A recent study from the ESRI found that non-EU business related migration to Ireland soared in 2014. India now accounts for 30% of business visas, followed by china on 18% and Russia on 13%.
The main types of people availing of this visa are immigrant investors, immigrant entrepreneurs, intra-company transferees, graduate trainees and any other relevant schemes which facilitate business travel.
Overall the number of business related visas granted has risen by 15% since 2010. This is a very good signal for the Irish economy as more and more non EU business executives are bringing their expertise to Ireland whilst others are seriously considering Ireland as an ideal base to establish a presence to launch onto the European market. The total number of business related visa in 2014 stood at a staggering 15,400.
Business related visas now represent 17% of the 90,400 visas granted in 2014. Ireland is now the number 1 destination for US Foreign Direct Investment (FDI), with access to Ireland’s highly skilled workforce cited as the main reason for investing in Ireland, which is closely followed by Ireland’s attractive corporation tax rate.
Many US executives now avail of the Atypical working scheme, a very flexible visa, which saw 1,300 being issued in 2014. There is anecdotal evidence that many seeking business related visas to Ireland are coming to work in Ireland’s multinational sector. However, since 2012, 55 business people have availed of the immigrant investment programme, which requires a minimum investment in Ireland of between €500,000 and €2 million.
The increase in business related visas is indicative of an economy on an upward trajectory, where business executives are attracted by the variety and quality of jobs on offer in regards transferring within their company, whilst others are seriously considering Ireland as a destination for substantial investment.