Incentives To Bring Irish Expats / Migrants Home
Since the crash in 2008 we have seen huge changes in the figures of Irish people leaving the country to find work in Canada, Australia, the US, etc. In 2004 the CSO calculated 26,500 Irish left Ireland, and in 2008 this figure almost doubled to 49,200. In 2014 the figure continued to grow to a staggering 81,900.
So why should our expats come home?
Despite these economic troubles, Ireland still maintains an extremely pro-business environment that has attracted investments by some of the world’s biggest companies over the past decade.
Ireland Heads Forbes’ List Of The Best Countries For Business. We are home to many of the world’s leading high-performance companies including Apple, EMC, Intel, Twitter, Pfizer, Huawei, Fujitsu and Novartis and we are fast positioning ourselves to become world leaders in ICT, Big Data and Cloud Computing.
Tyco, Regeneron and Alexion are currently undergoing recruitment drives for high calibre candidates, thus producing great opportunities for expats to return home.
According to current statistics job creation has risen by 24% in January 2015 in direct comparison to January of last year. 6.5% of existing roles have been filled from outside Ireland by CareerWise Recruitment in the past 12 months.
The Irish Government’s view to date
The Government acknowledges that we need to encourage our emigrants’ home. Minister for Finance Michael Noonan suggests focusing on middle-income groups (those earning between €32,800 and €70,000). However, there has been no suggested tax rate to date. The government hope to have a program announced by April 2015.
What can we learn from other countries?
In January 2011 Malaysia set up a company called TalentCorp under the Prime Minister’s Department to encourage Malaysians to come home and fill roles in line with the countries needs. One of the incentives offered is a lower tax rate. A flat rate of 15% for the first five years of returning home, amongst other great incentives. TalentCorp has proven to be a huge success for Malaysia and continues to play a big part in the return of many top players to the country.
Perhaps this may seem elaborate to some. Maybe a more practical approach would be to set up career fares in line with the government in emigrant hotspots. An example of one of these hotspots is in Boston, where there is a large volume of graduates in the IT and Pharma sectors who could be enticed home, with the right incentives.
Article by Audrey McSweeney (Consultant, CareerWise Recruitment)
Audrey McSweeney, Expats, Irish Government