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International firms leave tax havens for Ireland
A number of leading companies are seeking an escape from overseas financial centres amid the global crackdown on offshore tax planning and are considering Ireland as their new destination, according to reports.
United America Indemnity recently announced that its board of directors has unanimously approved a plan to redomicile from the Cayman Islands to Ireland to become a wholly-owned subsidiary of Global Indemnity.
The move replaces the company's prior plans to move to Switzerland, saying that Ireland offers "an attractive business environment" and a "sophisticated regulatory environment".
Additionally, US-based Seagate Technology this month said that it plans to make the same move, prompted by the ongoing international scrutiny of tax havens, while global insurance firm XL Capital made a similar announcement in January.
Richard Murphy recently wrote on the Tax Research blog that Ireland has been chosen as it offers low corporation tax rates without having the international image of a tax haven.
Posted by Brian de Selby.
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