Nice video in general but I think you missed a few parts - A tech graduate here in Dublin doesn’t earn $100k but they start at €35k-€45k. - A major factor for housing crisis is also the supply. You don’t see a lot of high rise buildings but a sprawling suburban area. - The housing cost is high not only in Dublin but other Irish cities as well. So the Bay Area comparison doesn’t make sense. - Apple is not even based in Dublin it’s based the second largest city in Cork. - The city never introduced a rent control so the landlords were free to ask however the amount for new rentals which has gotten out of hand. This in my opinion is also caused by landlords lobbying in the government to keep rent high.
Ireland is kind of allergic to High Rise buildings look we don't even need to build 100 story appartment blocks but for example do you know how many 5 story apartments exist outside of Dublin? Yea very fucking few part of the solution to the housing crisis is building up some of the apartments that currently exist we need to stack more ontop of that that way you can fit more people Into a smaller area to help combat urban sprawl this is not perfect but it's one of the things that needs to happen
Even if Ireland built houses on every last piece of land it would never keep up with the demand. The government wants to increase the population to 10 million by 2040.
@@kurtpunchesthings2411 we are way too fucking proud of our front and back gardens and dublin as the youngest capital in europe needs to build upwards.
You left out the fact that a lot of property has been gobbled up by greedy investors since the 2008 crash, leaving a lot less for people to buy, and the government has done nothing to curb their spending. Oh, and then there's the fact that without rent controls, and with poor tenants' rights, rents have been able to skyrocket waaay above wage increases. There are enough highly-paid tech and banking workers for the European Commission to be able to pretend that house-prices are in line with GDP, but they conveniently forget that they're totally unafordable for the average worker, and that GDP is skewed by the influx of highly-paid tech and banking workers. One estate agent recently said that his average renter was 33, continental European, working in tech, on a salary of €90k. Few locals can compete with that. The fact that Dublin now has a shortage of teachers because no one on a teacher's salary can afford to live or buy there without a second income or help from family, should tell you everything you need to know about Dublin's ridiculous housing market. It's for the mega-rich and no one else.
@@lavienestpasunlongfleuvetr2559 The government is already too big and has too much power so more government intervention is just adding oil to the slippery slope we're already on. You don't have a right to live in Dublin. Most cities outside Dublin are not up to a high standard. Move there and build up those places. You're no different than all the humans from throughout history. We need less teachers, not more. Most people shouldn't even go to secondary school. It could even be pre-recorded. Secondary school should be for gifted kids. We also need less people who work in offices and more people who work in trades and engineering. We need to build the future, not cater to your concept of the 'average worker'.
English speaking country, highly educated people, young workforce, growing economy, low corporate tax, EU membership are just a few reasons why companies such as Google and Apple set up in Ireland.
Hewlett Packard in France paid an effective tax of 1% even though their headline is 25%. There are always loopholes and derogations in every tax collection system.
Yeah I heard that misnomer too! A lot of negatives and pumped up narrative in this. We do have a seriously highly educated population here too. That was over looked!
Apple did NOT setup in Ireland in the nineties, Apple Macintosh setup their first manufacturing facility ( I think only factory where they made anything themselves) outside the US in Cork in 1982, today they employ 6000 people at that factory.
@Sean Padraig O Brien That's all content creators and journalists. You just know more about the subject so can spot the inaccuracies. Look up 'Gell-Mann Amnesia'.
I remember Dell, they dumped Ireland for China greater profit margins, how many thousands lost their jobs in Limerick? Currently Ireland is doing well and long may they continue to do so, but they are subject to the whims big tech, here today gone tomorrow, although Apple have been in Cork for 40 years.
Some comments: Dublin's population is 1.17 million, not 500,000. The Housing Crisis is not caused by tech workers in cities. There is a severe shortage of housing everywhere in the country, including the rural areas hours away from any tech office.
@@dand5829 Ah, that's the population of the Dublin City Council Area. Dublin is a single city, governed by four councils, as the county Council was divided in 1994. The city expands well outside the city council boundary and was split up to make it easier to govern.
@@dand5829 Its 1.2 mill approx as Neil said. The area which counts as the council area (which I guess is the "historic" old boundaries of the city) is about half a mill, it doesn't include the surrounding areas, namely Fingal, Dun Laoghaire and South Dublin (which are absolutely part of Dublin too..)
The population of Dublin is over 1.4million in 2022. Just ask one of those lovely Dubliners you met in your video. No one would count “Dublin city council” as the population of Dublin. Sure lots of the areas in Dublin City council aren’t particularly residential. They’re mixed business/commercial/residential areas. Outside Dublin City council is where most people live. (Unless you only count the tech bros who live in the docklands!
As a Dubliner living in diaspora, I have mixed feelings on this.. The housing crisis in Dublin is 100% the biggest challenge we’re facing. None of my friends in Dublin live alone, a lot of them still live with their parents. You say that it can cost €3000 for an apartment.. the reality is, it can cost a lot more than that. I saw an advertisement for a bedroom in a 3 bedroom apartment for €1575 a month. To put that into perspective, that’s more than 3 times the amount I pay to rent a 1 bedroom apartment in Northern Ireland. I had no choice but to leave Dublin if I wanted to have any quality of life. I was homeless more than once while living in Dublin, and it’s genuinely a struggle just to survive. I am angry that I can’t live in the place where I grew up. I’m angry that I can’t be around my friends & family. I’m angry that what’s stopping me from doing that, is big tech giants coming in and fucking up any possibility of me ever going home. The government are doing absolutely nothing to help, because the government are profiting massively off the back of the crisis. They’re profiting from the tech companies, and then profiting through purchasing rental properties. Essentially, we get fucked in both ends.
Living in diaspora!! You need to research the definition of the word. Your living 100 miles from home in your own country and btw, before big tech came to Ireland year on year for generations the Irish had to emigrate to earn a living that they could afford to go back home and buy or build a house. Lastly... Belfast might not be Dublin but your home Mo Chara.
@@aspenade I’m living 200km from home, and I tell you, that’s a long way to be away from everyone you know, everyone you love, all the places you spent your time. I haven’t been home in 3 years, I can’t even afford to take a day trip. And no, this isn’t the same country where I grew up. I know the Irish in the North would love to see it that way, but everything is different here. I’ve had my medical care stopped because under the NHS treatment guidelines, they don’t think I need it. I have to call my GP hundreds of times to get an appointment, as opposed to just turning up and taking a seat in the waiting room as I’ve done with my GP my entire life. I use a different currency, I use a different bank, and the people here aren’t the same as the people I grew up around. I have tonnes of friends in Dublin, if I turn up to any of my old haunts, I will run into them. Here however, I have no strong friendships after years. I’ve tried my best, but people here just aren’t as friendly. Might have something to do with the civil war that happened here & didn’t happen where I grew up, who knows. So yes, I am living in diaspora. I’m living a lonely existence hundreds of miles from home, wishing I could be there.
@@gogovideo10 I feel disappointed that you're not having a great time here in the North. Do you like music? Alison McGrath is playing at the American Bar tomorrow. Saturday 26th November. There's a place that has a nice friendly easy-going crowd.
@@irenemax3574 I’m disappointed by it too, because I’d always grown up feeling like this was just another part of Ireland, but my experience is very different. Don’t get me wrong, I’m glad to still live in Ireland at least. I can’t afford to rent anywhere in the Republic & still live alone (which is my absolute dealbreaker, I need my own space that’s not just 4 walls and a bed) so for that I’m also grateful, but I have no community here. I’ve lived here for the better part of 3 years, still have no friends here. I’m also gay, and where I live there isn’t even a gay bar, but I do hear people shouting homophobic slurs from the street below my flat every weekend, and the only gay bar that did exist here was burned down in a hate crime in 2019. So although I’m grateful, I’m also isolated, I’m lonely, I’m a long way from home, and it feels as though I’ve turned my clock back 50 years. It’s not the Ireland I grew up in.
You missed the actual main Google campus in Dublin mate. The building you claimed to be the main Google HQ is not. There’s another parallel road that has 5 more Google buildings which are bigger.
I have a few thoughts as a person who worked in a tech company in Ireland and maybe more importantly some from here. I will share them here I guess! To be honest I found your video well shot! But overly simplistic and its trying to compare the Bay Area housing issue to Dublins. Fair enough but its ignoring all the other bigger factors for the issue of housing in Dublin. * Apple is referenced in the video quite a bit, Apple did not base themselves in Dublin. They built their main campus in one of the more disadvantaged areas of Cork City. * Population of Dublin City metropolitan area > 1million people. Unsure why you would use the Census population of the Inner city area. this area does not extend even as far as the ring road motorway (M50) that is the main artery of traffic that has to be crossed to enter the City. * The Corporate Tax Rate is a massive factor for attracting Multinationals to Ireland. However this does not mean all of this investment in Ireland or its revenues would be otherwise in US. These are European HQ’s. It is just as likely they would be based in another European city as Ireland * The 13B$ Tax settlement that European Courts are pursuing Apple for is less related to Irelands Corporate tax rate of 12.5% and more directly due to what was called the “double Irish” tax treaty. - Meaning you could base your European company’s Campus here but then subsequently move/locate IP in another - usually tax havens in the Caribbean like Caymans or British virgin islands etc. * This practice was ceased by Apple in 2014. * The last Point I would make is this Video is comparing the cost of housing in Dublin to the cost of housing in the Bay Area of Sanfrancisco and implying that the tech workers in Dublin being so numerous have caused housing prices to soar in Dublin. That is quite the leap. Where as people earning more money in Ireland and Dublin causes an obvious increase in the money going into the housing market. It ignores the other side of any market - the supply! The housing crisis in Ireland is predominantly an issue of supply as well as other factors such as City planning. You will have noticed the height of buildings in Dublin while you were there. Little or no High rise. Apartments, high rise, Condominium buildings are unpopular, less desired and were for the most part rejected or ruled against in Irish cities during previous economic booms. That is changing somewhat. But this has led to inner city urban decay and outer city urban sprawl. Ireland is trying to move to a more high density residential building. However the pandemic and global supply chain backlog the world has experienced are huge factors to building housing in Ireland. There is also the Irish cultural factor of owning your own home vs renting which Ireland has deep historical psychological scarring with. The other factor not mentioned is the speed or rate of economic growth Ireland has experienced in the last 20-30 years. Not to mention demographics such as the high rate of third level education providing a ready made workforce and its younger population than other European populations. I think you are trying to hard to make this the same issue as the Bay Area housing issue.
So there has been a flow of high earners new tech workers into Dublin and there is a shortage of housing supply. I don’t see any leap here to expect house prices to soar. And guess what, this is exactly like the situation in Bay Area. It seems you are trying hard to differentiate it. And if you are a local not owning assets you are screwed. Basic capitalism.
I had to leave Dublin because of the increase in rent prices.I now live in Limerick there is a house shortge here too. The shortage of houses was not caused by the low corporate taxes but it did make it worse. Other countries in eastern European have even lower corporate taxes 10%.
I'm Irish American duel citizen working as a tech professional in Silicon Valley, California but for a Dublin, Ireland based company and just returned from a visit there. Ireland is the Silicon Valley of Europe but that has caused the same problems we see in California for the same reasons high housing costs and more homeless.
Low corporation tax, English speaking country, well educated work-force, access to EU market- its an easy explanation for this. also Greater Dublin area is 1.6 million people
Don't forget to mention that one of the reasons multinationals choose Dublin is that Ireland has one of the highest education rates in Europe. In October 2022 Ireland has been ranked third for third level education among the 38 member countries of the Organisation for Economic Co-operation and Development (OECD)
I live beside DCU. A huge number are not Irish. Maybe more than fifty percent are from abroad. UCD the same .tcd also.. a. Lot of young Irish people get left behind
@@declanfitzpatrick6747 7000 people on 7 floors. Only one floor operates in English. That is where the “ highly educated “ Mary Harney kids operate from. Amazing how monikers stick, most of them have their mommies tie their shoe laces!
The meta building you showed isn’t the campus, it’s not finished yet but absolutely huge. LinkedIn have a massive new campus under construction too. TikTok are about to take a number of buildings also.
As an Irish person I can tell you categorically the main reason big tech is in Ireland is they pay exceptionally low tax on their billions. The fact we're an English speaking country is a benefit but not the deal breaker. The downsides of having tens of thousands of highly paid tech employees in Dublin is the upward pressure it's placed on rental prices which have become extortionate for such a small city. Ireland has been warned its over reliance on tech tax is a timebomb, because when tech collapses it will leave a massive hole in Irish tax revenue, the upside is rents will fall.
@@rafanadir6958 Ireland’s Corporation Tax is currently 12.5%, but as of recently, we have to adhere to the “global” corporate tax rate. Therefore we must raise it by 2.5% in the beginning of 2023.
Apples first proper factory was set up in cork in the early 1980s . The Irish government fully backed them from the start.thats why they are here.and as well, cork is a rocking spot says an offaly man
In a nutshell: the Irish government sucks must of its taxes out of regular tax payers and medium / small businesses, while multi national companies can fully enjoy all the benefits of a 12.5% corporate tax rate without actually paying it. The difference with medium and small businesses is that entities like Google can also use legal loopholes and pay as little tax as possible.
The current government needs to go. I want Mary-Lou for Taoiseach. Sinn Fein should’ve won the last election but it was stolen (and I mean actually stolen not stolen as Trump would put it)! 😡
@@stephenmurphy2212 SF like the present FF/FG//Green government and all the western governments are also controlled by the EU and the WEF. If they get in they will be even more communist and totalitarian. No mention of the high cost of housing and apartment rents being caused by the unfettered influx of so-called ‘refugees’ from everywhere in the world and getting preference over the unsuspecting naive local Irish with regards to free housing by our rogue government.
Ireland has built great colleges which offer cheap and good education compared to us. They are spending a lot of money on education related to science and technology. Germany is doing the same with its universities attracting talent through zero tuition fees. Tech companies will move there because of concentration of talent and cheap tax rates. They have built a great ecosystem even if it increases its tax rates to 15% it will be hard for companies to relocate elsewhere.
Not a lot research went into this video, first of all Dublin has 1 million people not 500,000 . According to an OECD report Ireland is one the most tax compliant countries, other countries in Europe that have a higher taxation rate end up taking in much less than 12.5% . Its why Europe has never pressured Ireland into changing it....... France, Germany, and the Netherlands would be hit harder if countries were forced to into collecting the actual tax rates
We need these companies. They should pay more tax. But Ireland has a lot more to offer than just low taxes. The housing crisis is a disgrace and needs to be sorted.
I'd love to emigrate myself but haven't a clue where to start, I lost my job on Saturday and have no incentive to work here anymore, imagine if it was easy to look for a job in Belgium, Netherlands, Austria, Germany for English speakers. I hope it is cause I wouldn't mind looking somewhere there because it's frankly much more cheaper then in Ireland
Here in Ireland people will complain about everything. These tech companies provide a huge number of jobs, but people carry on like they’re villains. Perhaps they’d like to go back to the ghost town that Dublin was a few years ago, and perhaps they’d like to be unemployed instead. If we think things are expensive now, they’ll be even more expensive when we’re unemployed. Ireland is also a wealthy country already, so the lack of income from the corporate taxes is not the problem, and it’s way better for us to have more companies providing jobs for us and paying 12.5% than having way less paying 15% or a bit more. Unless of course we’d rather live on government subsidies and grants. The cost of rent etc is not all about tech companies or the rate of tax they pay. It’s as much a function of the supply; which has nothing to do with them. Their being here is not a problem, it’s an opportunity. An opportunity to build more houses, create more jobs , attract top professionals etc all of which are good for us. Yes there are some tough times to get there, but it’s a normal part of a cycle. We need to complain less and crack on with making things better. We need to stop blaming companies that provide us with jobs and taxes we wouldn’t otherwise have.
Building more is a catch 22 because the government will give the houses to new arrivals and the problem will be back to square one. Supply can never keep up with demand.
Really thought, in the beginning....it was CNBC International with Uptin, only realised later, it was Uptin channel! Truly, a memory lane! Nice, Uptin!
Ireland did get something out of it like they did get some skills transfer and high end manufacturing like the bio medical and pharmaceutical sector The problem is revenue booked in Ireland that doesn't get taxed massively inflated their GDP and thus their EU budget contribution They are actually aware of the issue and calculate a.modofied GDP
There's a focus on US missing out on taxes, but I believe it's mostly Europe that is losing out. Basically Apple Italy doesn't have to pay taxes to Italy at Italy's rate and just pay to Ireland at Ireland's rate.
If you remember the Apple tax story long story short they technically owned ireland 13 billion dollars in unpaid taxes the why they didn't pay it at the time is our government let them away with it to encourage more investment in Ireland basically we had at one point a much lower corporate tax rate than most of the EU as you can imagine this pissed off alot of people and we eventually caved and agreed to raise it
@@kurtpunchesthings2411 A couple of corrections; - Technically Apple did not owe Ireland €13B. In 2016 the EU Commission fined Apple €13B. Apple appealed & in July 2020, the European General Court struck down EU tax decision as illegal, ruling in favour of Apple. The EU Commission can appeal the decision to the ECJ.
Other points - Brexit made companies relocate as it was more cost effective but Ireland has less cost effective trading with Britain one of its highest trading partners, we have a highly educated and hard working work force....no Irish person sees the result of any taxes we get...only benefit is jobs and after musk and the rest of the tech industry this week it's not exactly stable
@@marky1974 There isn't "lots" of places outside Dublin. Rent is sky high every where, and with minimal properties to rent, and as someone who works with Irelands homeless I can tell you that most are on the streets from pressure due to being unable to find housing. The government found the ability to house the Ukrainians because it was convenient for them, they'd rather see the Irish die in the streets. Even now, in Cork, they are building a massive 250 unit building to house the Ukrainians. In the same spot mind you, that was previously denied development for cheap apartments for lone renters. The reason given was that the shit-hole next door Telus said that "it was more of a business area" and the council went a long with it. Despite the fact it was built beside the residential buildings. There are only about 600 properties available to rent right now in the entire nation, most rents costing well in excess of over 60% of a persons income, if not 80%.
People being angry about why these company didn't paid in America's taxes... Bruh, your system does what it exactly doing, they (the company) just adapt to it. And by all means, living in America being harder, policies are sh*t to reform, politics are polarized, and more people hoping for civil war rather making a good things, all of that sh*t make company run for a more stable and manageable country. Btw love your video Uptin, I also hope you had a story from the council, and what they do for housing council. 🙂
Not to mention high crime rates and rise in homelessness in major US cities where many of these tech companies are located also force them to move to protect their workers from being assaulted.
Bruh, what are you on? only reason all megabrands have settled their headquarters in scotland is due to more or less illegal (that was part of investigation and lawsit by eu commission, if i'm not mistaken) agreement/legislation done by irish government to lower rate on corporate tax as low as under 1%. And not only that, this "benefit" was available to more or less foreign mega-brands etc (mentioned in the video) only. Naturally, they are more than happy to invest there, building facilities, get it labour etc to help them exploit this system even further. It is double lost in the end, looking at money lost in taxes. First of course is america, but secondly are all eu member states, where this brands have business network of selling their products, where all trade/income goes concentrated to Ireland only (again, not state, but income tax), where even that is not paid by regular, but much lowered rate (practically zero till recently), so ireland loose that, also. Can you comprehend that, bruh?
It is indeed a crazy situation. Irish governments have gone out of their way to attract these huge global companies to Ireland yet are not able to build houses, apartments in Dublin, not only to accommodate the employees but Dubliners, in general. The current government, comprising of the three political parties of Fianna Fail, Fine Gael and The Green party have been a total disaster, not least for the housing situation in Dublin, in particular, which not only has become significantly worse under their watch but is now the worst it has ever been. Micheal Martin has been an utter disgrace and an unmitigated disaster as a Taoiseach(Prime minister).
A young, educated friendly work force, good intellectual property protection, low corruption, English speaking, an EU country, low corporation tax are among the reasons.
I live in Dublin and far away from city center, I think the solution here is better transportation and more housing outside of the hot areas. People working from home has eased it a lot but still much more needs to be done.
It's not just because of the low tax rates or the fact that we are an English speaking country. There are many facets to why big tech companies set up their European HQ's here. 1 big reason is the people. We are highly educated with Ireland having higher rates of third level education than the EU average.
@@ronanwhite1605 It’s not just the Irish educated workforce they can tap into being located in Dublin. Many from NI and the rest of the UK also move to Dublin to work so they actually tap into quite a large educated workforce while getting the benefit of the low tax rates
@Ronan White I never said that other countries don't have 3rd level education I was merely pointing to the fact that Ireland has a higher rate of 3rd level education than the EU average. add to that, tax breaks and being an English speaking country and its pretty tempting for these corporations. I'm one of those people lucky to be working for a big tech company
@@ronanlavin5526 all western countries have an educated workforce, would we stop bleating the same deflective nonsense that the government feeds us, the main test of intelligence is the ability to ...to , what do you think?
Great video! Can you make a video on San Francisco? Something like "the rise and fall of San Francisco", or "how property crime and homelessness have gotten out of hand in San Francisco" or "why real estate is so expensive in San Francisco"
@uptin - The current metro area population of Dublin in 2022 is 1,256,000, a 1.13% increase from 2021. The metro area population of Dublin in 2021 was 1,242,000, a 1.14% increase from 2020.
This is a simplistic analysis, without nearly enough basic research done. Tut,tut. Ireland has the highest standard of education in Europe and is amongst the highest in the world for education levels, it is the only country in the EU with a similar Common Law legal system to the US, it is the only English language country in the EU, and the OECD corporate tax changes make the tax advantage a non-issue. You have missed out completely on the fact that US Pharma has even greater levels of investment in the country. Just nowhere deep enough in your research, and missing many factors in your analysis. Yes there are growing pains, but Ireland's economy is based on agriculture, tourism, services (financial services mainly) pharma and IT, it will continue to grow through the recession, and prosperity is an easier problem to accommodate than poverty...
Northern Ireland has seen a huge surge in ROI people moving to cities like Belfast. Most of my neighbours have moved as they can’t afford to live down south anymore and instead just get the train and travel to Dublin.
Fair game if you asked me. This is what an open economy looks like, enjoy the benefits but don't sob about the disadvantages, it's not always a win win situation!
The pharmacetical industry is possibly bigger 9 out of 10 of the world's largest pharmaceutical companies have bases in Ireland well spread out across the country
How many of their employees are actually irish seems a lot of foreign blow ins are working for them and increasing are cost of living ten fold as a result
This video is outdated - Ireland has already agreed to up its corporation tax to 15% in line with a deal made between the EU and the OECD minimum tax rate. The reason that hasn’t been implemented is because other countries in Europe are threatening to block it. We’re the most highly educated workforce in Europe. No other country in Europe has over 85% of their workforce having a university degree. We have upwards of 90% with a degree. We also speak English exceptionally well, we also are highly connected through air travel, being less than 2 hours away from Brussels, London and Paris, not to mention that our flights to the US enter and operate as domestic flights when leaving from Dublin because we’re the only country in Europe to have customs pre clearance on our soil. The housing crisis is so much more deep than the fact that we have a huge tech industry. We have a strong economy, that means net immigration. The world is growing increasingly unstable, which means more refugees, were the only country in the EU that speaks English, anyone with an EU passport who wants to learn English is now coming to live here. Our colleges are increasingly international, housing isn’t being built at the pace it needs to be and it hasn’t for the past 12 years, and we have a government that is happy to let the market fix the problem - which isn’t working. Yes the tax rate is attractive, but as an American to come over here and say that Dublin is like San Francisco and it’s problems are the same is just naive, particularly given you’ve interviewed only two people, out of a city which has a metro population of over 1.5 million.
This is a very good video but there was at least 2 mistakes with the subtitles when you were interviewing that nice Irish guy in that cafe (who didn't really have a thick Irish accent) 😆
On the one hand, taxing corporations is one of the best ways to control them and keep them from being a pain to the rest of us. On the other, it kind of just feels like America wants everyone to have a higher tax rate than it so corporations will come back.
This is great. Happy to see Ireland thrive. Have always enjoyed meeting Irish folks here in Canada. The housing issues are affecting all major cities around the world due to idiotic central bank decisions so I don’t think it’s all due to the tech workers.
Tech workers have little to do with the housing crisis. We stopped building social housing in the 80s. We ignore large scale dereliction and vacancies of properties. We do nothing to control short term rentals. We incentivise international REITs to come in, buy up chunks of the market and charge extortionate rates. Gentrification of historically working class areas of the city pushing people out is a problem but the biggest cause is terrible economic policy by successive governments.
The uk should be putting the corp tax rate at 11.5%. You’d think others would lower their tax rate in order to catch Ireland up when it comes to attractive investment
They could easily be tax based in Ireland without having thousands of employees , Apple is tax based out of an office in Dublin , but they employ thousands of staff In Cork ..
I lived in Ireland from March 15, 2021 to September 1, 2022 in Dublin and Limerick as a student and I struggled to get a decent room. I left because I couldn't get a room even if I was prepared to pay the exorbitant rent. The real fault is with the Irish not permitting the construction of Manhattan style skyscrapers. Period. They are so bothered about their 3 floor and other housing rules that they will prevent any new logistically efficient type of construction and instead choose to emigrate
Dublins population is 1.5 million, Apple is based in Cork city a small city of 250k people it’s been in Cork city since 1980 , there was a time when Apple nearly went bust but of course it survived and stuck with Cork ever since.
I just saw the first part of the video and thought the Asian version of Ireland would be Japan. It seems like the Asian country with the largest western market. Then I was shocked when I read that it was actually Singapore. Guess it’s cool Japan had about a 30% corporate tax rate instead of Singapore’s 17%, though Japan did have a 42% corporate tax rate at the start of the century and it was just last year the rate fell to 29%, so best temper that cool feeling. Still, it’s higher than America’s corporate tax rate and Europe. Though the true winners of highest corporate tax rate would have to be the rest of Asia and South America and Africa, who have plenty of personal and justifiable reasons to tax the hell out of corporations.
The population of the greater Dublin area is a million and a quarter, Ireland used to have the highest rate of house ownership in the world. In the 60s Ireland was the second poorest country in western Europe, none of these technological companies existed in Ireland till the early nineties when Intel built their chip plant in Leixlip Kildare. It would be great if a lot on non nationals left as the change in Irelands demographics has happened in such a short time it has distorted our country. many techies working in tech area are not Irish, there are many other issues which are nearing boiling point in Ireland such as government insistence in bringing endless fakegees with no vetting of any kind. The government are gone rogue and the opposition is no different. I wouldn't be surprised if we don't have a revolution in this country within the next 5 years.
It seems to me, these American tech companies need an eu country base for their mainly European sales. They choose ireland over other eu countries. Ireland can set its corporate tax rate at any rate it wants, as can any other eu country. The low corporate tax rate is I'm sure the main reason these companies choose ireland as their European base, though its not the only on(as pointed one in other comments). But ireland is in going to be in serious trouble when they these companies pull out or wind down their operations. All their eggs in one basket. And the usual mismanagement of taxes and uncontrolled migration
Eyeroll. This video has some truths in it but it’s also riddled with inaccuracies. There is an acute housing shortage in Ireland but it is not down specifically to tech companies. Yes they push up prices around the city centre and docklands but it is because the government has built almost zero housing in the last 10 years as an unstated policy to push up house prices after the financial crash and bring bank balance sheets back into the black and to keep a myriad of vested interests flush. There are about 1.6m people in the county of Dublin as a whole. Tech and lots of other companies set up here for a number of reasons. One big reason is the tax rate. But there are about 8 other countries in Europe with equal or lower tax rates so why choose Ireland if that’s all it is? Ireland has also agreed to move to the OECD agreed tax rate of 15% which will probably result in more of a tax take if anything. Smaller countries throughout history have always used tax incentives to level the playing field. Ireland like the UK and US has the common law system as opposed to the civil law system elsewhere in Europe. The country is English speaking which is a big plus and is culturally similar to America with very strong ties to that country. There is a workforce ready to go with a high rate of college graduates and it is sometimes forgotten that Ireland has built up major expertise over the last few decades in areas like pharma. Crucially Ireland is in the EU which the only other English speaking country in Europe the UK foolishly no longer is. So why would American companies that sell into the EU want to go anywhere else. to go? And no, on the whole the UK leaving the EU is not good for Ireland. In the apple tax case the EU commission tried to retrospectively apply tax law to transactions that happened years before those laws were in acted. It made no sense and that’s why Ireland and apple won the appeal. Additionally something that is not mentioned much is that despite its small size Ireland is Americas 9th largest trading partner and Irish companies employ about 150k workers in the US so it is far from a one way street.
Don't forget, the major reason US firms keep money abroad. The US tax code does not tax corporations as long as they don't repatriate the money to the US. This rule is different for individual US taxpayers who are taxed on their worldwide income. So, yes, the IRL tax regime is very competitive in the EU, but fundamentally this story reflects US tax policy.
You ask who is winning? The government of Ireland is winning. Certain people (residents and citizen) of Ireland are also winning. Of course, not everyone can win. This is not your typical woke school football contest where they dish out participation trophies.
November corporation tax €28 Billion, much higher than expected. More for the Sovereign wealth fund (SWF rainy day fund) and one of expenditure. 2023 the government has €2850.00 to spare for each Man, Woman & child after expenditure including securing Money in SWF.
@@sandersson2813 It is tax avoidance, which is not illegal but the governments of many countries do not like it. This is why many countries proposed to introduce Digital Services Taxes. The American government do not like DST's. I think they're a fair way to combat transfer pricing policies.
@@cianog not tiny, tiny population would be Greenland, Iceland, Faroe Islands. To put it into perspective, Ireland has a bigger population than Mongolia. It's probably a little under average in terms of population.
I'm Irish and I'm emigrating because I can't afford to live here. It's terrible at the moment.
Join the club. Lived in UK after graduating, now in Spain. Ireland is damn expensive
Get a job you scrote. Irelands a great place to live
@@Dewaters65 that's nasty when you don't know anything about me.
You should reflect on where you look to find your job then.
I'm on 65k and it's plenty.
@@RazorMouth because that's a huge amount
Nice video in general but I think you missed a few parts
- A tech graduate here in Dublin doesn’t earn $100k but they start at €35k-€45k.
- A major factor for housing crisis is also the supply. You don’t see a lot of high rise buildings but a sprawling suburban area.
- The housing cost is high not only in Dublin but other Irish cities as well. So the Bay Area comparison doesn’t make sense.
- Apple is not even based in Dublin it’s based the second largest city in Cork.
- The city never introduced a rent control so the landlords were free to ask however the amount for new rentals which has gotten out of hand. This in my opinion is also caused by landlords lobbying in the government to keep rent high.
Ireland is kind of allergic to High Rise buildings look we don't even need to build 100 story appartment blocks but for example do you know how many 5 story apartments exist outside of Dublin? Yea very fucking few part of the solution to the housing crisis is building up some of the apartments that currently exist we need to stack more ontop of that that way you can fit more people Into a smaller area to help combat urban sprawl this is not perfect but it's one of the things that needs to happen
Even if Ireland built houses on every last piece of land it would never keep up with the demand. The government wants to increase the population to 10 million by 2040.
@@kurtpunchesthings2411 we are way too fucking proud of our front and back gardens and dublin as the youngest capital in europe needs to build upwards.
You left out the fact that a lot of property has been gobbled up by greedy investors since the 2008 crash, leaving a lot less for people to buy, and the government has done nothing to curb their spending.
Oh, and then there's the fact that without rent controls, and with poor tenants' rights, rents have been able to skyrocket waaay above wage increases.
There are enough highly-paid tech and banking workers for the European Commission to be able to pretend that house-prices are in line with GDP, but they conveniently forget that they're totally unafordable for the average worker, and that GDP is skewed by the influx of highly-paid tech and banking workers.
One estate agent recently said that his average renter was 33, continental European, working in tech, on a salary of €90k. Few locals can compete with that.
The fact that Dublin now has a shortage of teachers because no one on a teacher's salary can afford to live or buy there without a second income or help from family, should tell you everything you need to know about Dublin's ridiculous housing market. It's for the mega-rich and no one else.
@@lavienestpasunlongfleuvetr2559 The government is already too big and has too much power so more government intervention is just adding oil to the slippery slope we're already on.
You don't have a right to live in Dublin. Most cities outside Dublin are not up to a high standard. Move there and build up those places. You're no different than all the humans from throughout history.
We need less teachers, not more. Most people shouldn't even go to secondary school. It could even be pre-recorded. Secondary school should be for gifted kids.
We also need less people who work in offices and more people who work in trades and engineering. We need to build the future, not cater to your concept of the 'average worker'.
English speaking country, highly educated people, young workforce, growing economy, low corporate tax, EU membership are just a few reasons why companies such as Google and Apple set up in Ireland.
10% of multinational employees in Ireland are actually Irish so it's just the tax really they hire people from outside eu to come here alot.
The government and people being fooled with investment and status to look cool with all those big corporation there but it just same old capitalism.
@@zVampiirePlatypus That's a complete lie.
@@jamiegrant5955 what's the % then since you apparently know what it is.
Ireland has full employment go figure@@zVampiirePlatypus
Hewlett Packard in France paid an effective tax of 1% even though their headline is 25%. There are always loopholes and derogations in every tax collection system.
People forget there is a big difference between gross and net profits. Companies can make a 10% gross profit but in fact make a negative net profit.
Population of Dublin is over a million people ,not half a million as he said .Greater Dublin is said to have 1.3 million and growing rapidly .
But I thought Ireland was small? /s
@@stoddard1953 Not that small .Its around twice the size of the Netherlands .84 thousand Km sq versus 42 thousand Km sq
Yeah I heard that misnomer too! A lot of negatives and pumped up narrative in this. We do have a seriously highly educated population here too. That was over looked!
No he said Dublin city has 500k, Dublin county has 1.4 million and then the Greater Dublin Area has roughly 2 million people
We are growing too fast. We have a housing crisis while we’re bringing more immigrants in
Apple did NOT setup in Ireland in the nineties, Apple Macintosh setup their first manufacturing facility ( I think only factory where they made anything themselves) outside the US in Cork in 1982, today they employ 6000 people at that factory.
The guy is ignorant as hell. Hasn't the ability to even research basic information
@Sean Padraig O Brien That's all content creators and journalists. You just know more about the subject so can spot the inaccuracies. Look up 'Gell-Mann Amnesia'.
I remember Dell, they dumped Ireland for China greater profit margins, how many thousands lost their jobs in Limerick? Currently Ireland is doing well and long may they continue to do so, but they are subject to the whims big tech, here today gone tomorrow, although Apple have been in Cork for 40 years.
@@jeanjacques9980 Ireland died in 2010 and was revived with a bailout. It's just called Ireland now, but it's not the same place anymore.
@@overman2306 Big changes in Ireland not all for the best. I had no idea that Dublin is so overheated. Extremely tough on all those not earning €100K.
God bless ireland such a nice country , irish people are one of the most nicest people i have ever met love u from a tunisian living berlin
Some comments:
Dublin's population is 1.17 million, not 500,000.
The Housing Crisis is not caused by tech workers in cities. There is a severe shortage of housing everywhere in the country, including the rural areas hours away from any tech office.
According to Wikipedia, the population of the city of Dublin is 554,000. So either Wikipedia is wrong or you’re talking about a different Dublin.
@@dand5829 Ah, that's the population of the Dublin City Council Area. Dublin is a single city, governed by four councils, as the county Council was divided in 1994. The city expands well outside the city council boundary and was split up to make it easier to govern.
All the property is being bought up then rented out exorbitantly by American venture capitalists aka cuckoo companies.
@@dand5829 Its 1.2 mill approx as Neil said.
The area which counts as the council area (which I guess is the "historic" old boundaries of the city) is about half a mill, it doesn't include the surrounding areas, namely Fingal, Dun Laoghaire and South Dublin (which are absolutely part of Dublin too..)
The population of Dublin is over 1.4million in 2022. Just ask one of those lovely Dubliners you met in your video. No one would count “Dublin city council” as the population of Dublin. Sure lots of the areas in Dublin City council aren’t particularly residential. They’re mixed business/commercial/residential areas. Outside Dublin City council is where most people live. (Unless you only count the tech bros who live in the docklands!
As a Dubliner living in diaspora, I have mixed feelings on this..
The housing crisis in Dublin is 100% the biggest challenge we’re facing.
None of my friends in Dublin live alone, a lot of them still live with their parents. You say that it can cost €3000 for an apartment.. the reality is, it can cost a lot more than that. I saw an advertisement for a bedroom in a 3 bedroom apartment for €1575 a month. To put that into perspective, that’s more than 3 times the amount I pay to rent a 1 bedroom apartment in Northern Ireland.
I had no choice but to leave Dublin if I wanted to have any quality of life. I was homeless more than once while living in Dublin, and it’s genuinely a struggle just to survive.
I am angry that I can’t live in the place where I grew up. I’m angry that I can’t be around my friends & family. I’m angry that what’s stopping me from doing that, is big tech giants coming in and fucking up any possibility of me ever going home.
The government are doing absolutely nothing to help, because the government are profiting massively off the back of the crisis. They’re profiting from the tech companies, and then profiting through purchasing rental properties.
Essentially, we get fucked in both ends.
I am only passing by to say I feel for you.
Living in diaspora!! You need to research the definition of the word.
Your living 100 miles from home in your own country and btw, before big tech came to Ireland year on year for generations the Irish had to emigrate to earn a living that they could afford to go back home and buy or build a house.
Lastly... Belfast might not be Dublin but your home Mo Chara.
@@aspenade I’m living 200km from home, and I tell you, that’s a long way to be away from everyone you know, everyone you love, all the places you spent your time. I haven’t been home in 3 years, I can’t even afford to take a day trip.
And no, this isn’t the same country where I grew up. I know the Irish in the North would love to see it that way, but everything is different here. I’ve had my medical care stopped because under the NHS treatment guidelines, they don’t think I need it. I have to call my GP hundreds of times to get an appointment, as opposed to just turning up and taking a seat in the waiting room as I’ve done with my GP my entire life. I use a different currency, I use a different bank, and the people here aren’t the same as the people I grew up around. I have tonnes of friends in Dublin, if I turn up to any of my old haunts, I will run into them.
Here however, I have no strong friendships after years. I’ve tried my best, but people here just aren’t as friendly. Might have something to do with the civil war that happened here & didn’t happen where I grew up, who knows.
So yes, I am living in diaspora. I’m living a lonely existence hundreds of miles from home, wishing I could be there.
@@gogovideo10 I feel disappointed that you're not having a great time here in the North. Do you like music? Alison McGrath is playing at the American Bar tomorrow. Saturday 26th November. There's a place that has a nice friendly easy-going crowd.
@@irenemax3574 I’m disappointed by it too, because I’d always grown up feeling like this was just another part of Ireland, but my experience is very different.
Don’t get me wrong, I’m glad to still live in Ireland at least. I can’t afford to rent anywhere in the Republic & still live alone (which is my absolute dealbreaker, I need my own space that’s not just 4 walls and a bed) so for that I’m also grateful, but I have no community here. I’ve lived here for the better part of 3 years, still have no friends here.
I’m also gay, and where I live there isn’t even a gay bar, but I do hear people shouting homophobic slurs from the street below my flat every weekend, and the only gay bar that did exist here was burned down in a hate crime in 2019.
So although I’m grateful, I’m also isolated, I’m lonely, I’m a long way from home, and it feels as though I’ve turned my clock back 50 years. It’s not the Ireland I grew up in.
You missed the actual main Google campus in Dublin mate. The building you claimed to be the main Google HQ is not. There’s another parallel road that has 5 more Google buildings which are bigger.
It's obvious he did little research
I have a few thoughts as a person who worked in a tech company in Ireland and maybe more importantly some from here. I will share them here I guess! To be honest I found your video well shot! But overly simplistic and its trying to compare the Bay Area housing issue to Dublins. Fair enough but its ignoring all the other bigger factors for the issue of housing in Dublin.
* Apple is referenced in the video quite a bit, Apple did not base themselves in Dublin. They built their main campus in one of the more disadvantaged areas of Cork City.
* Population of Dublin City metropolitan area > 1million people. Unsure why you would use the Census population of the Inner city area. this area does not extend even as far as the ring road motorway (M50) that is the main artery of traffic that has to be crossed to enter the City.
* The Corporate Tax Rate is a massive factor for attracting Multinationals to Ireland. However this does not mean all of this investment in Ireland or its revenues would be otherwise in US. These are European HQ’s. It is just as likely they would be based in another European city as Ireland
* The 13B$ Tax settlement that European Courts are pursuing Apple for is less related to Irelands Corporate tax rate of 12.5% and more directly due to what was called the “double Irish” tax treaty. - Meaning you could base your European company’s Campus here but then subsequently move/locate IP in another - usually tax havens in the Caribbean like Caymans or British virgin islands etc.
* This practice was ceased by Apple in 2014.
* The last Point I would make is this Video is comparing the cost of housing in Dublin to the cost of housing in the Bay Area of Sanfrancisco and implying that the tech workers in Dublin being so numerous have caused housing prices to soar in Dublin.
That is quite the leap. Where as people earning more money in Ireland and Dublin causes an obvious increase in the money going into the housing market. It ignores the other side of any market - the supply! The housing crisis in Ireland is predominantly an issue of supply as well as other factors such as City planning. You will have noticed the height of buildings in Dublin while you were there. Little or no High rise.
Apartments, high rise, Condominium buildings are unpopular, less desired and were for the most part rejected or ruled against in Irish cities during previous economic booms. That is changing somewhat.
But this has led to inner city urban decay and outer city urban sprawl.
Ireland is trying to move to a more high density residential building.
However the pandemic and global supply chain backlog the world has experienced are huge factors to building housing in Ireland.
There is also the Irish cultural factor of owning your own home vs renting which Ireland has deep historical psychological scarring with.
The other factor not mentioned is the speed or rate of economic growth Ireland has experienced in the last 20-30 years. Not to mention demographics such as the high rate of third level education providing a ready made workforce and its younger population than other European populations.
I think you are trying to hard to make this the same issue as the Bay Area housing issue.
Totally agree with you
So there has been a flow of high earners new tech workers into Dublin and there is a shortage of housing supply. I don’t see any leap here to expect house prices to soar. And guess what, this is exactly like the situation in Bay Area. It seems you are trying hard to differentiate it. And if you are a local not owning assets you are screwed. Basic capitalism.
in the bay area the problem is also the supply, actually it's the only real problem
I agree this video was fully of inaccuracies
Couldn’t have said it better myself. It seemed like the video was trying to make conclusions based on a certain agenda.
I had to leave Dublin because of the increase in rent prices.I now live in Limerick there is a house shortge here too. The shortage of houses was not caused by the low corporate taxes but it did make it worse. Other countries in eastern European have even lower corporate taxes 10%.
Ireland does not have a housing crisis, Ireland has a mass immigration crisis
We stopped building houses for 5 to 10 years..... Big cockup by the FG government, they balanced the books but forgot about the basics.
I'm Irish American duel citizen working as a tech professional in Silicon Valley, California but for a Dublin, Ireland based company and just returned from a visit there. Ireland is the Silicon Valley of Europe but that has caused the same problems we see in California for the same reasons high housing costs and more homeless.
Low corporation tax, English speaking country, well educated work-force, access to EU market- its an easy explanation for this. also Greater Dublin area is 1.6 million people
Don't forget to mention that one of the reasons multinationals choose Dublin is that Ireland has one of the highest education rates in Europe.
In October 2022 Ireland has been ranked third for third level education among the 38 member countries of the Organisation for Economic Co-operation and Development (OECD)
It is a tax haven . There are dozens of them and they are leaches on humanity
Wow we have come a long way from a time when the British didn't allow catholics to get education to being a top ranking education country
I live beside DCU. A huge number are not Irish. Maybe more than fifty percent are from abroad. UCD the same .tcd also.. a. Lot of young Irish people get left behind
@@declanfitzpatrick6747
7000 people on 7 floors. Only one floor operates in English. That is where the “ highly educated “ Mary Harney kids operate from. Amazing how monikers stick, most of them have their mommies tie their shoe laces!
Funnily enough more Americans are employed by Irish companies in America than American companies employ in Ireland.
Moving things overseas to avoid taxes is what the US is built on 😂
We threw an absolute fit over a couple percent on tea...
The meta building you showed isn’t the campus, it’s not finished yet but absolutely huge. LinkedIn have a massive new campus under construction too. TikTok are about to take a number of buildings also.
This also true for Luxemburg, its a small country but it has all big corporations Head Quarters.
As an Irish person I can tell you categorically the main reason big tech is in Ireland is they pay exceptionally low tax on their billions. The fact we're an English speaking country is a benefit but not the deal breaker. The downsides of having tens of thousands of highly paid tech employees in Dublin is the upward pressure it's placed on rental prices which have become extortionate for such a small city. Ireland has been warned its over reliance on tech tax is a timebomb, because when tech collapses it will leave a massive hole in Irish tax revenue, the upside is rents will fall.
As far as I know, Ireland's corporate tax rate is 10%. In Hungary is 9%.
@@rafanadir6958 Then why aren’t tech firms in Hungary ?
@@rafanadir6958 Ireland’s Corporation Tax is currently 12.5%, but as of recently, we have to adhere to the “global” corporate tax rate. Therefore we must raise it by 2.5% in the beginning of 2023.
@@rafanadir6958 Now 15%. Still 12.5% for small companies.
Your man just said all that.
Apples first proper factory was set up in cork in the early 1980s . The Irish government fully backed them from the start.thats why they are here.and as well, cork is a rocking spot says an offaly man
In a nutshell: the Irish government sucks must of its taxes out of regular tax payers and medium / small businesses, while multi national companies can fully enjoy all the benefits of a 12.5% corporate tax rate without actually paying it. The difference with medium and small businesses is that entities like Google can also use legal loopholes and pay as little tax as possible.
Shukran.
All the biggest online companies pay way too little tax.
The current government needs to go. I want Mary-Lou for Taoiseach. Sinn Fein should’ve won the last election but it was stolen (and I mean actually stolen not stolen as Trump would put it)! 😡
@@stephenmurphy2212 SF like the present FF/FG//Green government and all the western governments are also controlled by the EU and the WEF. If they get in they will be even more communist and totalitarian.
No mention of the high cost of housing and apartment rents being caused by the unfettered influx of so-called ‘refugees’ from everywhere in the world and getting preference over the unsuspecting naive local Irish with regards to free housing by our rogue government.
All trading companies in Ireland pay tax at 12.5%, not just multi nationals
Ireland has built great colleges which offer cheap and good education compared to us. They are spending a lot of money on education related to science and technology. Germany is doing the same with its universities attracting talent through zero tuition fees. Tech companies will move there because of concentration of talent and cheap tax rates. They have built a great ecosystem even if it increases its tax rates to 15% it will be hard for companies to relocate elsewhere.
@Laurence O'Connor best of luck. I am also considering Germany and Ireland for my masters degree since us universities are too expensive
Not a lot research went into this video, first of all Dublin has 1 million people not 500,000 . According to an OECD report Ireland is one the most tax compliant countries, other countries in Europe that have a higher taxation rate end up taking in much less than 12.5% . Its why Europe has never pressured Ireland into changing it....... France, Germany, and the Netherlands would be hit harder if countries were forced to into collecting the actual tax rates
We need these companies. They should pay more tax. But Ireland has a lot more to offer than just low taxes. The housing crisis is a disgrace and needs to be sorted.
Biggest think driving up rent prices is also vulture funds buying up entire estates and massive amounts of apartments.
Recently emigrated from Ireland because of this, absolutely no houses to buy at a decent price and forget renting there it’s dead money, shame really
Were you able to buy a house where you moved to?
I'd love to emigrate myself but haven't a clue where to start, I lost my job on Saturday and have no incentive to work here anymore, imagine if it was easy to look for a job in Belgium, Netherlands, Austria, Germany for English speakers. I hope it is cause I wouldn't mind looking somewhere there because it's frankly much more cheaper then in Ireland
Well done Ireland, very impressive
Here in Ireland people will complain about everything.
These tech companies provide a huge number of jobs, but people carry on like they’re villains. Perhaps they’d like to go back to the ghost town that Dublin was a few years ago, and perhaps they’d like to be unemployed instead.
If we think things are expensive now, they’ll be even more expensive when we’re unemployed.
Ireland is also a wealthy country already, so the lack of income from the corporate taxes is not the problem, and it’s way better for us to have more companies providing jobs for us and paying 12.5% than having way less paying 15% or a bit more.
Unless of course we’d rather live on government subsidies and grants.
The cost of rent etc is not all about tech companies or the rate of tax they pay. It’s as much a function of the supply; which has nothing to do with them.
Their being here is not a problem, it’s an opportunity. An opportunity to build more houses, create more jobs , attract top professionals etc all of which are good for us.
Yes there are some tough times to get there, but it’s a normal part of a cycle. We need to complain less and crack on with making things better. We need to stop blaming companies that provide us with jobs and taxes we wouldn’t otherwise have.
Building more is a catch 22 because the government will give the houses to new arrivals and the problem will be back to square one. Supply can never keep up with demand.
@@overman2306 I wasn’t referring to building houses at all, but yes the housing issue is also very complicated.
Really thought, in the beginning....it was CNBC International with Uptin, only realised later, it was Uptin channel! Truly, a memory lane! Nice, Uptin!
From a poorest European country to the most advanced one in just a few decades, should be regarded as one of influental economic miracle.
Well that that miracle was achieved by stealing tax revenue from surrounding countries.
Ireland did get something out of it like they did get some skills transfer and high end manufacturing like the bio medical and pharmaceutical sector
The problem is revenue booked in Ireland that doesn't get taxed massively inflated their GDP and thus their EU budget contribution
They are actually aware of the issue and calculate a.modofied GDP
"A poorest European country" is an exaggeration for its small population. Not as poor as Albania, Macedonia, or Moldova right now.
@@vinniechan It shouldn't be, no remorse for tax havens. If they end up being a massive net contributor to the EU then tough luck.
Eh where is this figure from like the 60s?
It’s worth saying that the real tax savings come from arbitrage between systems rather than a low Irish rate
There's a focus on US missing out on taxes, but I believe it's mostly Europe that is losing out. Basically Apple Italy doesn't have to pay taxes to Italy at Italy's rate and just pay to Ireland at Ireland's rate.
If you remember the Apple tax story long story short they technically owned ireland 13 billion dollars in unpaid taxes the why they didn't pay it at the time is our government let them away with it to encourage more investment in Ireland basically we had at one point a much lower corporate tax rate than most of the EU as you can imagine this pissed off alot of people and we eventually caved and agreed to raise it
@@kurtpunchesthings2411 A couple of corrections; - Technically Apple did not owe Ireland €13B. In 2016 the EU Commission fined Apple €13B. Apple appealed & in July 2020, the European General Court struck down EU tax decision as illegal, ruling in favour of Apple. The EU Commission can appeal the decision to the ECJ.
Funfact: Even the trash bins in Dublin docklands are unique, they have gps, solar panels and most of them have their own WiFi.
Yes, a very interesting insight into Dublin. It's an amazing city in many ways. A happening place ☘🇮🇪☘
In addition to the large office centres, there are numerous Data centres related to some if not all of these large Tech companies.
Other points - Brexit made companies relocate as it was more cost effective but Ireland has less cost effective trading with Britain one of its highest trading partners, we have a highly educated and hard working work force....no Irish person sees the result of any taxes we get...only benefit is jobs and after musk and the rest of the tech industry this week it's not exactly stable
Last time I was in Dublin the homeless problem was absolutely shocking and that was 10 year ago. Can't imagine what its like now.
A lot of the homeless have drug and drink issues..there were lots of places outside Dublin..we've housed 1000s of ukrainians..
@@marky1974 There isn't "lots" of places outside Dublin. Rent is sky high every where, and with minimal properties to rent, and as someone who works with Irelands homeless I can tell you that most are on the streets from pressure due to being unable to find housing. The government found the ability to house the Ukrainians because it was convenient for them, they'd rather see the Irish die in the streets.
Even now, in Cork, they are building a massive 250 unit building to house the Ukrainians. In the same spot mind you, that was previously denied development for cheap apartments for lone renters. The reason given was that the shit-hole next door Telus said that "it was more of a business area" and the council went a long with it. Despite the fact it was built beside the residential buildings.
There are only about 600 properties available to rent right now in the entire nation, most rents costing well in excess of over 60% of a persons income, if not 80%.
11500 thousand at the moment or so
Congrats on 100k bro I knew you would hit it when I subscribed at like 20k
Thanks for highlighting 👍 we have Thousands of homeless Irish people even some with Jobs .
People being angry about why these company didn't paid in America's taxes...
Bruh, your system does what it exactly doing, they (the company) just adapt to it.
And by all means, living in America being harder, policies are sh*t to reform, politics are polarized, and more people hoping for civil war rather making a good things, all of that sh*t make company run for a more stable and manageable country.
Btw love your video Uptin,
I also hope you had a story from the council, and what they do for housing council. 🙂
Not to mention high crime rates and rise in homelessness in major US cities where many of these tech companies are located also force them to move to protect their workers from being assaulted.
Bruh, what are you on? only reason all megabrands have settled their headquarters in scotland is due to more or less illegal (that was part of investigation and lawsit by eu commission, if i'm not mistaken) agreement/legislation done by irish government to lower rate on corporate tax as low as under 1%. And not only that, this "benefit" was available to more or less foreign mega-brands etc (mentioned in the video) only. Naturally, they are more than happy to invest there, building facilities, get it labour etc to help them exploit this system even further.
It is double lost in the end, looking at money lost in taxes. First of course is america, but secondly are all eu member states, where this brands have business network of selling their products, where all trade/income goes concentrated to Ireland only (again, not state, but income tax), where even that is not paid by regular, but much lowered rate (practically zero till recently), so ireland loose that, also.
Can you comprehend that, bruh?
Very few grads at tech firms are earning anything like 100k a year
Ive been a programmer for 20 years and im earning low 70s..so yeah bullshit
It is indeed a crazy situation. Irish governments have gone out of their way to attract these huge global companies to Ireland yet are not able to build houses, apartments in Dublin, not only to accommodate the employees but Dubliners, in general. The current government, comprising of the three political parties of Fianna Fail, Fine Gael and The Green party have been a total disaster, not least for the housing situation in Dublin, in particular, which not only has become significantly worse under their watch but is now the worst it has ever been. Micheal Martin has been an utter disgrace and an unmitigated disaster as a Taoiseach(Prime minister).
A young, educated friendly work force, good intellectual property protection, low corruption, English speaking, an EU country, low corporation tax are among the reasons.
Low corruption 🤣 are you joking
Great work. Just discovered you. Good journalism 👍 love the subjects and the subject flow formats for on-screen information consumption.
I live in Dublin and far away from city center, I think the solution here is better transportation and more housing outside of the hot areas. People working from home has eased it a lot but still much more needs to be done.
A novel concept. Require jobs and tax rates to the portion of where sales and margin is made by company.
It's not just because of the low tax rates or the fact that we are an English speaking country. There are many facets to why big tech companies set up their European HQ's here. 1 big reason is the people. We are highly educated with Ireland having higher rates of third level education than the EU average.
What other European countries don't have an educated workforce🙄 its due to paying zero or minimal corporation tax..
@@ronanwhite1605 It’s not just the Irish educated workforce they can tap into being located in Dublin. Many from NI and the rest of the UK also move to Dublin to work so they actually tap into quite a large educated workforce while getting the benefit of the low tax rates
@Ronan White I never said that other countries don't have 3rd level education I was merely pointing to the fact that Ireland has a higher rate of 3rd level education than the EU average. add to that, tax breaks and being an English speaking country and its pretty tempting for these corporations. I'm one of those people lucky to be working for a big tech company
@@ronanlavin5526 all western countries have an educated workforce, would we stop bleating the same deflective nonsense that the government feeds us, the main test of intelligence is the ability to ...to , what do you think?
Yet I doubt the majority of the workforce is Irish
2:48 There is also a Menlo Park in Galway on the west coast of Ireland, I think it’s actually twinned with the USA place
Ιf you made a documentary with content like this I would really pay to see it. Really well done, keep up the good work.
Great video! Can you make a video on San Francisco? Something like "the rise and fall of San Francisco", or "how property crime and homelessness have gotten out of hand in San Francisco" or "why real estate is so expensive in San Francisco"
@uptin - The current metro area population of Dublin in 2022 is 1,256,000, a 1.13% increase from 2021. The metro area population of Dublin in 2021 was 1,242,000, a 1.14% increase from 2020.
What a great insight. Great vid.
Glad you enjoyed it!
Wow, I was always wondering why I was getting Irish Invoices for my Oracle Cloud Servers setup in Ashburn, USA. This was very informative...
This is a simplistic analysis, without nearly enough basic research done. Tut,tut. Ireland has the highest standard of education in Europe and is amongst the highest in the world for education levels, it is the only country in the EU with a similar Common Law legal system to the US, it is the only English language country in the EU, and the OECD corporate tax changes make the tax advantage a non-issue. You have missed out completely on the fact that US Pharma has even greater levels of investment in the country. Just nowhere deep enough in your research, and missing many factors in your analysis. Yes there are growing pains, but Ireland's economy is based on agriculture, tourism, services (financial services mainly) pharma and IT, it will continue to grow through the recession, and prosperity is an easier problem to accommodate than poverty...
Plus greater Dublin has 2.4 million people now, and the country as a whole has 5.2 million people...
@@treborsirrah7916 No, the majority language there is Maltese. I have been there many times.
Northern Ireland has seen a huge surge in ROI people moving to cities like Belfast. Most of my neighbours have moved as they can’t afford to live down south anymore and instead just get the train and travel to Dublin.
Yep I'm thinking of moving up north from Louth. It would allow me to afford a place on my own rather than just a room!
Because corporate tax just pushes manufacturing and HQing overseas. This is not hard to understand.
I work in tech in Dublin and still can't afford rent or to buy
Damn Uptin, amazing work. Your content quality has gone to netflix documentary levels
wow thanks, I loved making it so I am glad you enjoyed it.
Who thought it was going to be a video about Luxembourg
Me
@@rafanadir6958 hahahaha 🤣
Fair game if you asked me. This is what an open economy looks like, enjoy the benefits but don't sob about the disadvantages, it's not always a win win situation!
The pharmacetical industry is possibly bigger 9 out of 10 of the world's largest pharmaceutical companies have bases in Ireland well spread out across the country
Dublin is a bit more then .5 million people. It's more along 1.5 - 2 million
Are we talking about the city or the county itself
I never though of Dublin being like this, thanks for videoing the city and sharing this video
0:15 where is this in dublin?
How many of their employees are actually irish seems a lot of foreign blow ins are working for them and increasing are cost of living ten fold as a result
@Uptin, you need to make a follow up on this following the recent layoffs of the big tech companies
Amazing and extremely educational video as always!
This video is outdated - Ireland has already agreed to up its corporation tax to 15% in line with a deal made between the EU and the OECD minimum tax rate. The reason that hasn’t been implemented is because other countries in Europe are threatening to block it. We’re the most highly educated workforce in Europe. No other country in Europe has over 85% of their workforce having a university degree. We have upwards of 90% with a degree. We also speak English exceptionally well, we also are highly connected through air travel, being less than 2 hours away from Brussels, London and Paris, not to mention that our flights to the US enter and operate as domestic flights when leaving from Dublin because we’re the only country in Europe to have customs pre clearance on our soil. The housing crisis is so much more deep than the fact that we have a huge tech industry. We have a strong economy, that means net immigration. The world is growing increasingly unstable, which means more refugees, were the only country in the EU that speaks English, anyone with an EU passport who wants to learn English is now coming to live here. Our colleges are increasingly international, housing isn’t being built at the pace it needs to be and it hasn’t for the past 12 years, and we have a government that is happy to let the market fix the problem - which isn’t working. Yes the tax rate is attractive, but as an American to come over here and say that Dublin is like San Francisco and it’s problems are the same is just naive, particularly given you’ve interviewed only two people, out of a city which has a metro population of over 1.5 million.
Dublin isn't Ireland, remember that .
This is a very good video but there was at least 2 mistakes with the subtitles when you were interviewing that nice Irish guy in that cafe (who didn't really have a thick Irish accent) 😆
No. Because he did not know what he was talking about!
i once bought google phone from london instead it shipped from dublin
Nice video.. 👍👍 Hoping to see more videos like this..
Thank you! Will do :)
It’s weird watching this video seeing places I’ve been before Ireland is such a small country 🇮🇪
On the one hand, taxing corporations is one of the best ways to control them and keep them from being a pain to the rest of us. On the other, it kind of just feels like America wants everyone to have a higher tax rate than it so corporations will come back.
The guy said little studio, not nail studio lol
This is great. Happy to see Ireland thrive. Have always enjoyed meeting Irish folks here in Canada.
The housing issues are affecting all major cities around the world due to idiotic central bank decisions so I don’t think it’s all due to the tech workers.
It's due to mass immigration. Supply can never keep up with demand.
Tech workers have little to do with the housing crisis. We stopped building social housing in the 80s. We ignore large scale dereliction and vacancies of properties. We do nothing to control short term rentals. We incentivise international REITs to come in, buy up chunks of the market and charge extortionate rates.
Gentrification of historically working class areas of the city pushing people out is a problem but the biggest cause is terrible economic policy by successive governments.
The uk should be putting the corp tax rate at 11.5%. You’d think others would lower their tax rate in order to catch Ireland up when it comes to attractive investment
Instead we got harassed by the EU into raising our rate
They could easily be tax based in Ireland without having thousands of employees ,
Apple is tax based out of an office in Dublin , but they employ thousands of staff In Cork ..
I lived in Ireland from March 15, 2021 to September 1, 2022 in Dublin and Limerick as a student and I struggled to get a decent room. I left because I couldn't get a room even if I was prepared to pay the exorbitant rent. The real fault is with the Irish not permitting the construction of Manhattan style skyscrapers. Period. They are so bothered about their 3 floor and other housing rules that they will prevent any new logistically efficient type of construction and instead choose to emigrate
Good riddance sanjay. Go live in Manhattan.
Dublins population is 1.2 million not "half a million"
Dublins population is 1.5 million, Apple is based in Cork city a small city of 250k people it’s been in Cork city since 1980 , there was a time when Apple nearly went bust but of course it survived and stuck with Cork ever since.
The city of london only has 10 thousand people most of greater london is in neighbouring counties
I just saw the first part of the video and thought the Asian version of Ireland would be Japan. It seems like the Asian country with the largest western market. Then I was shocked when I read that it was actually Singapore. Guess it’s cool Japan had about a 30% corporate tax rate instead of Singapore’s 17%, though Japan did have a 42% corporate tax rate at the start of the century and it was just last year the rate fell to 29%, so best temper that cool feeling. Still, it’s higher than America’s corporate tax rate and Europe. Though the true winners of highest corporate tax rate would have to be the rest of Asia and South America and Africa, who have plenty of personal and justifiable reasons to tax the hell out of corporations.
The population of the greater Dublin area is a million and a quarter, Ireland used to have the highest rate of house ownership in the world. In the 60s Ireland was the second poorest country in western Europe, none of these technological companies existed in Ireland till the early nineties when Intel built their chip plant in Leixlip Kildare. It would be great if a lot on non nationals left as the change in Irelands demographics has happened in such a short time it has distorted our country. many techies working in tech area are not Irish, there are many other issues which are nearing boiling point in Ireland such as government insistence in bringing endless fakegees with no vetting of any kind. The government are gone rogue and the opposition is no different. I wouldn't be surprised if we don't have a revolution in this country within the next 5 years.
There is currently 1.5 million people in Dublin not half a million
We also have alot of highly skilled tech people though the tax incentive would be the main contributing factor I worked for Google for a while
It seems to me, these American tech companies need an eu country base for their mainly European sales. They choose ireland over other eu countries. Ireland can set its corporate tax rate at any rate it wants, as can any other eu country. The low corporate tax rate is I'm sure the main reason these companies choose ireland as their European base, though its not the only on(as pointed one in other comments).
But ireland is in going to be in serious trouble when they these companies pull out or wind down their operations. All their eggs in one basket. And the usual mismanagement of taxes and uncontrolled migration
Looks like you missed all the main Google buildings around the corner.
Eyeroll. This video has some truths in it but it’s also riddled with inaccuracies. There is an acute housing shortage in Ireland but it is not down specifically to tech companies. Yes they push up prices around the city centre and docklands but it is because the government has built almost zero housing in the last 10 years as an unstated policy to push up house prices after the financial crash and bring bank balance sheets back into the black and to keep a myriad of vested interests flush. There are about 1.6m people in the county of Dublin as a whole. Tech and lots of other companies set up here for a number of reasons. One big reason is the tax rate. But there are about 8 other countries in Europe with equal or lower tax rates so why choose Ireland if that’s all it is? Ireland has also agreed to move to the OECD agreed tax rate of 15% which will probably result in more of a tax take if anything. Smaller countries throughout history have always used tax incentives to level the playing field. Ireland like the UK and US has the common law system as opposed to the civil law system elsewhere in Europe. The country is English speaking which is a big plus and is culturally similar to America with very strong ties to that country. There is a workforce ready to go with a high rate of college graduates and it is sometimes forgotten that Ireland has built up major expertise over the last few decades in areas like pharma. Crucially Ireland is in the EU which the only other English speaking country in Europe the UK foolishly no longer is. So why would American companies that sell into the EU want to go anywhere else. to go? And no, on the whole the UK leaving the EU is not good for Ireland. In the apple tax case the EU commission tried to retrospectively apply tax law to transactions that happened years before those laws were in acted. It made no sense and that’s why Ireland and apple won the appeal. Additionally something that is not mentioned much is that despite its small size Ireland is Americas 9th largest trading partner and Irish companies employ about 150k workers in the US so it is far from a one way street.
Don't forget, the major reason US firms keep money abroad. The US tax code does not tax corporations as long as they don't repatriate the money to the US. This rule is different for individual US taxpayers who are taxed on their worldwide income. So, yes, the IRL tax regime is very competitive in the EU, but fundamentally this story reflects US tax policy.
You ask who is winning?
The government of Ireland is winning.
Certain people (residents and citizen) of Ireland are also winning.
Of course, not everyone can win. This is not your typical woke school football contest where they dish out participation trophies.
Amazing video 🎉🎉🎉
Thank you 🤗
November corporation tax €28 Billion, much higher than expected.
More for the Sovereign wealth fund (SWF rainy day fund) and one of expenditure.
2023 the government has €2850.00 to spare for each Man, Woman & child after expenditure including securing Money in SWF.
Love your tech videos. Please keep em coming!!
This is far from a tech video 😂🙄
Love the Irish,I'm happy for them. Although I dislike the tax dodging firms
They aren't tax dodging.
@@sandersson2813 It is tax avoidance, which is not illegal but the governments of many countries do not like it. This is why many countries proposed to introduce Digital Services Taxes. The American government do not like DST's. I think they're a fair way to combat transfer pricing policies.
@@terrycampbell1185 If they don't like it, it's within their remit to close the paths that allow it to happen.
Besides having an ISA is tax avoidance.
How is Ireland considered a small country Edit: its the size of most European countries btw I knew a lot about what you talked about already
The country is tiny with 5 million people.
@@cianog not tiny, tiny population would be Greenland, Iceland, Faroe Islands. To put it into perspective, Ireland has a bigger population than Mongolia. It's probably a little under average in terms of population.
Are you dumb, kid? It is definitely small in size and population.
@@vxrtical Btw look at Adam's reply to one of you and your dumb peer is comment
@@felixhistorygaming8503 Learn to form coherent sentences, kid.
Global C Tax is now 15%
Nice vid!