Ireland embraces an open and innovative economy

Ireland is leveraging a diaspora it counts at about 76 million people, along with tax breaks and returnee programs, to support startups and attract talent; since 2022 more than 100,000 people a year have immigrated to the country.

Ireland is deepening ties with its global diaspora to support a growing innovation economy. The country of 5.5 million defines its diaspora as about 76 million people worldwide. The government has encouraged returning entrepreneurs, offered tax breaks for venture investment, and supported programs such as Back for Business. Since 2022, more than 100,000 people a year have immigrated to Ireland, and roughly 30,000 Irish citizens have returned annually. Key facts: - Ireland defines its diaspora as about 76 million people worldwide. - Since 2022, more than 100,000 people a year have immigrated to Ireland; about 30,000 Irish citizens return home each year. - The government offers a 30% deduction on an investor's total Irish income in the year a venture capital investment is called. - Elkstone Partners closed a €100 million early-stage fund four years ago and is raising a second fund that has had a $30 million close toward a $150–200 million target. - Back for Business is in its ninth year and supports Irish emigrés who wish to return and start companies. Summary: Ireland is combining diaspora networks, tax incentives and returnee programs to connect capital, talent and market relationships to Irish startups and returning entrepreneurs. This strategy has coincided with record immigration levels and rising venture activity, including larger early-stage funds and diaspora-led investor panels. A new government diaspora strategy is expected to be released this month. The longer-term economic and political effects are still unfolding.