"Smart money exiting" - says Enterprise Ireland

This could be another nail in the coffin for Ireland,it could be said that even though a small minority are becoming the new mega wealthy in Ireland that much of this money goes back into the economy, be it reinvesting in more property development or through the personal consumption that goes with being a billionaire(Bentleys,racehorses,jewellery etc).
In the event of a down turn the government would need more tax money,as the average person will already be stretched to their limits with rising costs and stagnant wage inflation the only people to hit will be the mega rich,these people will simply bail out of the country and take their money with them.It will be like the flight of the Earls.
Interesting feature on RTE over the Christmas,St Stephens day I think,about the top richest in Ireland,hosted by Craig Doyle.

I mena that sums it all up, the destructive grip of the current “property mania” .

Does this not strike anyone as being alarmingly similar to the hoarding of money offshore wholesale to avoid tax during the 70s & 80s which was a signifigant factor in the banjaxing of the economy:

70s/80s

Flow of undeclared capital into non residnet accounts & such like globally

It was assisted by the banks.
Ignored by the state
and now people are sending their money again off shore sinking it into property which is again,

90s/00s

Flow of undeclared capital into property globally
assisted by the banks
Ignored by the state

Anyone see a “foreign property” tax amnesty on the horizon :wink:

Jeez, the sums involved this time round are massive. I believe the estiamte that over 6 billion (I dunno if thats for all of 05 or total so far) is invested abroad by the Irish.

6 billion, you could do a lot of good with 6 billion… pity its been pissed up against the wall.