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.
As the holiday season approaches, and many of our clients would have to register their Stamp 4 VISA or meet their annual once-a-year landing requirements, it’s a perfect time to make a visit while Ireland transforms into a winter wonderland, adorned with twinkling lights, festive decorations, and an air of merriment. Christmas in Ireland is a magical time, offering a plethora of activities for locals and visitors alike. Here are 10 enchanting things to do in the Emerald Isle during the Christmas season.
1. Experience the Glow of Dublin’s Christmas Lights:
Dublin comes alive with a radiant display of Christmas lights. Take a stroll through Grafton Street, O’Connell Street, and St. Stephen’s Green to witness the city’s transformation into a dazzling spectacle of festive cheer.
2. Visit Christmas Markets:
Immerse yourself in the warmth of Ireland’s Christmas markets. Cities like Galway and Dublin host charming markets where you can shop for unique handmade gifts, indulge in festive treats, and enjoy live entertainment.
3. Attend a Traditional Panto:
Experience the joy and laughter of a traditional Christmas pantomime. These entertaining performances, featuring slapstick comedy and audience participation, are a beloved part of Ireland’s festive culture. The most famous venue of all is The Gaiety Theatre.
4. Skate at Winter Wonderlands:
Lace up your skates and hit the ice at one of Ireland’s temporary winter ice rinks. Locations like Galway and Dublin often set up these festive rinks, providing a delightful experience for families and friends.
5. Marvel at Festive Displays in Killarney:
Head to Killarney, where the festive displays are nothing short of magical. The town center and National Park are adorned with lights, creating a fairytale atmosphere that captures the essence of the season.
6. Enjoy Christmas Carols and Concerts:
Immerse yourself in the joyous sounds of the season by attending Christmas carol services and concerts. Many churches and venues across Ireland host musical events that celebrate the true spirit of Christmas.
7. Take a Festive Coastal Drive:
Indulge in the festive spirit of Ireland with a picturesque coastal drive during Christmas. Along the famed Ring of Kerry, experience the magical blend of coastal beauty and holiday charm in towns like Killarney and Waterville. For a delightful atmosphere, drive the Dingle Peninsula, where villages like Dingle come alive with Christmas lights. Finally, take in the coastal enchantment of the Wild Atlantic Way from Clifden to Westport, capturing the rugged scenery and seasonal cheer.
8. Participate in the Wren Day Celebrations:
Experience the unique Irish tradition of Wren Day on December 26th. Communities come together to celebrate with music, dance, and colorful processions, making it a lively post-Christmas event.
9. Visit Historic Castles and Houses:
Embark on a journey through Ireland’s storied past by visiting historic castles and houses, each adorned with festive decorations that add a touch of holiday magic to their centuries-old charm. Among the must-visit sites, consider exploring the opulent halls of Bunratty Castle, where Christmas events unfold against a medieval backdrop. Dive into the seasonal festivities at Kilkenny Castle, a symbol of Norman grandeur, or experience the yuletide charm of Malahide Castle, surrounded by enchanting gardens. For a truly magical encounter, venture to the historic halls of Castletown House, where Christmas events seamlessly blend the elegance of the Georgian era with the warmth of the holiday season. These historic landmarks open their doors to offer a unique fusion of Ireland’s rich history and the festive spirit of Christmas.
10. Indulge in Festive Culinary Delights:
Treat your taste buds to traditional Irish Christmas fare. From hearty stews to delectable desserts, savor the flavors of the season at local pubs and restaurants where festive menus abound. Some recommendations in the City of Dublin would be Searsons Pub, FIRE, and Fade Street Social.
Ireland, with its rich traditions and warm hospitality, offers a Christmas experience like no other. Whether you’re enchanted by twinkling lights in Dublin or reveling in the festive atmosphere of a coastal town, the holiday season in Ireland is truly a time of joy, warmth, and memorable moments.
Have you ever wondered what it’s like living in a country that rates second in the world for quality of life? In the United Nations Human Development Index for 2020, which measures longevity, education and wealth for 189 countries around the globe, Ireland ranked in joint second place with Switzerland, just behind Norway.
Quality of life is indeed what Ireland offers. Filled with rolling green landscapes and boasting a moderate climate and clean fresh air, Ireland has an abundance of nature and natural beauty. It is also one of the most talked-about food destinations in Europe, with plenty of produce exported around the world, from artisanal cheese and exceptional beef and lamb to fresh-off-the-boat seafood. Irish cuisine itself is tasty, characterized by simple, hearty cooking that follows the seasons. This can be enjoyed alongside some of Ireland’s most popular drinks, from Guinness to Jameson to Bailey’s, while the country’s pub culture, as well as its drinks venues, which range from secret speakeasies to glamorous lounges and cocktail havens, have their own draw.
The Emerald Isle is also one of the most open economies in the world with a large and vibrant international business sector (read our latest Market Update). The European Union member state is the only country in the EU whose first language is English and it offers unparalleled accessibility to the UK under the Common Travel Agreement (CTA) ensuring it is a unique place for FDI, working and living. After visiting Ireland, it is no surprise that many often decide to move there from the USA, Canada, the UK, Germany and many countries around Asia. Ireland has emerged as a prime destination for HNWIs and their families who are looking for a high standard of living.
Besides Ireland’s quality of life, there are a number of other indices where Ireland ranks favourably:
Smiles all around – Ireland ranks 16th on the world happiness index, which is no small feat, especially as it rates above nations such as Germany, the USA and the UAE. Chances are you’ll always be greeted with a smile in Ireland’s many establishments
Let’s do some business – Ireland ranks 24th on the ease of doing business index, and its status as a first-world tax haven makes it even more enticing to entrepreneurs and businesses to set up shop on Irish shores
Outstanding healthcare – Ireland ranks 19th on the World Health Organization’s (WHO) overall healthcare system rankings, above many European counterparts including Switzerland, Belgium and Germany. Ireland also boasts 33 medical doctors per 10,000 people; to put that in context the UK has 28 and the USA has 26.
Overview and basic facts
If moving to Ireland sounds increasingly tempting, the process of making it happen can be easier than one might anticipate. First, a few more facts to cement the Isle’s appeal:
The Irish passport:
Visa-free access to 185 countries
The only EU passport that allows the holder to live and work in the UK
Ranks 6th in terms of travel freedom (tied with the Dutch, French, Portuguese and Swedish passports). Find out more here.
Ireland at leisure:
Golfing: Scotland might be considered the birthplace of golf, but Ireland has a long and strong connection with the sport. It is home to the world’s oldest golfing union, the Golfing Union of Ireland, which was founded in 1891.
Yachting: Founded in 1720, the Royal Cork, formerly known as the Water Club of the Harbour of Cork in Ireland, holds the title of the oldest yacht club in the world.
Fishing: Ireland is one of the most popular sport fishing destinations in Europe. Its coastal waters abound with fish and visiting sports fishermen can anticipate a catch from more than 80 species ranging from a blenny of a few grams to a sixgill shark of over 400kg.
Prepare for your move
If you are visiting Ireland from the USA, Canada, Australia or many places outside the European Union, you do not need a visa to visit Ireland for up to 90 days. However, if you plan on living and working in Ireland, citizens of non-EU countries must apply for an Irish work permit, student visa or residency. If you are moving to Ireland from the UK, Germany or other EU countries, you are free to live, study or work in Ireland, however, you are required to register with the relevant authorities within your first month of moving.
Whether you are moving a few boxes or a whole household that might include children, pets and cars, there are multiple things to consider. Our Regional Director Jeffrey Ling interviewed Josh Sims, General Manager of Santa Fe, a relocation firm experienced in helping companies, families and individuals move to different countries. Sante Fe has offices throughout APAC, Europe and the US, including in Dublin, Ireland. Here are some of the essential things to know:
Housing
Finding accommodation in Ireland can be one of the more stressful aspects of moving to the country –and to Dublin in particular. As the capital is small and already has a large population, housing is limited. Expatriates can expect it to take at least a month to find the right home. And with a competitive housing market comes a fairly high average rent. Those relocating from overseas might consider purchasing property instead of renting. There are no legal restrictions on the ownership of real estate in Ireland so property can belong to resident or non-resident parties. There are also no restrictions on the transfer of ownership of property from one person to another. All this makes Ireland a great place to buy real estate and to do business.
Bartra’s residential project – Dublin Glensavage, Avoca Road in Blackrock
When it comes to the capital, the question is where in Dublin is the best place to live? First thing to know is that the city is divided by the Liffey River, which cuts it in two, leaving Dublin with a north side and a south side. Southern districts such as D2, D4 and D6 are the most popular as they have good schools and are central locations that are convenient for family life, shopping and leisure. Popular neighbourhoods include Ballsbridge, Donnybrook, Ranelagh, Blackrock, Dalkey, Killiney, Malahide, Howth and Castleknock.
Worth also noting is that D7 Stoneybatter is considered Dublin’s hippest neighbourhood, filled with trendy bars and restaurants. It is also where Bartra’s latest IIP social housing project, which was completed on time despite disruptions caused by the pandemic and lockdowns, is located. Read more about Stoneybatter here.
Real site photos, Stoneybatter, Bartra’s social housing project
Ireland not only tops the charts as the best immigration destination for HNWIs due to all that the country itself has to offer, but its investment immigration programme, the IIP, plays a crucial part as well. The IIP is simple and extremely quick, with processing times averaging between four and six months. It is also extremely welcoming of investors’ needs, as it gives them four options to choose from:
Enterprise investment of €1 million in an Irish enterprise. This is the most popular option, chosen by 81% of all applicants, as chances of approval are highest if investing in a government-preferred sector, and there is the possibility of a good ROI
Investment fund option in the value of €1 million
Real Estate Investment Trust investment of €2 million
A €500,000 philanthropic donation to a project which is of public benefit to the arts, sport, health, culture or education in Ireland
As well as offering investors more flexibility in their investment options, the IIP allows applicants to add their spouse and dependent children below the age of 24 to their application. And unlike many residency-by-investment programmes, the IIP does not require long periods of residency for the applicant to maintain their residency but instead requires them to stay only one day within Ireland per year. Simple and quick, it’s no wonder the IIP has historically maintained a steady stream of applications.
Ultimately, the truth is that Ireland has it all. And more investors are starting to see this. It ticks all the boxes and is well-positioned to hold the title of the best immigration destination for HNWIs indefinitely. The magnificent country, refined IIP, and attractive investments make it an option no investor should overlook when searching for a new home.
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
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
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 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 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
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%.
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.
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.
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.
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.
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.”
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.”
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.
Pictures are Bartra’s press conference in early February.
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.
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.
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.”
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, 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.
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.
2020 has been a challenging year. It has forced people to adapt to a new reality. But at Bartra, we remain optimistic. We have seen our teams thrive on change. And our ever-present desire and drive to share ideas, to collaborate, create and innovate, and to continue making progress, is undeniable. This year has not altered our fundamental belief that great investments require three things: great locations, great people, and the right opportunities. Bartra prides itself on consistently delivering all three for clients and investors and we are grateful that we have been able to help many of our clients achieve their goals, while also being recognised by the industry for our efforts.
As another year comes to a close and we look to the year ahead, we would like to share some of our achievements and to thank everyone – clients, business partners and our staff – for contributing to our strength and success.
Accomplishments:
2 IIP project completions (Northwood, Beaumont)
Close to 100 IIP applications
4 awards
A little throwback to Bartra’s highlights from the last 12 months.
Received 20 IIP applications from Hong Kong investors since the Hong Kong office has opened in August 2019.
First Hong Kong investor, who applied in August 2019, received approval from the Irish Naturalisation and Immigration Service (INIS).
“I am proud that the ISIF has invested in our business. This is testament to both the quality of Bartra’s projects and the expertise of the personnel putting those projects together. Our development projects support local housing requirements: co-living projects offer accommodation for young professionals; nursing homes provide critically needed care for the elderly and vulnerable; social housing caters to those on housing lists. As the investment immigration arm of Bartra Group, with offices in Hong Kong and multiple cities across Mainland China, Bartra Wealth Advisors has seen increased demand for investment in the social housing and healthcare sectors, with international investors keen to acquire these government-backed asset types. We offer investors direct access to our social housing and nursing home projects, which are good, safe investment opportunities that support the local community and are also IIP-qualifying for obtaining Irish residency.”
James Hartshorn, CEO and Co-founder of Bartra Wealth Advisors.
February
Northwood Phase II, Bartra’s Nursing Home project, completed on time and within budget.
The year’s first batch of Stamp 4 visas arrived on 14 February as a Valentine’s Day gift for our clients.
March / April
In response to the pandemic, Bartra held its first webinar.
Bartra received visa approvals for applicants from November 2019 on 22 and 23 April, with a 100% success rate.
Bartra held its first press conference in Hong Kong, which saw more than 30 news platforms report on Bartra over two days.
Jeffrey Ling, Hong Kong Regional Manager, was featured on Apple Daily’s news and video platforms, and hosted a webinar with a tax partner to discuss Ireland immigration.
Bartra won Uglobal Immigration Magazine’s Top 25 Developers Award.
Bartra received 50 applications from Hong Kong clients.
November
Beaumont, our biggest nursing home project to date, completed construction ahead of schedule and entered HIQA inspection phase.
Bartra participated in one of the world’s largest international migration summits in China, the 2020 Global Migration Summit of Entry-Exit Industry.
Bartra Homes launched a new luxury residential project, Glensavage, Blackrock, comprised of 8 contemporary homes and 14 apartments.
Bartra secured planning permission for our €25 million co-living scheme on Merrion Road.
Bartra was named Innovator of the Year – Real Estate at the HKB Management Excellence Awards.
In the past year, Ireland has ranked among the best-performing economies in the western world, with GDP growth of 3.4% (ESRI). Looking ahead, export-driven growth of 5.3% in 2021 is forecast (Ibec).
With regard to the IIP, we believe that interest in the programme will steadily increase as businesses and affluent individuals recognise the personal and professional advantages of maintaining a foothold in Europe. We foresee strong demand from China, Hong Kong, Vietnam, India and the UAE, as well as interest from South Africa, Canada and the UK.
As a company, we are excited to welcome 2021 and will continue to deliver our world-class services and products to investors and clients. In the spirit of the tagline of our Immigration Insight video series – Joy of Living – we’d like to take this opportunity to wish everyone a joyous, prosperous and healthy New Year!
Book an appointment to speak with one of our consultants.
