I have lived and breathed Dublin’s Financial Services capabilities for 20 years and the more I think about it the more impressed I am. Back in 1995 when I started my career the International Financial Services Centre or IFSC was in its infancy. I was one of the first industry graduates having completed the Irish Funds (as they are now known) certificate in funds and securities. Little did I know that the business would literally take me around the world and back to where I am now.
The IFSC has grown beyond expectation since inception and can now boast more then 500 leading financial services firms with a presence in Ireland. Most are in Dublin but many also outside the capital. In addition the range of services offered is extensive.
Dublin is the offshore centre of choice at least as far as us Irish are concerned. The IFSC accommodates international banks, insurers, investment managers, aircraft leasing and more traditional services such as treasury management and asset servicing. It has a built a significant reputation and presence for managers looking to domicile AIFM and UCITS solutions from within the EU.
The IFSC now boasts assets under management of €3.7 TRN of which €1.9 TRN are Irish domiciled funds (ref. IrishFunds.ie) . Track record and expertise has maintained longevity and growth across the industry. A pro business environment, a well established regulator and of course an English speaking workforce add to the attraction but government incentives are also appealing to the investor.
– 12.5% corporate tax and Government commitment to sustain this rate
– 0% VAT on international aircraft leasing
– Availability of over 72 double taxation agreements
– On-shore location (member of the EU and OECD)
– Tax depreciation (Capital Allowances) for the cost of equipment and plant & machinery (which includes aircraft and aircraft engines) over 8 years
– Extensive range of exemptions provided for from withholding tax on interest and dividend payments and no withholding taxes on lease rentals
– No stamp duty on instruments transferring aircraft
– Irish Economic Recovery – increasing attractiveness of Ireland as a location for FDI
ref. IDA Financial Services
I firmly believe that the greatest resource available to those companies with a presence in Ireland and to those considering setting up here is the people. Irish people work hard and will always pull for the team. I have seen what the Irish can do across the globe and their dedication, ambition and desire to get the job done is what sets them apart. This is why Dublin will remain a key location for international financial services for a long time to come.