Wednesday 7 December 2016

Tax wealth held by Irish overseas

Published 07/12/2010 | 05:00

On October 15 the Central Statistics Office published a summary of Resident Holdings of Foreign Portfolio Securities as at the end of 2009 (www.cso.ie/re-leasespublications/documents/e-conomy/current/reshold.pdf).

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The report shows a total wealth in excess of €1.25 trillion held outside this jurisdiction by Irish persons and corporations. If the next government was to apply just a once-off 10pc levy on the €1.25tn of Irish-owned foreign securities, the State could raise a whopping €125bn from Irish wealth held abroad.

The repatriation of this €125bn would solve the bank bailout AND the budget deficit AND leave us with a budget surplus. The IMF and ECB would no longer instruct Ireland's economic affairs.

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