can be caught in the hand and carried, though not for more than four steps, and it can be struck in the air, or hit on the ground using the hurley. It can also be kicked or slapped with an open hand. To carry the ball further than four steps, the ball must be bounced or balanced on the end of the hurley and may only be handled twice while in the possession of one player. Helmets and faceguards are compulsory for all players, particularly given that hurling is considered one of the fastest field sports in the world.

Greatly loved, hurley plays a big role in popular culture, often featuring in film, music, and literature. It has also been listed by UNESCO as an element of Intangible Cultural Heritage. While it is played by the Irish diaspora around the world, spectators will most likely catch a game in Ireland – and should look forward to the experience. Financial Times journalist Simon Kuper wrote after watching the 2020 All-Ireland Senior Hurling Championship Final that hurling is “the best sport ever and if the Irish had colonised the world, nobody would ever have heard of football.”

Camogie

Camogie

Similar to hurling and with the game of shinty also at its roots, camogie is essentially hurling by adapted to suit women. It is less physical than its counterpart for men with a slightly smaller ball and shorter games – 60-minutes instead of hurling’s 70-minute games. Yet just as fast and exciting as hurling, camogie is a similarly popular spectator sport that is much loved both within Ireland and by Irish communities overseas. It has also been listed as an element of Intangible Cultural Heritage by UNESCO.

Rugby

Rugby

Despite the popularity of Gaelic sports in Ireland, the nation is probably most proud of its rugby team, which competes successfully on the world stage. In 2019, Ireland ranked number 1 in the Men’s World Rugby Rankings and currently sits in sixth place as of February 2021, behind South Africa, New Zealand, England, France and Australia.

Rugby is a sport that is only gaining in popularity globally, particularly in Asia following the hosting of the 2019 Rugby World Cup in Japan last year, where Ireland reached the quarter-finals. A number of international rugby tournaments take place, including the popular World Rugby Sevens Series, a variant of the game where teams of seven play seven minute halves, instead of the usual 15 playing 40 minute halves. The Hong Kong Sevens, which was founded in 1976, is the premier event of this competition.

Barta has an exclusive partnership with Connacht Rugby, one of four professional provincial rugby teams in Ireland. Bartra supports the funding of the redevelopment of a new stadium and indoor training centre at Connacht’s existing home, The Sportsground in Galway. Investors willing to make an IIP application via the Endowment route can choose to fund Connacht Rugby.

Investors interested in the IIP often choose the Enterprise route, where through Bartra investors can enjoy 100% capital return and, when investing in nursing home projects, also reap a 20% return over a five-year investment period. However, investing in Connacht Rugby through the Endowment route is an alternative, where a minimum of €400,000 is invested benevolently in an appropriate public project that benefits arts, sports, health, culture or education in Ireland. Connacht Rugby is one such project – and it’s an Endowment option particularly suited to rugby or sports fanatics.

Tax 101 – a simple tax guide for immigrants to Ireland

Posted on by bwa

Ireland is an attractive destination for immigration. As an English-speaking EU member state with a world-class education system, transparent and fair State structures, plenty of foreign investment, Ireland is seeing a rise in the number of high-net-worth foreigners seeking Irish residency.

Whether you are planning to move to Ireland permanently or you plan to obtain residency without moving thanks to the flexibility of the IIP, it is important to know what specific tax obligations come with your situation, and if there are actions you may need to take to get your tax affairs in order.

Planning your finances before you become liable for Irish taxes and understanding global income tax can save you a significant amount of money. Taxes can be expensive and burdensome, but there are ways to minimize your tax liability in a legal way.

Income Tax, Capital Gains Tax, Inheritance Tax and other taxes

An individual can only be regarded as an Irish tax resident for a given tax year if he or she spends 183 days or more in Ireland during the tax year, or 280 days or more in Ireland in the current tax year and the previous tax year combined. In other words, given the flexibility of IIP, which requires a minimum stay of just one day in a year, investors spending less than 183 days a year who are domiciled outside of Ireland would not be liable to Irish tax. It is worth noting that investors who stay in Ireland for more than 183 days in a tax year, as long as their earnings are not remitted into Ireland, they may not fall within the Irish income tax net. 

There are a variety of different taxes that individuals interested in Irish residency should be aware of. In our video series Immigration Insights with Bartra Wealth Advisors, Jay Cheung, Bartra’s Marketing Director spoke to Kenneth Yeung, a senior accountant and tax advisor from China Consulting Consortium about matters around income tax, capital gain tax, property tax and inheritance tax. Kenneth is a member of the Institute of Chartered Accountants in England and Wales and has been providing accounting and tax services to Chinese residents in the UK and Ireland for the past 30 years. To understand more about Irish tax, watch the episode now.

Income Tax

Personal tax varies and can be complicated. The reference guide below provides basic Irish tax information. Investors should always obtain independent tax advice. Worth noting is that in Ireland there are a large number of exemptions available depending on your type of income and whether the recipient of the income is resident in a country with which Ireland has a double tax treaty.

Income tax rates and rate bands

Irish Tax Eng

All individuals whose gross income exceeds the minimum threshold of €13,000 per annum are liable to pay the Universal Social Charge (USC). And most employers and employees (over 16 and under 66 years of age) pay social insurance (PRSI) contributions into the national Social Insurance Fund.

Personal income tax rates in Ireland are in line with other developed countries. For example, looking to Europe (the top rates), the income tax rate in Germany is 42%; the UK is 45%; France is 45%; Portugal is 48%; and the Netherlands is the world’s highest at 52%. Outside Europe and considering popular immigration countries, the rate in the US is 37%; 33% in Canada; 45% in Australia. China’s tax rate is 45%.

Capital Gains Tax (CGT)

The CGT rate in Ireland is 33% for most gains. However, there are other rates for specific types of gains:

  • 40% for gains from foreign life policies and foreign investment products
  • 15% for gains from venture capital funds for individuals and partnerships
  • 12.5% for gains from venture capital funds for companies

Again, for investors who spend less than 183 days a year in Ireland, they may not be taxable for either income or capital gains from other countries. 

Inheritance Tax

The thorn in the side of many an inheritance is the tax and in Ireland inheritance tax, or Capital Acquisitions Tax (CAT), is a hefty 33%. A child is entitled to inherit a certain amount (up to €310,000) tax-free, after which 33% is charged.

Other taxes

For those looking to run a business in Ireland, Corporate Income Tax and Value Added Tax (VAT) are the most important to know. In Ireland, corporate tax is 12.5%, one of the lowest in Europe and the normal VAT rate is 23%.

Tax Couple

Case study I: In what circumstances would I obtain Irish residency from the IIP and, although not domiciled in Ireland, still be liable to Irish income tax?

There are two types of income: employment income and investment income.

Employment income – you will be liable to Irish income tax on Irish employment income in full and non-Irish employment income to the extent that either your duties relate to Irish workdays or you remit your income relating to non-Irish workdays to Ireland.

Investment income – you are liable to Irish income tax on investment income from Irish sources. Investment income from other countries will not be taxable as long as the income is not remitted into the State. The remittance basis for a non-Irish domiciled individual continues regardless of residence/ ordinary residence status.

Case study II: When investing in nursing home projects, there is a 20% return from the €1million investment (4% per annum) upon maturity of the 5-year investment horizon. Is this 20% taxable to Ireland?

If you reside outside of Ireland and are not spending more than 183 days in Ireland, the 20% investment return from nursing home IIP projects is non-taxable to the State.

Northwood

Bartra’s Northwood Nursing Home, completed and opened in Spring 2020, is home to 118 single occupancy private ensuite rooms.

Case study III: How would setting up a trust or having Life Insurance help with tax planning?

Some clients are keen to establish an “immigration trust”. The trust may hold cash deposits, shares in private and public companies, bonds, real estate and other types of investments, and provides an opportunity for immigrants to earn foreign investment income on a tax-free basis in the trust for a long period of time.

Clients may wish to consider using a trust for inheritance tax planning. As stated above, children are entitled to inherit up to €310,000 tax-free, after which 33% tax is charged. The assets in a trust are held in the name of a trustee but go directly to the beneficiary, who has a right to both the assets and income of the trust. Transfers into a bare trust may be exempt from inheritance tax.

Immigrants may also benefit from having a life insurance policy or a life insurance trust as the death benefit is typically tax-free. Beneficiaries generally don’t have to report the payout as income, making it a tax-free lump sum that they can employ freely, and potentially use to pay any required inheritance tax in order to receive the assets.

Summary

In conclusion, as is evident from the above, immigrants to Ireland can be subject to different tax treatments depending on how their wealth is structured. Great tax benefits can be achieved provided tax planning is in place. However, tax laws may change over time, so it is advisable to revisit your tax plan to avoid being unintentionally caught by any new tax laws and regulations.

 

Disclaimer: Information correct as of 19 February 2021. Bartra Wealth Advisors and its affiliates provide individualised services in relation to immigration. All information provided to investors and clients is with such purpose in mind. Should investors have any enquiries about any specific legal, tax or financial planning matter relating to their personal circumstances, Bartra Wealth Advisors recommends that investors seek independent professional advice. Although every care has been taken to ensure the accuracy of the information and contents of the materials, which are obtained from sources believed to be reliable, Bartra Wealth Advisors does not represent, warrant or guarantee the accuracy, completeness, timeliness, reliability or suitability of the information or contents for any particular purpose.

Bartra Wealth Advisors’ Survey Finds Over 80% of Respondents Consider Emigrating Overseas

Posted on by bwa

To understand the intent and views of the people of Hong Kong on emigrating overseas, Bartra Wealth Advisors (‘Bartra’), a subsidiary of Ireland’s market leading real estate developer and the first Irish immigration investment advisory in Hong Kong, conducted an online survey on emigration. From 1,200 responses, the survey found that 84% of respondents are currently considering or will consider emigrating overseas, among which the majority are high-income individuals including office workers, business people and professionals.

Survey immigration

According to the survey, among the respondents who intend to emigrate about 85% of respondents claim that they will not leave Hong Kong within a year of obtaining an approval of their application to emigrate. The survey also found that over 50% of respondents’ decision to emigrate is in order to improve their living environment, while approximately 30% want their children to obtain a better education. To obtain a foreign residency/citizenship and political factors each account for 20%. As the people of Hong Kong gain a better understanding of Ireland, the country has increased in popularity as a destination for relocation, more so than other European countries and Malaysia. Currently, the top three destinations are the UK, Taiwan and the US. Meanwhile, the top three areas of concern for Hongkongers deciding to emigrate are the associated costs, the ease of application and language. Over 40% of respondents have considered obtaining residency by immigration investment, for which they care most about the security, return, and duration of the investment project, according to the findings of the survey.

Survey Countries

Jeffrey Ling, Bartra Wealth Advisors Regional Manager, said, “Although the UK is still the top pick for relocation for the people of Hong Kong, uncertainty increased after Brexit which may affect the politico-economic environment in the UK. As a member of the European Union and part of the Common Travel Area with the UK, Ireland, an English-speaking country, is a gateway to both the UK and EU countries with promising business prospects; it is the first choice for many companies looking to relocate their headquarters. Moreover, this survey reveals that Hong Kong people require a great deal of flexibility around application and residency requirements via investment immigration, and they show a high degree of concern about the robustness and security of the investment projects. Both of these requirements are met by the Immigrant Investor Programme (‘IIP’) qualified projects that Bartra offers.”

Survey Timeline

Since the desire of high-net-worth clients to immigrate is strong and their top choice remains the UK, Bartra recommends they ensure a full understanding of the local investment market performance before immigrating. Wealth and investment management firm Harris Fraser was specially invited to conduct market analysis and share views on investment opportunities and wealth management trends. Cyrus Chan, Harris Fraser Investment Strategist, said, “With widespread vaccination programmes underway, the global economy is expected to recover faster than expected. However, although the UK and the EU came to an agreement for Brexit last year, relevant implementation details still need to be clarified. The troubled British economy may rebound, and the Irish economy will benefit from it. In addition, with the structural changes in the global economic environment, the wealth management needs of high-net-worth clients increase accordingly. Currently, more popular investment strategies include yield enhancement strategy, financial leverage, Euro asset allocation and focus on the healthcare sector.”

Airport lobby

The pandemic has disrupted the relocation plans of many people in Hong Kong. According to the survey, Hongkongers require more time as well as a high degree of flexibility when planning for emigration. Jay Cheung, Bartra Wealth Advisors Marketing Director, said, “In the current climate, investment immigration services and products need to have three advantages: 1) high flexibility and fast-track process; 2) product safety and strong demand; 3) ability to add value and integrate with wealth management services.”

By investing in Ireland’s Immigrant Investor Programme (‘IIP’), application will be approved within 4-6 months, and applicants are only required to reside one day per year in Ireland to maintain their residency; in other words, they can obtain a foreign residency without relocating. Many of Bartra’s clients have already been granted permanent residency of Ireland, but have remained living and working in Hong Kong. In addition, Bartra commands unrivalled creditability in Irish immigration consultancy services. The Social Housing and Nursing Home projects Bartra offers to Hong Kong clients planning to obtain permanent residency in Ireland can be achieved in three or five years, and both guarantee 100% investment capital protection. They each have an approval and renewal rate of 100%. In addition, the Nursing Home project has an annual return of 4% paid on maturity, which is fitting of a high demand healthcare sector. As for the ability to integrate wealth management services, apart from cash, IIP applicants can use stocks, funds, cash value of insurance policies, properties, or even parking spaces and valuable paintings and collectibles etc., for asset requirement approval. Some clients will seek advice from financial services to pledge/refinance their assets to fund investment immigration in the current low interest environment so as to obtain residency without exiting from existing investments.

Press Conference Feb 2021

Pictures are Bartra’s press conference in early February.

Joe Biden’s Irish roots and what this may mean for US-Ireland Relations

Posted on by bwa

The small town of Ballina in County Mayo on Ireland’s west coast lies at the mouth of the River Moy and can count among its notable residents Mary Robinson, Ireland’s first female president, who served from 1990 to 1997.

Lately, its inhabitants have had something to celebrate and the town has been awash with flags and fanfare. This is because Ballina is also the ancestral home town of the new President of the United States, Joe Biden.

In the early 19th century, Biden’s great, great, great grandfather, Patrick Blewitt, called Ballina home. That was until 1851 when, spurred by the Irish potato famine, he cast his sights on America and headed West, settling in Scranton, Pennsylvania.

Almost a century later, in 1942, Biden was born in that very city. Yet Biden has maintained an affinity for Ireland and in 2016 made a trip to Ballina where the warmth of its residents was on full display as thousands lined the streets to greet him. Biden embraced Ballina’s people – and made contact with relatives who still reside there.

Ballina
Cityscape of Ballina Ireland

Biden’s visit also served to inspire many in Ballina, reminding them that anything is possible. Not only has Ballina spawned the nation’s first female president, but it can now count the President of the United States of America among those the town is proud to call its own.

In a letter from the President of Ireland to Joe Biden on 20 January, Michael D. Higgins wrote to congratulate the new President of the United States and referenced an Irish proverb: “Is ar scáth a chéile a mhaireann na daoine”, which means, “we live in each other’s shadow and in each other’s shelter.” He added that “It reminded me that we are all interconnected, we are all interdependent, we all have an effect on each other on this fragile planet that we share.”

Higgins went on to say, “The US has been a true friend to Ireland in so many ways. Your own friendship and support for so many years has been invaluable. Ireland, of course, has made its most valuable contribution to your great land by providing so many of our daughters and sons. The descendants of some turned out to be rather fine Presidents!”

For Biden is not the only American President with Irish roots – others include Barack Obama, George H. W. Bush and George W. Bush, Ronald Reagan, Jimmy Carter, Richard Nixon, Woodrow Wilson, and famously John F. Kennedy, to name a few. The inauguration of Joe Biden means that 23 of the 46 US Presidents have Irish ancestors, it’s an impressive 50%.

Yes Biden is among the most outward in his affection for Ireland; he has embraced his Irish roots and Catholic faith. He has quoted Irish poet Seamus Heaney often – in the 2008 presidential primaries, as vice-president and, most recently, on winning the election he released a campaign video where he reads from Heaney’s The Cure at Troy, pitching himself as the person to mediate social healing.

Map of Ireland

US-Ireland Relations

And his love for Ireland may bode well for the nation and for US-Ireland relations. Biden is known for being against Brexit and while on the campaign trail he often mentioned that any future trade deal between the US and the UK would be dependent on the latter’s respect for the 1998 Good Friday Agreement, which brought decades of conflict in Northern Ireland to an end. Yet the Irish border was something of a sticking point in Brexit negotiations, with the UK government reneging on an agreement with Brussels to respect the agreement and the open border. Biden raised the issue early on, stating that he did not want a guarded border between the Republic of Ireland and Northern Ireland. And following the Brexit agreement in December, the decision has been made to maintain an open frontier.

Economically Biden appreciates that the United States is important for Ireland for investment and job creation. The nation is a magnet for US tech and pharmaceutical giants thanks to its low taxes and well-educated, English-speaking workforce. Pfizer, Johnson & Johnson, Facebook, Google, Apple and Twitter are among those with significant business operations in Ireland.

Many believe that Biden’s Irish roots will help relations between the US, the UK, and Ireland, particularly with regards to each’s relationships with Europe, especially as Ireland remains a member of the EU. And it certainly seems to promise a good relationship between the US and Ireland, which Ireland’s growing influence diplomatically will only enhance. Ireland boasts embassies in every country in the EU and is one of the biggest spenders in Washington when it comes to foreign lobbying. In June 2020 Ireland won a seat on the UN Security Council, while in July Irish Minister for Finance Paschal Donohoe became leader of Eurogroup.

Additionally, Ireland’s prime minister receives an automatic invitation every year to the Oval Office for St. Patrick’s Day – the only world leader to enjoy such a privilege – and has done since 1956. This arrangement could make Taoiseach Micheál Martin the first head of government to meet with the new president if the meeting goes ahead in March.

Ahead of that scheduled meeting, Martin extended an invitation to Biden to Ireland in return, who replied “try and keep me out,” jokingly emphasizing his love for his homeland. But it goes beyond just love – there’s a respect there too. As Ambassador Mulhall at Ireland’s embassy in Washington has said “It’s a good thing that we will have a president who has this kind of depth of understanding of Irish affairs, which is bound to be beneficial to us.”

Premium nursing home care in Ireland – why you should invest in Bartra’s healthcare and nursing homes

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Nursing care is an in-demand sector worldwide. Driven by a rising ageing population, the global nursing care market is expected to grow to a value of more than $1,100 billion at an annual rate of 8.6% to 2022 according to a recent report from The Business Research Company.

Unlike assisted-living facilities, nursing homes are strictly regulated by the government in many countries and are built and managed by sophisticated institutions to a high standard to ensure the care and treatment of elderly people who may have physical health concerns and/or mental disabilities.

It is common to see that those living in nursing homes generally have more disability than people living at home. Over half of nursing home residents need help with three or more activities of daily living (ADLs) such as dressing and bathing. Those who are able to walk may still need assistance or supervision, and some may have difficulty hearing or seeing.

Nursing homes have changed dramatically over the past few decades. They increasingly offer medical services similar to those offered in hospitals after surgery, illness or sudden medical problems. The elderly need a higher level of care, particularly as hospital stays are shorter than they used to be. However, medical services vary a lot among nursing homes.

At Bartra, we take the issue of ageing seriously. We believe in “growing old with dignity”. Bartra Healthcare is on course to become the largest provider of quality healthcare in Ireland. Led by seasoned professional Declan Carlyle, Bartra’s Healthcare division delivers a nursing home portfolio with superior elderly care facilities designed to meet the Irish government’s highest standards as imposed by the Health Information Quality Authority (HIQA). In Bartra’s nursing home operations, our highly skilled and experienced care team is inculcating a culture of quality caregiving in all our facilities, ensuring a standard of care that recognises our residents’ needs for independence, choice dignity and respect, compassion and advocacy.

Watch our interview with Declan Carlyle, CEO of Bartra Healthcare’s CEO, and former CFO of Beaumont Hospital, to find out what makes our service exceptional.

We are proud that Bartra Healthcare is comprised of a group of premium quality nursing homes, each of which provides individualised care in a safe, friendly and comfortable environment where all of the needs of our residents are met. As Declan says, “Every single aspect of these homes has been designed with meticulous attention to detail.” Aside from top-class elderly care facilities, high quality beds and bed linen and hand-picked teams of professional and clinical staff, we also strive to bring tasty, wholesome food to residents that is well presented and appetising to the eye.

Eating and drinking are fundamental needs and consequently essential parts of nursing and nursing care. Encouraging older people in nursing homes to engage in mealtime activities can increase engagement in daily life and encourage more optimal health among older people. It’s more than simply a meal. Our team of highly skilled chefs has a deep understanding of diet, cooks with heart, and brings empathy and imagination to the table.

Learn more about our food philosophy in our interview with Executive Chef Andrew Dunne.

Strong track record of success

Bartra’s nursing homes are Immigrant Investor Programme (IIP) qualified, with state-backed income, and meet the highest HIQA standards. Investors into our nursing home projects deploy €1 million for 5 years and receive 100% repayment upon maturity and a 20% return (4% per annum). Bartra has a strong pipeline of 825 nursing home beds, valued at €180 million.

Following the successful opening of our Northwood and Loughshinny nursing homes, Bartra’s third nursing home project, Beaumont Lodge was completed in October 2020, two months ahead of schedule and within budget despite the global pandemic and the challenges it presented. Beaumont Lodge is one of the Ireland’s largest nursing homes, featuring 221 single occupancy, ensuite bedrooms offering privacy for every elderly resident.

The building contains a large open plan area of 10,000 square meters, equivalent to the size of a football field, with three-storey overhanging areas supported on concrete beams and columns. Large ‘Winter Garden’ balconies were constructed on each floor to provide outdoor space. The development also offers 83 car parking spaces along with motorcycle and bicycle bays. Bartra teams provided civil, structural and traffic engineering services as well as design.

Beaumont Lodge

Beaumont Lodge, completed exterior and interior

Regarding nursing facilities, Beaumont will fully comply with the highest HIQA standards, accommodating some of the most advanced equipment to ensure high-tech and intelligent nursing services. Each room offers a separate shower room which ensures a private space. All beds can be easily raised and lowered, and the mattresses in each room are customised in consideration of body pressure distribution. Every room is equipped with an alarm system for daily needs or emergency assistance.

To find out how the development of Beaumont Lodge progressed from its beginnings in 2018, watch our construction video.

Beaumont is located in Dublin 5, close to Dublin Airport and within easy reach of Ireland’s most important traffic artery and busiest ring road, the M50. From this C-shaped highway, almost anywhere in Dublin can be accessed easily. Another important highway, the M1, which connects Dublin and Northern Ireland, is also nearby. The extensive transportation network around Beaumont is convenient for the elderly who reside there.

How does Bartra’s nursing home portfolio work?

With an ageing population, nursing homes are in high demand yet remain undersupplied in Ireland. The number of over 65-year-olds is expected to reach 16% of the total population, accounting for 860,600 people by 2026. This means the country will need 7,500 new nursing home beds in the system by then. However, little is expected to be built in the next few years, with just 1,144 beds due to be delivered.

To meet the required volume of units, reduce housing waiting lists and increase the delivery of much-needed infrastructure, collaboration between the public and private sectors is necessary. And since nursing homes qualify as essential infrastructure, institutional investors with long-term investment horizons are contributing to elderly care projects as part of their investment portfolios.

For more on the benefits of investing in nursing hones and healthcare (as well as social housing), read our article on Impact Investing with Bartra.

It is worth noting that, in Ireland, there is a financial support scheme available from the government for the cost of nursing home care. This scheme is called the Nursing Home Support Scheme, but It is better known as “The Fair Deal”. Under the Fair Deal Scheme, each bed in a nursing home receives a weekly subsidy from the government (the subsidy standard is determined by the National Treatment Purchase Fund). As such, investing in nursing home projects is safe and unaffected by market movements due to its state-backed income stream, many institutional investors with a long-term investment horizon have contributed to elderly care as part of their investment portfolios.

Investments in and acquisitions of nursing home projects in Ireland to date include:

Care Choice Group, Munster (5 Nursing Homes) and Dublin (1 Nursing Home): Infra Via acquired Care Choice for €70m (comprising 503 beds, the majority of which are located in Munster, with four sites located in the Greater Dublin Area).

The Beechfield Group, Dublin (3 Nursing Homes): German-based IMMAC Group entered the Irish nursing home sector with the €33m acquisition of the Beechfield Care Group, incorporating Beechfield Manor Nursing Home, Glengara Park Nursing Home and Mount Hybla Nursing Home as well as the Beechfield Private Homecare service.

TCL Group (Ireland) (4 Nursing Homes and 1 site): TLC is a provider of retirement care services based in Dublin, Ireland. The company specialises in luxury nursing homes for elderly people. It has been reported that the sale price of TLC Nursing Homes portfolio would exceed €150m for 4 Nursing Homes, comprising 674 beds (Santry, Cara Care, Maynooth, Citywest and Carton nursing homes) and a site in Ireland.

Bartra is a leading nursing homes developer in the healthcare sector in Ireland. We source, build and manage our projects from start to finish. The chart below explains our project development and exit process.

Nursing Home Process

At Bartra, we build communities for life where everyone can contribute. We create environments and services in which people are valued, included and respected. And we put great emphasis on facilitating and encouraging residents to continue to pursue their hobbies and interests while living in our nursing homes.

Irish education – a future for your children

Posted on by bwa

Hong Kong’s education and employment environments have become increasingly competitive, which may have contributed to the surge in interest in emigration. A growing number of parents are seeking alternatives to schools in Hong Kong, with more than 50% of parents expressing an interest in sending their children overseas for secondary and tertiary education, according to Prudential’s Hong Kong Parents Savings Gap Survey in 2019. Fast-track immigration has become an attractive option, as parents eagerly try to create a better future for their children. And interestingly, parents are shifting their interests from the UK to Ireland.

Bartra Wealth Advisors’ Hong Kong Regional Manager Jeffrey Ling said: “As a father of two kids, I know exactly how most Hong Kong parents feel. A high-quality learning environment and a good education system are the cornerstones that lead children to success. Ireland’s education system is among the best in the world and has been highly valued by the local government for many years. The primary goal of the Irish education system is to provide a broad spectrum of cultural, artistic, sporting, psychological and spiritual development as well as to prepare children for academia. Educational programmes at primary and secondary levels are designed to fulfill and develop a wide array of talents and to support childhood development mentally, artistically and physically. Compared to traditional education in Hong Kong, parents are increasingly willing to allow their children to receive an education in Ireland.”

It is worth noting that Irish graduates have a wealth of job opportunities; plenty of the world’s leading companies are located in Ireland with six top growing sectors that include IT services, accounting and auditing, innovation- and intellectual property-related enterprises, green sector jobs, business and financial services, and medical and pharmaceutical. There are also jobs in industries such as food and wine. Studies in medical care, social work, computing, engineering, accounting, animation and game design are in particular demand locally. In 2019, the Organisation for Economic Co-operation and Development (OECD) noted that Irish graduates are the most productive employees in the world among international companies. Employers, both national and international, affirm the quality of graduates from the Irish education system.

The Irish education

Hong Kong and Ireland have strong links in many areas, particularly education. Both are English speaking and have similar systems influenced by Britain. In fact, Hong Kong has more than 6,000 graduates from Irish Universities and the education sector in Hong Kong has long-established Irish links; tens of thousands of people in Hong Kong have studied in Catholic schools run by Irish priests. According to the Irish International Education Center (IIEC), an increasing number of Hong Kong parents are keen to send their children to study in Ireland. Established in 2012, the same year the Hong Kong DSE was implemented in Hong Kong, the IIEC is committed to and specialises in promoting Irish education. It has organised regular visits to Ireland and summer camps for students to experience the culture and study atmosphere in Ireland, and hosts regular seminars and information sessions for different stakeholders including students, parents, teachers, careers staff and school principals.

To learn more about studying in Ireland, watch the second episode in our video series Immigration Insights with Bartra Wealth Advisors, where Jeffrey Ling talks to Anthony Cheng, Director of the IIEC, about the most popular schools in Ireland, fees and budgeting, recognition of the HKDSE in Ireland, the best study years to transfer, and the leading degree programmes.

The UK and Ireland are home to some of the world’s most renowned and reputable schools at a secondary/boarding and tertiary level. By enrolling in a secondary or boarding school in the UK or Ireland, successful IIP applicants and their children will be close to top-tier universities in both countries and can conveniently visit university campuses and meet with faculty members and current students, which aids their decision-making process on which university will be most suitable.

In addition to attending world-class English universities, children who become citizens of Ireland can qualify as local university students and pay ‘home rate’ tuition fees instead of overseas rates.

For local, or ‘home’ university students, the typical tuition fee for an undergraduate degree at an English university is a maximum of £9,250 per year. Conversely, international students who plan to attend university in the UK and who are neither Irish nor British citizens have to pay the overseas rate, which could be as much as £26,000 a year. Without access to the ‘home’ rate, international students need to spend nearly three times more for the same undergraduate degree at the same university.

Similar to the UK, universities in Ireland follow a tuition fee structure whereby local students pay a local rate and international students pay an overseas rate. For instance, at the University College of Dublin and the National University of Ireland, Galway, charges for local students are €6,700 and €6,000 a year respectively for an undergraduate degree. An international student will pay  €16,480 and €12,750 respectively for the same undergraduate degree at these two institutions – more than double that of their local classmates.

In addition to lower tuition fees, Ireland offers eligible university students funding support for their studies under the Free Fees Initiative. Qualifying students pay a contribution of just €3,000 per year, effectively receiving 50% off their fees, though one of the requirements is for students to be a national of either an EU Member State, a state which is a contracting state to the EEA Agreement, the Swiss Confederation, or the UK.

college library

To learn more about Irish education, why not read our recent article What is it like to attend secondary school in Ireland.

Ireland is the only English-speaking country remaining in the EU following Brexit and, as such, Irish education will be highly sought after in the coming years, especially for students from EU countries who want to enjoy an English education and improve their language skills. If Ireland becomes the centre of EU education, it will be more effective in connecting with top colleges in various countries (including well-known universities in the UK). For students considering their options for further studes, enrolling in Irish universities offers plenty of opportunities. Generally speaking, Irish universities require IELTS scores of 6.0 to 6.5, and DSE scores of 44333 to meet the entry threshold, and they offer a diverse range of courses, from environmental science and veterinary medicine to creative arts and game design.

The IIP is more than a residency; it is a future for your children

The goal of many parents is to provide a better quality of life for their children and future generations. Investors keen to maximise opportunities for their children’s education and obtain residency rights in both the UK and Ireland should consider the Ireland Immigrant Investor Programme (IIP). The programme’s ability to provide educational benefits, such as a wealth of choice in top-tier secondary and tertiary schools and tremendous cost savings on university tuition fees, makes it the optimal pathway to an elevated lifestyle and opportunity-abundant future.

Ireland Immigration

A country’s economic stability and quality of life are key deciding factors when selecting an immigration destination; it’s not just the broader career prospects. Finer details such as the study environment for children, the local tax system, healthcare services, the real estate market, affordability and cultural inclusiveness are among the important considerations – and Ireland is one of few countries that appeals across the board.

If you are interested in learning more about the Immigrant Investor Programme (IIP) and the education system in Ireland, get in touch now.