Ireland has become the leader in terms of assets of European listed investment funds, its share is 67% (939 billion euros). With such results, Ireland overtook Luxembourg. Financial Time provides the data from the Morningstar rating agency.
Luxembourg, which was previously ranked number 1, fell to second place with a 20% share (276 billion euros). According to data Morningstar Ireland increased its assets under management by 159% between the end of 2018 and the end of January 2023. Luxembourg lagged twice on this indicator, assets grew by 79%.
Consulting firm Blackwater Search & Advisory believes the trend will intensify. Ireland’s favorable tax climate for US ETFs is helping to widen the gap, says Andrea Murray, the firm’s director of business development.
If in Ireland the rate for US ETFs is 15%, in Luxembourg it is double: 30%.
In February, the country canceled its visa program for foreign investors, as a European Commission analysis showed it was used mainly by Chinese citizens.
During its existence, the program has contributed more than 1,250 million euros in investments to the republic.
Author:
Natalia Gormaleva
Source: RB
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