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Bartra Wealth Advisors have a limited number of final Irish Immigrant Investor Programme (IIP) approved investment slots available, with a restricted quota and timeframe. These slots are open to clients who have an immediate intention to apply for the IIP. Contact us now to secure your opportunity.

Category: Insights

Ireland Economy Latest – H1 2022

Posted on by bwa

The outlook for the Irish economy is strong following its performance in the first half of 2022. Despite inflation rises which may persist and have put pressure on GDP growth, the economic recovery from the most acute effects of the Covid-19 pandemic has been robust. The European Commission revised its expectation for Ireland’s real GDP growth for 2022 down only slightly to 5.3% (from 5.4% in its May 2022 forecast), while the 2023 annual growth projection has been revised down to 4.0% (from 4.4% in May).

Image source from European Commission

Despite global economic uncertainty over the last couple of year, the Irish economy has been resilient. According to Eurostat, Ireland recorded the second highest level of GDP per capita in the EU in 2021, one place behind Luxembourg. In the nominal ranking, Ireland overtook Singapore to become the 2nd richest economy in the world, while in the Purchasing Power Parity (PPP) ranking, Ireland overtook Singapore and Qatar to become the 2nd richest economy in the world.

International trade and FDI are the key drivers of global value chains (GVCs) and they are both key contributors to Ireland’s economy. Ireland’s stock of inward FDI is one of the largest in Europe and its exports of goods and services as a percentage of GDP was 135% in 2021, according to the World Bank.

Below, we take a closer look at these two key economic drivers that contribute to making Ireland the third most competitive country in the eurozone and 11th in the world rankings.

Ability to attract investment and increase employment

Apple’s first facility outside of the US, located in Cork, Ireland (Image courtesy of Apple.com Newsroom)

Approvals of new investments and job creation by foreign multinationals in Ireland reached record levels in the first half of the year.

The Industrial Development Agency’s (IDA) mid-year results show that between January and the end of June this year 155 additional investments were pledged, up 9% on the same period last year and 10% above that recorded pre-pandemic in 2019. Of these, 73 were from new name companies setting up operations in Ireland for the first time and a similar number were located in regional parts of the country. The largest investments announced in the first half of the year included €12 billion from Intel, a new campus building at Apple in Cork capable of accommodating 1,300 staff, and 1,000 new jobs at TikTok and Workday.

“These are very strong half-year results achieved against a backdrop of a global pandemic, Brexit, considerable geopolitical uncertainty globally, inflationary pressures, supply chain challenges, climate change and energy issues, and, since the start of the year, Russia’s invasion of Ukraine,” said IDA chief executive Martin Shanahan, who is to step down in the coming months. He added, “We should never forget that the jobs and revenue created by multinationals helped to keep us out of recession when the pandemic hit and are now giving us the financial firepower to ease the cost of living crisis and avoid recession once again.”

Some of the leading investments secured

With regard to employment, Irish enterprises and businesses are active, particularly multinational organisations, given the significant amount of FDI. Workday’s recent announcement of the creation of an additional 1,000 jobs at their European headquarters in Dublin, which already has more than 1,700 employees, is one of many testaments to the long-term commitments multinationals continue to make in Ireland.

Job growth and a strong economy boosted the fundamentals for commercial real estate. The year-to-date rate of rental growth in the Dublin office market has surpassed expectations with prime headline rents for new high-specification ESG-compliant buildings in the city centre now circa €646 per square metre or €60 per sqft, according to CBRE’s May research report. In addition to recruitment activities in the Dublin market, there have been several significant regional job announcements in recent months, which in turn is feeding directly into the appetite for modern office buildings in cities including Cork, Limerick and Galway.

Export

With respect to international trade, according to the latest figures released from the Central Statistics Office (CSO) in May 2022, Ireland’s unadjusted exports of goods were valued at €18 billion. The increases in goods exports were driven mainly by growth in the exports of medical devices and pharmaceutical products. Exports of these goods accounted for 38% of all exports in 2021.

  • Ireland is the 2nd largest exporter of pharmaceutical goods and medicines in the EU
  • The level of employment in high tech manufacturing as a share of total employment is 29%, the highest in the EU

In terms of geographic breakdown of Irish exports, the EU accounted for 35% of total goods exports in May 2022 of which Germany was the largest importer, while the Netherlands and Belgium were second and third respectively. Total EU exports in May 2022 increased by €841 million (+15%) compared with May 2021. The USA was the main non-EU exports destination accounting for €5,416 million (30%) of total exports in May 2022.

Electrical and electronic equipment, optical and medical apparatus, and pharmaceutical products are the goods largely imported from Ireland to other parts of the world, including China and Hong Kong, Vietnam and the UAE.

The table shows the value of goods in USD exported from Ireland to China.

According to the latest available data, in 2020 Ireland exported a total of $11.9 billion worth of goods to China, up about 18% from 2019. During the last 25 years, the exports of Ireland to China had increased at an annualised rate of 22.9%, from $67.9 million in 1995 to $11.9 billion in 2020.

The main products that Ireland exported to China include integrated circuits ($6.91B), nitrogen heterocyclic compounds ($867M), and pharmaceutical products (i.e. vaccines, blood, antisera, toxins and cultures) ($567M).

Food is also increasinly imported from Ireland to China. Exports of Irish pork to China hit a record high in 2021 – 40% of the total 542 million euros (US$604.6 million) of pig meat were exported to China, an increase of 8% from 2020. Ireland is now seeking to diversify its exports of meat to the country, said Conor O’Sullivan, Shanghai-based Manager of Bord Bia, Irish Food Board, the promotional agency for food products of the Irish government. “I have noticed that food consumption here is becoming more diverse. Chinese used to eat pork mainly, but more and more people are now trying imported lamb, beef, chicken and also plant-based protein,” he said. “This is a very big opportunity for high-quality Irish foods.”

Exports of Ireland to Hong Kong had increased at an annualised rate of 6.15%, from $177 million in 1995 to $787 million in 2020. The top three products that Ireland exported to Hong Kong were jewellery ($128M), packaged medicaments ($107M), and blank audio media ($96.8M).

Ireland also exported services to Hong Kong, including financial services ($125M), and insurance services ($68.3M) along with all other business services worth a total value of $345 million in 2018.

In 2020, Vietnam imported $1.76 billion worth of goods from Ireland. The main products were integrated circuits ($1.54B), packaged medicaments ($43.3M), and pharmaceutical products ($27.4M). Exports from Ireland to Vietnam had increased at an annualised rate of 24.6%, from $7.18M in 1995 to $1.76B in 2020.

Economic and population growth have been driving structural change in Vietnam’s economy. The population of Vietnam is set to rise to 100 million people by 2024, equivalent to around one-fifth of the current EU population and 20 times the current Irish population, and the rate of urbanisation will reach 40% by 2024. Vietnam’s growing urban population and increasing disposable income have contributed to the healthy growth of consumer food service, which has led to an increase in Ireland’s food exports to Vietnam. While meat and dairy products are the largest shares of this, beverages and seafood also contributed strongly.

The EU’s Free Trade Agreement with Vietnam presents a huge opportunity, especially with the elimination of 99% tariffs and non-tariff barriers. This makes it much easier for Irish exporters of dairy and livestock food products, such as skimmed milk, cheese and meats like pork and beef. Former Minister for Agriculture, Food and the Marine, Michael Creed said, “Ireland can bring particular assistance to Vietnam on the development of sustainable agriculture, but also that we can be an important source of high-quality food products for its growing population.”

In the UAE, which is home to an estimated 10,000 Irish expatriates and with a population of 9.6 million, Irish exports to the UAE rose 12%, and were close to $660 million in 2020 despite the challenges posed by the Covid-19 pandemic. The main products were packaged medicaments ($121M), gas turbines ($106M), and pharmaceutical products ($96.4M). Exports from Ireland to the UAE had increased at an annualized rate of 8.56%, from $84.6M in 1995 to $660M in 2020.

Summary

Against the backdrop of high COVID-19 vaccination rates, the full reopening of the economy in H1 is boosting a broad-based recovery. Business conditions underpin sizeable employment gains, while household excess savings and wage increases support consumer spending. The contributions of Foreign Direct Investment (FDI) and international trade to the Irish economy have been strong and are forecast to remain robust for the rest of the year with Ireland outperforming many EU countries, and making it an attractive and competitive country for businesses and investments.

The power of the Irish passport

Posted on by bwa

The power of a nation’s passport is a reflection of the strength of the country – both economically and politically – in relation to other countries.

Since 2006, immigration consultants Henley & Partners has been using data from the International Air Transport Association (IATA) to rank the powerfulness of the world’s passports according to the number of places in the world their holders could travel visa-free. But there is so much more that comes with a powerful passport than simply ease of travel, from the chance to enjoy an improved lifestyle to business opportunities to family protection.

This year’s list of the world’s most powerful passports saw Ireland rank in joint fifth position with Portugal, placing ahead of other popular immigration destinations including the US, UK, Australia and Canada, and offering holders visa-free access to 187 countries.

Benefits of holding an Irish passport 

Not only can Irish passport holders live, work or study in Ireland, where they are guaranteed certain fundamental rights according to the Irish Constitution, including access to free primary and secondary education, the right to vote in Irish elections and be elected to government, and diplomatic support outside the country, but the Common Travel Area (CTA) arrangement between the UK and Ireland means they also have the right to live, work or study in the UK and to vote and access social welfare benefits and health services there.

With strong ties to Europe and as a member of the EU, Ireland’s citizens can also live, work, or study in any of the 27 EU member states as well as in any European Economic Area (EEA) country (this includes EU countries as well as Iceland, Liechtenstein and Norway). They are also granted the opportunity to vote in European elections and can apply for a European Health Insurance Card enabling access to state-provided healthcare in EU, EEA countries and in Switzerland.

Further afield, Irish passport holders enjoy visa-free travel to the US; only ESTA approval is required. Travel to Australia and Canada is also via an Electronic Travel Authorization (eTA).

Another key benefit of the Irish passport is that it can be held along with another passport as Ireland allows dual citizenship. If you become an Irish citizen, you can remain a citizen of another country, which not all nations allow. Neither Singapore nor Japan, for example, which jointly topped the 2022 list of the world’s most powerful passport, allow dual citizenship.

The Irish passport is easy to hold and renew with online services offering fast, secure and convenient renewal. Passport holders can also obtain a passport card, a credit-card sized document that can be used instead of the traditional Irish passport book when travelling in the EU, the EEA and Switzerland. It can be obtained at the same time as the Irish passport (for a higher fee) or can be applied for separately.

Eligibility requirements for citizenship and passport

Those with parents who hold an Irish passport are entitled to Irish citizenship – and in turn, Irish citizenship can be passed to your children. Citizenship is also achieved through naturalization, where a person must have been physically resident in Ireland for a certain length of time. Applicants must have spent five years in Ireland, with each year’s absence not greater than six weeks, or they need to be resident there for at least five years (1825 or 1826 days) over a nine year period with a continuous residency over the 12 months prior to application. Age and character are also taken into account – applicants must be over 18 and of good character – the Garda Síochána, Ireland’s national police, will file a report on the applicant, and background and any criminal record or ongoing proceedings will be considered.

The IIP is a step towards Irish citizenship and an Irish passport. By investing in the IIP, residency can be obtained simply and quickly with a processing time averaging between four and six months. The IIP also allows applicants to add their spouse and any dependent children below the age of 24 to their application. While the IIP does not require long periods of residency for the applicant to maintain their residency (requiring just one day’s stay in Ireland per year), should citizenship and the Irish passport be the goal, the residency requirements for naturalization need to be adhered to. Children who are given a resident status, study in Ireland and reside there for five years can apply for citizenship individually at the age of 18, so parents have greater flexibility to travel and can avoid long-staying resident requirements in the country.

Summary

The benefits of the Irish passport are manifold, from being able to settle in Ireland and be guaranteed certain fundamental rights, to the opportunity to travel freely and live, work and study in a number of other countries. These advantages are also greater than some of those offered through citizenship in other popular investment immigration destinations. On top of that, any existing citizenship can be maintained alongside Irish citizenship. Given the ease of gaining residency through the IIP, investment is the first step of an attainable and rewarding journey to Irish citizenship.

For more information on the IIP and applying for it, please contact your Bartra consultant or get in touch.

Healthcare in Ireland and insurance planning for immigrants

Posted on by bwa

If you’re thinking about making the Emerald Isle your home, fáilte! There is plenty to get excited about when it comes to living in Ireland, but before you move, it’s important to ensure you and your family have adequate health insurance.

Some of the challenges that immigrants face when it comes to healthcare services include language barriers; difficulties in arranging care without medical insurance coverage; lack of familiarity with the healthcare system; cultural differences; divergent understanding of illness and treatment; negative attitudes among staff; and lack of access to medical histories.

In this article, we look at the healthcare and medical services available in Ireland and speak to an insurance expert to understand more about insurance planning prior to moving abroad, the types of insurance emigrants should keep or forgo when moving overseas, and the insurance policies that can be used for tax planning.

Ireland’s healthcare and medical services

Ireland offers high quality and advanced healthcare and medical services. For families and individuals immigrating to Ireland, there are various routes to accessing healthcare:

GP – Access to a doctor, or general practitioner – GP for short – is essential for general health issues and non-emergency illnesses. A list of local GPs can be found on the website of the Health Service Executive (HSE), and registration with a practice can be done by providing name, address and PPS number. Unless it’s an emergency, GPs are the gateway to the Irish hospital system. If you need any hospital service, your GP will usually refer you to the place or person you require. For example, if an X-ray, blood test, scan or other procedure is necessary, your GP will tell you where you should go. He or she will also provide you with a letter of referral. Similarly, your GP will refer you to a consultant if you need special expertise.

A&E – The Accident and Emergency department of a hospital, A&E for short, is where you go if you’ve had an accident or feel extremely unwell. Treatment is on a needs basis, so if the condition is not urgent the wait time may be extensive. There is a charge of €100 to attend without a GP referral.

Private Healthcare – If you are a private healthcare patient covered by health insurance, you may be eligible for a range of benefits. These include faster access to diagnostic investigations and subsequent treatments through your choice of consultant, and access to both public and private hospitals depending on your insurance plan (including high-tech hospitals). Treatment and services for private patients are provided by a wide network of private hospitals and clinics, as well as public hospitals.

Private hospitals are located across Ireland and offer some of the most technologically advanced healthcare treatment options. The best include:

The Hermitage Medical Clinic: Hermitage Clinic, part of Blackrock Health, is a 112-bed private hospital in Lucan, West Dublin. The specialised medical teams provide medical, surgical and advanced radiotherapy care to patients and are supported by the very latest medical technology. The most up-to-date radiology equipment is available including MRI, PET/CT, Nuclear Medicine, 64 slice CT, Mammography, Ultrasound, X-ray and Fluoroscopy. They also have a fully integrated RIS/PACs system.

Blackrock Clinic: Blackrock Clinic, part of Blackrock Health, is Ireland’s leading high-tech hospital, focused on developing and delivering the newest and most technologically advanced healthcare.

Since it opened in the mid-1980s, the Blackrock Clinic has been recognised by the Joint Commission International (JCI), which accredits only hospitals that raise safety and quality of care standards to the highest levels, and was one of the first hospitals in Ireland to attain this international recognition.

Beacon Hospital: Beacon Hospital is one of the most technologically advanced private hospitals in all of Europe. It has Ireland’s most advanced diagnostic equipment and an Emergency Department located in Dublin.

With over 300 Consultants and 1,700 medical professionals, Beacon Hospital operates as a full-service acute hospital. Treatment and services include orthopaedic surgery, heart surgery, neurosurgery, general surgery, comprehensive cancer care (medical oncology and radiation oncology), and general and emergency medical services.

Beacon Hospital has satellite locations in Dublin 8, Wexford, Mullingar and Drogheda.

Bon Secours Private Hospital: Established in 1951, Bon Secours Hospital is an independent acute care private hospital located in Glasnevin in North Dublin. The Bon Secours Hospital Dublin is part of the Bon Secours Health System, Ireland’s largest independent healthcare provider incorporating a network of four modern acute hospitals in Cork, Dublin, Galway and Tralee. The Health System also includes a Consultation Centre in Limerick and a Care Village in Cork.

St. Vincent’s Private hospital: One of the world’s leading hospitals providing front-line, acute, chronic and emergency care across over 50 different medical specialties, St. Vincent’s is the only integrated multi-hospital campus in Ireland. Its Emergency Department (ED) is the major referral centre for the region for patients with strokes and major trauma.

St. Vincent’s Private Hospital is part of the St. Vincent’s Healthcare Group (SVHG), the group also includes St. Vincent’s University Hospital and St Michael’s Hospital, Dun Laoghaire, Co Dublin.

Insurance planning

Ireland’s public healthcare system is highly regarded. It ranked 11th for the best healthcare in the world in a 2018 study published by The Lancet, placing 12 positions above the UK. It also boasts more hospital beds per person than the UK, according to the OECD.

However, Ireland’s public healthcare is not always free. And having health insurance to pay your medical and hospital expenses can provide peace of mind for you and your family. With health insurance, you can expect:

  • more options to choose top class private hospitals in Ireland
  • quicker access to necessary medical care
  • treatment in hospitals as a private patient

The average annual cost of Irish health insurance paid by individual policyholders as of December 2021 was €1,470 for adults. While insurance is an additional expense, not having it could prove far more costly.

Families planning to relocate overseas may wonder if the insurance plans they have purchased in their home countries are still effective once they move, and whether life insurance can be an effective tax planning tool.

We spoke to Gigi Tsoi, District Director of Wealth Management and Protection, about the things to take into account regarding healthcare and insurance when moving abroad.

Medical and healthcare insurance is just one of five main categories of insurance to review when moving abroad. The others include life insurance, critical illness insurance, accident insurance or long-term disability coverage, and Investment-Linked Assurance Schemes (ILAS).

Gigi suggests that families first review their current medical insurance to understand any existing coverage and its suitability for the country they are moving to. If coverage is limited, she recommends families invest in a high-quality international health insurance plan to cover their medical needs. Such an insurance plan can be a lifeline in case something happens when they are abroad and they need to seek global medical treatment.

She also highlights how Inheritance Tax (IHT) can be offset with life insurance, or that people can avoid IHT being charged by putting the assets in trust.

Summary

For families moving overseas, residing in a country with a good healthcare system and access to medical care is important. The healthcare and medical system in Ireland is modern, safe and among the best in the world, making Ireland a great place to live, study, work and retire. When families have adequate insurance coverage, they will have peace of mind that they and their loved ones will be protected financially and enjoy a good quality of life in Ireland.

Why choose? Living in the UK and Ireland

Posted on by bwa

Did you know that once you have citizenship in either the United Kingdom or the Republic of Ireland, you and your family have the right to reside in the other, and enjoy the same associated privileges, including the right to work, study and vote in certain elections, as well as to access social welfare benefits and health services?

In this article, we explain why and how, and delve a little deeper into the historical links between the UK and Ireland and the cultural similarities between the two. In addition, we speak to a UK immigration expert, who shares the latest UK immigration policies, opportunities for emigration following the close of the UK Tier 1 investor visa, and an alternative immigration route to the UK.

The United Kingdom and Ireland

Historically, relations between the United Kingdom and Ireland have been influenced by issues arising from their shared history, with Ireland flitting from periods where it was under the control of Great Britain and times when it was fighting to establish or maintain independence.

In the 16th and 17th centuries, war and colonization saw Ireland come under the control of the English. In 1782, Ireland gained near-independence from Great Britain, but in 1801, the kingdoms of Great Britain and Ireland merged to form the United Kingdom of Great Britain and Ireland. Violent campaigns for autonomy followed, culminating with a war of independence that ended with the Anglo-Irish treaty of 1921. This saw the partition of Ireland into the Irish Free State and Northern Ireland, the latter which remained part of the UK. In 1937, Ireland declared itself fully independent of the UK.

Both Ireland and the UK joined the European Union in 1973. In June 2016, the UK held a referendum in which a majority voted to leave the EU. Brexit became effective in early 2020 with a deal reached on 24 December 2020, keeping Northern Ireland in the European Union Single Market for goods and maintaining a free border between the Republic of Ireland and Northern Ireland. The Republic of Ireland became the only English-speaking country in the EU.

Culturally, the four nations of the British Isles (England, Scotland, Wales and Northern Ireland) have many similarities and people travel between each nation as if it were one.

Geographically, the UK shares a 499km international land border with the Republic of Ireland. And Dublin, the Republic of Ireland’s capital, is just 288 miles from London—a flight takes less than 1.5 hours and is very reasonably priced, with tickets available from £12 for a one-way trip and from £30 for a round trip. It’s therefore no surprise that people who live in Dublin might pop over to London for a weekend shopping trip or a UEFA champions league game during the football season.

Living in Ireland has many similarities to living in the UK – particularly when it comes to accessing good quality education. The UK and Ireland have very similar education systems and both provide a world-class education. In each country, there are five stages of education – early years (nursery), primary, secondary, further education (FE) and higher education. Irish secondary graduates can apply to study in UK universities through their schools or through the UCAS website, and there is a point-based system that can be used to compare the grades of the Leaving Certificate in Ireland with GCSE and A-level results in the UK. Likewise, British students can apply for undergraduate courses in Ireland through the Central Applications Office (CAO) – the Irish equivalent of UCAS.

In both Ireland and the UK, students are admitted onto a specific course rather than to a university. They are accepted, for example, to study Nursing at Queen’s University in Belfast, or to study Business & Management Studies at University College Cork (UCC). Some subjects in Irish universities are ranked among the top 50 in the world for their area or speciality. In 2021, the highest rank for Ireland was University College Dublin’s (UCD) Veterinary Science department, which placed 23rd in the QS World University Rankings by Subject. It was closely followed by the English Language and Literature programme at Trinity College Dublin, in 25th position. Between them, UCD and Trinity held eight top 50 positions, while University College Cork placed 49th for Nursing.

Additionally, due to Ireland’s burgeoning start-up, FinTech and entrepreneurship scene, some business courses at Irish universities have outperformed those in other UK and European universities, with the highest number of graduates going on to become entrepreneurs. The table above shows the top 10 universities in Europe by entrepreneur count, as well as the number of companies founded by those entrepreneurs, and the total of venture capital raised, according to PitchBook, a platform that provides financial data.

Common Travel Area arrangements (CTA)

The Common Travel Area (CTA) is a long-standing arrangement between the UK, the Crown Dependencies and Ireland that pre-dates both British and Irish membership of the EU and is not dependent on it.

Under the CTA, British and Irish citizens can move freely and reside in either jurisdiction and enjoy associated rights and privileges, including the right to work, study and vote in certain elections, as well as to access social welfare benefits and health services.

The UK and Irish governments signed a Memorandum of Understanding (MoU) in May 2019 reaffirming their commitment to maintain the CTA, and the associated rights and privileges, in all circumstances, and the CTA remains unchanged after Brexit.

UK immigration policies update and alternatives

2022 is shaping up to be a year of change with regard to UK immigration. The UK government has announced wide-ranging updates its Immigration Rules. Families who are planning to move to the UK through the non-BNO route may face challenges due to these policy changes, but rest assured, there are alternatives to the UK.

We spoke to Janine Miu, founder of UK Immigration Specialist, and a specialist in UK Immigration Law, about the changes to the UK immigration policy, the visa programmes that are currently available, and her views on an alternative route to the UK via Irish immigration by investment.

Following the closure of the UK Tier 1 investor visa, families and non-BNO passport holders who are looking to emigrate to a place that offers a high degree of residing flexibility, and who may still have an ultimate goal to live in the UK, can consider the IIP. Janine recommends it as a good alternative.

The IIP allows families to receive their Irish permanent residency in about six months, and families are only required to spend one day per calendar year in Ireland to maintain their residency status. After five years, they can apply for citizenship and receive a passport. Irish nationals enjoy a right of residence in the UK under the Common Travel Area (CTA) arrangement.

It’s important to note that the Enterprise Investment option in the IIP has 100% capital protection, meaning that investors can take their 1 million euros back at the end of the investment period, while investments in the UK Investor Visa have no full principal repayment guarantee.

Investing in the IIP will pave the way for the families to choose to live in both Ireland and the UK, enjoying optimal privileges and opportunities to study, work and enjoy a high standard of living.

Irish secondary and tertiary education – paving the way for a successful future

Posted on by bwa

Ireland offers a world-class education, whether you are looking to enrol students at a primary school level or have older children and are seeking out quality second- and third-level education solutions. We have previously introduced the Irish education system and its primary level schools, and the next stage of education is a similarly attractive proposition, particularly for those coming from Hong Kong.

Irish secondary and tertiary education

Ireland’s secondary education system spans six years, with students starting at the age of 12. The Leaving Certificate Examination is taken in Year 6 as entry to tertiary-level education. This is similar to both the United Kingdom and Hong Kong. Students can apply for tertiary education through UCAS in the UK and Non-JUPAS in Hong Kong, and vice versa.

It’s worth noting that in 2020, Chinese became a curricular subject and its first batch students will take the exam in June 2022. While Chinese is the most eye-catching new addition to the Leaving Certificate, students this year will also be sitting the first exams in Polish, Lithuanian and Portuguese as curricular languages. The three languages are now widely spoken in Ireland with Polish more widely spoken in Ireland than Irish.

State-funded education is available at second- and third-level in Ireland. For secondary education, there is a large number of both public and private schools. According to the Department of Education, there were around 26,000 students enrolled in private secondary schools in the 2019/20 school year, with 51 out of Ireland’s 723 secondary schools classified as fee-paying institutions.

“Private schools are not as expensive as they are in either the UK, US or Asia. They are more affordable. The fact that we’re English-speaking, have a respected education reputation, with mainly small-size schools, are all key factors in Ireland’s favour,” says Ciara Shaffrey, of relocation service Settle In.

Two-thirds of Ireland’s private schools are located in Dublin. The largest mixed private school is St Andrew’s College in Booterstown, Co Dublin, while the largest all-girls private school is Mount Anville, in Goatstown, D14.

The library gallery of Trinity College Dublin, where the Book of Kells is kept. Trinity is regarded as one of the leading universities in Europe.

The third-level education sector in Ireland provides a full range of options. There are seven universities in Ireland. These include The National University of Ireland (NUI), which is the umbrella organisation of University College Dublin (UCD); National University of Ireland, Galway (NUI Galway); University College Cork (UCC); and Maynooth University; Trinity College Dublin; the University of Limerick (UL); and Dublin City University (DCU).

Additionally, there are five technological universities and two institutes of technology (ITs), which provide training in science, engineering and linguisitics to certificate, diploma and degree levels, and several colleges of education that provide specialised training for school teachers. A number of fee-paying, third-level educational institutions offer courses, mainly in professional vocational training and business.

Below are some popular subjects at Irish universities and the requirements:

The benefits of an Irish education

Kam Chin is a Hong Kong-born immigrant who has lived in Ireland for more than 30 years. Formerly a primary school teacher in Hong Kong, after immigrating to Ireland, Kam opened a Chinese restaurant and founded a post-secondary school offering pathway courses leading to local universities. He is also the founder of the Irish Chinese Society of Galway, Ireland.

Kam’s son received his education in Ireland from primary school through to university, before obtaining a PhD from University College London. He currently works at a university in Denmark as a Postdoctoral Researcher.

“Unlike studying in Hong Kong, which puts pressure on both students and parents, the academic pressure on students over schoolwork and exams is comparatively much lower in Ireland. During my son’s secondary school, I had to run my business, so I could only take him to school occasionally and barely had time to look after his studies. But he handled his schoolwork well and he enjoyed his studies. In his senior secondary, he usually finished his homework in about an hour and then went rowing. As a foreign parent living in Ireland, I did not have parenting stress or worry about my son’s study,” says Kam. “In Ireland, universities have enough quotas for local secondary school leavers if the results from the Leaving Certificate are not too bad. Although entry to Trinity College or top universities cannot always be guaranteed, most students can enter tertiary education institutions. And all the schools in Ireland are good due to the strict guidelines and regulations from the government so parents and students do not have to ‘fight’ for the quotas of the top universities,” continues Kam, whose son went to the National University of Ireland, Galway, before moving to Sweden to attain a Master’s degree from KTH Royal Institute of Technology, one of the top schools in Europe, and then to UCL in London where he completed his doctoral degree.

“It is a huge benefit for children who hold a Stamp 4 or PR visa to study in Ireland as after remaining in Ireland for five years and obtaining their passports, they can pursue further studies in top schools in other EU countries. Their choices are not limited to only one country.”

When asked if he has to worry about his son financially, Kam replied, “he is very independent, I did not have to give him pocket money or to support him financially after he was 18. He had scholarships to cover his schooling in Sweden and the UK, and to pay his rent. Now my son is hired by the EU to work on research projects at a university in Demark. I think his current job is very well paid as he has already bought his own property.”

Kam is very glad that he made the choice to move to Ireland, as it allowed him to give his son a top education and access to the world, the tools his son needed to succeed.

The IIP for your family’s future success

The Irish Immigrant Investor Programme (IIP) is renowned as one of the best immigrant by investment programmes in Europe for its safety, fast approval and residing flexibility. Once an application is approved, residency can also be granted to the investor’s spouse, partner and/or children when certain criteria are met. Children can enjoy the benefits of high-quality education in Ireland, which paves the way to future success.

In Ireland, students who hold a Stamp 4 visa or PR, and study for five years, can apply for citizenship independently when they turn 18, which is unlike other developed English-speaking countries where children can only be granted citizenship after their parents qualify.

Additionally, IIP investors can avail a discount on their investment for any educational expenses that they intend to commit to in Ireland up to a maximum of €50,000. Some conditions apply:

  • Investors may discount their approved investment with eligible education expenses that they commit to incur within the first five years after their permission has been granted.
  • The education expenses must be for an Irish University or Institute of Technology.
  • The expenses must be for the investor and/or their family member who has been accepted on an academic programme in one of the above educational institutions.
  • The expenses must be indicated as part of the application process.

For more information about education in Ireland or other aspects of living in Ireland, contact us for a copy of our Ireland Guide.

Be a smart IIP investor – is now the best time to buy Euros?

Posted on by bwa

Similar to many other foreign investments, investing in the IIP at the right time can be beneficial from a foreign exchange perspective. Knowing how to take advantage of the forex (FX) market means you can budget for an investment more effectively and potentially save a considerable amount of money. However, the exchange rate can fluctuate dramatically in a short period of time, and investors need to act quickly to avoid missing out on a foreign exchange opportunity.

What is happening now?

The Russia-Ukraine war has hit many currencies hard. J.P. Morgan Research expects the US dollar, the Swiss franc and the Japanese yen to outperform high-beta currencies. The Russia-Ukraine conflict will likely see the euro weaken versus other reserve FX given the Eurozone’s reliance on Russia for energy.

Since the war in Ukraine began, the euro has lost value against the US dollar, British pound and other major currencies as investors believe the conflict will substantially slow the region’s economic growth rates. Goldman Sachs co-heads of global FX, rates and EM strategy, Zach Pandl and Kamakshya Trivedi, said the Wall Street giant’s constructive outlook on the euro was off the table as long as the military conflict continues.

So for how long will the euro fall? Standard Chartered Bank expects the uncertainty in Ukraine to plague short-term sentiment of the euro. Technically, the closest support level for EUR/USD is 1.10, followed by 1.08 and 1.0635; if the situation in Ukraine shows signs of stabilisation, this may trigger a rebound in EUR/USD towards 1.1400.

What does this mean to IIP investors?

The war in Ukraine has led to significant changes in the world’s major currencies, which impacts their purchasing power. For example if you earn in Hong Kong dollars, where HKD is the quote currency, the euro has dropped in value (EUR/HKD) from 9.5062 a year ago at its height to its current low of 8.4953 as of March this year. For USD, EUR/USD fell to a low of 1.0866 on March 7 from a high of 1.2339 in January last year.

The exchange rate of EUR/USD and EUR/HKD on March 12.

IIP investors are required to invest 1 million euros into IIP qualified projects when they receive their pre-approval letter after application. If investors can seize a currency opportunity by taking advantage of a strong USD or HKD, and a weak EUR, they can potentially enjoy significant savings. For example, when investing at 8.5 EUR/HKD, the 1 million euro investment sum only requires capital of HKD 8.5 million as opposed to HKD 9.5 million a year ago. Investors may find their capital can be used more effectively by saving around one million Hong Kong dollars.

As the Russia-Ukraine conflict intensifies and continues, and focus switches to the looming threat to European energy supplies, Pandl and Trivedi suggest that the currency will likely trade even lower—around 1.07-1.08, given the moves in other market variables.

Our advice to IIP investors considering Irish immigration is to seize this opportunity and apply and invest now.

What are the other factors to consider?

Exchange rates are very difficult, if not impossible, to predict, at least in the short to medium term. Investors may argue that the euro could still be underperforming against the USD or HKD in 3 or 5 years time when they can regain their capital at maturity.

The 4% net annual interest return from investing in Bartra’s nursing home project can be treated as the risk-adjusted return on capital for any currency depreciation or to price in inflation. It will still provide a significant income to investors over the 5-year investment term aside from the 100% capital return.

Additionally, it is always advisable that investors purchase investments in various currencies to gain international exposure and diversification, and reduce overall risk.

Summary

According to FxStreet, the bearish trend of the euro is expected to continue through Q1 and the Q2 of 2022, and is likely to face selling pressure in the short term. However, the euro has contributed to the stability, competitiveness and prosperity of European economies for more than two decades, and is the second-largest reserve currency as well as the second-most traded currency in the world after the US dollar. It should regain its value once there is more clarity around the current conflict and the European market regains its stability.

 

Disclaimer:

This should not be taken as advice on Foreign Exchange Trading. Investors must understand that FX involves risks. When converting foreign currencies into other currencies (including Hong Kong dollars), the fluctuations of foreign exchange may see customers make profits or incur serious losses.

Navigating Ireland’s primary schools – the ABC’s you need to know

Posted on by bwa

This article is excerpted from Bartra’s Ireland: An Essential Guide. Co-written with a local Irish journalist, Ireland: An Essential Guide covers a variety of practical topics, from school selection and healthcare to how to open a bank account and where to live. Click here to make an appointment to collect your free copy.

The Irish education system is made up of three stages; primary, secondary and third level. Education is compulsory for children in Ireland from the ages of 6 to 16 or until students have completed three years of second-level education.

State-funded education is available at all levels, unless you choose to send your child to a private school. With school places at a premium, the benefit to signing your child up to a place at a private establishment is that, it is more likely that the student will also be able attend its secondary school.

There are 1.168 million children in full-time education across primary school, secondary and third-level, according to the Houses of the Oireachtas Library and Research Service. Its data shows that 89% of primary schools have a Catholic ethos compared to 48% of secondary schools. In the public school sector primary schools are free-to-attend. Most of the private junior schools, as some establishments call their primary level, have a Catholic ethos.

Non-denominational Educate Together schools are gaining traction with enrolments in multidenominational schools now accounting for 6% of the total attending, according to 2018 enrolment analysis by the Department of Education, with Church of Ireland schools representing 3% of all pupils.

Ciara Shaffrey of relocations service, Settle In, says it is easy to integrate into the schools system here. “The school gate is a great networking point. So are the sports sidelines. The ease of getting into a school depends on a child’s age. It’s not something you can guarantee,” she explains.

Afterschool is another consideration. This is a fee-paying service that will pick up your child from the school grounds and bring them to another location, where meals and snacks are served and homework is supervised. This is offered to children up to about the age of 10 and runs to about 6pm daily. Most allow you to sign up to it on a part-time or full-time basis.

The forum on website Schooldays can help you find professional childcare thorough its network. It also covers summer camps and tutors and/or grinds, which is slang for home or digital tuition.

Fee paying, co-ed, internationally-focused schools

1. Nord Anglia

Nord Anglia covers both primary and secondary curricula and International BAC (IB) at its Sandyford, D18 campus. This allows for consistency for kids moving from country to country. “It’s about building resilience and creativity,” explains Maoiliosa McMahon, its director of admissions and marketing.

The school opened in 2018 and currently has 350 students with 180 of those in the secondary school. Classes are still quite small, 20 maximum, there’s a student counselling service and a strong parent community.

It also provides school bus transport along three routes; picking up students from the city centre and journeying through Ballsbridge to D18, another bus collects students from the D6 villages of Rathmines and Ranelagh and a third transports students from Dalkey and Dun Laoghaire to the campus.

Official website: click here

2. Lycee Français d’Irlande

A French/English bilingual school whose secondary school is based in Clonskeagh, D14, while its primary school campus is based in Foxrock, D18, another suburb. It offers the French BAC with European and American add-ons.

Official website: click here

3. St Kilian’s German School

A German/Irish school offering primary and secondary education for pupils aged 4 – 18 at its Clonskeagh, D14, campus.

Official website: click here

Cultural milestones: Holy Communion & Confirmation

With a predominately Catholic school system religious milestones like Holy Communion and Confirmation are widely celebrated.

Holy Communion takes place when the kids are aged eight or nine. After the ceremony the child’s parents usually host a lunch, for family and friends. Gifts of money are usually given. A 2019 Ulster Bank survey showed that one in four kids earned over E800 for their ‘big day’. A colourful Irish expression describes a stingy person as being, “so mean that they still have their Holy Communion money”.

Confirmation is another Catholic sacrament celebrated in 6th class, the final year in primary school. While also usually followed by a lunch it is a much more muted affair.

Guardianship Service

For unaccompanied minors studying in Ireland there is a host family service that will provide accommodation on a bed and board basis with transfers to and from school as an optional extra. Host families are vetted by An Garda (Irish police force) and there is the option to sign-up, on a per-night basis or on an annual basis, depending on your requirements. Monies, including a reserve fund for emergencies, are paid before the start of the academic year. Ask your Bartra representative for further details.

 

Ireland: An Essential Guide covers a variety of practical topics, from school selection and healthcare to how to open a bank account and where to live. Click here to make an appointment to collect your free copy.

When is the best time to emigrate?

Posted on by bwa

People migrate for many reasons. Whatever the reasons, it takes time to weigh up the pros and cons before coming to a final decision. And while delaying such life-changing decisions is understandable, time is an important factor when it comes to immigration. The later you make the move, the more uncertainty you may face. One of the key factors around this uncertainty is policy and requirement changes that may mean you and your family are unable to qualify for your chosen immigration programme.

Are you thinking of adopting a wait-and-see approach? Here are some reasons why you should resist delaying your immigration decision.

Immigration policies can change

Immigration policies wherever you are looking to move to are never static. As the number of people who immigrate to a country increases, it is not uncommon to see governments tighten policies or introduce new regulations to prioritise the interests of residents. This might include changing the number of minimum days stay in the destination country, tightening investment project requirements, and/or raising the sum of required assets or investment amount, to name a few.

Currently, there is heated debate around the Citizenship by Investment (CBI) and Residency by Investment (RBI) schemes in the EU.

In October, the European Parliamentary Research Service (EPRS), an in-house research department that provides analysis for the EU to make necessary amendments, published a 159-page study on investment migration programmes in the EU. The objective of the study is to assess the risks of certain aspects such as:

1. Risk of violating the principle of sincere cooperation
2. Risk of the commodification of EU citizenship and residence
3. Risk of violation of the principles of fairness and discrimination
4. Risk of weak vetting and due diligence
5. Lack of sufficient safeguards for macro-economic governance

With the above risks assessed in the report, the ERPS identified five possible policy directions to mitigate the risks and protect local governance, social and economic stability, which include phasing out CBI/RBI schemes, taxing CBI/RBI schemes, strengthening the regulations, mandating minimal physical presence requirements and regulating access to the EU for third countries.

We welcome regulations on conditions, guarantees and safeguards of the CBI/RBI schemes for better transparency and protection. However, for potential immigrants, we suggest planning early as policies can change at any time. For investors thinking of immigrating to the EU, it’s best to consult advisors to ensure they choose a suitable scheme with the appropriate risk level.

There are changes to immigration programmes happening in other parts of the world too. For example, the investment requirement in Australia increased from AUD1.25 million to AUD2.5 million this year, and the type of investment changed from designated investments – Australian State or Territory bond, to complying significant investments – funds in specified proportions.

This is just one example that nevertheless shows how quickly things can change with regard to immigration, potentially transforming a move from feasible to impossible.

Early planning safeguards children’s futures

For most families looking to immigrate, the main reason is to secure their children’s futures. If a family is granted residence status at an early stage, children are able to begin their studies sooner, allowing them more time to adjust to the new culture and environment. In the longer term, children are also able to establish academic and career connections and to seize a greater number of opportunities.

In recent years, Ireland has become one of the top immigration destinations. Ireland is the only English-speaking country remaining in the EU following Brexit and it has a leading education system – Ireland’s primary and secondary education ranked seventh globally in 2020. Universities such as Trinity College Dublin and University College Dublin offer high quality education that equips students with the knowledge and skills to step into some of the top global companies. And Ireland’s job market is thriving, offering plenty of opportunities upon graduation.

In Ireland, the sooner a child obtains residence status, the sooner they can become Irish citizens and enjoy associated rights. Children will be eligible for an Irish passport when they are aged 18 or above and have been resident in the state for at least five years, meaning they can study at top universities in Ireland, EU member states and even the UK thanks to the Common Travel Area (CTA) arrangement between Ireland and the UK. If they opt for a British university, they can qualify as local students and pay the ‘home rate’ instead of overseas fees, which can be three times as much.

From the perspective of parents, the current Immigrant Investor Programme (IIP) is flexible in terms of its residency requirements as investors only need to spend one day per calendar year in Ireland to maintain this immigration status, allowing the achievement of residency without necessarily moving to Ireland. It is worth noting that Irish passports can be applied for individually, meaning children remain eligible for an Irish passport even if parents have been resident in Ireland for less than five years.

Learn more about Ireland’s education system and job market development in our earlier blogs. 

Seize investment opportunities ahead of time

It’s not only important to decide and begin on a suitable immigration programme at the right time, but seizing good quality investment opportunities is also key. To learn more about choosing reliable companies and their associated investment projects, read our previous article, How to assess the risks of immigration investor programmes.

Bartra’s latest investment project, Cookstown Tallaght, a nursing home project built to meet the highest Irish Government (HIQA) and EU standards, qualifies for government-supported revenue models and the IIP, offering a great opportunity for families who are looking for immigration with an investment return. Since the project launched in mid-October, investors have already taken up more than half of the available slots; fewer than 10 remain available. Bartra is aiming for a full fundraise by the end of the year. To find out more, contact our consultants.

▲ Bartra’s latest nursing home project, Cookstown Tallaght

Summary

Ireland is an increasingly popular immigration destination thanks to its favourable IIP schemes. Data from the Irish Ministry of Justice shows that the number of IIP applications has been increasing rapidly since 2012, with applicants for the IIP hailing from various countries, demonstrating Ireland’s international appeal. However, as noted above, programmes can change at any time and good investments are snapped up fast, so why not act now to build a promising future for you and your children?

Contact us to learn more about our investment projects and the IIP programme.