Is Ireland To Become The New Gibraltar?

Sports_Car_DublinThe Republic of Ireland had been one of the great economic success stories of the last few years but it has been hit even harder than most by the global economic downturn.

The openness of the economy coupled with a huge property bubble and subsequent property price crash has left the Irish economy in an even worse condition than all of the other European countries with the exception of Iceland.

Iceland of course is not a member of the eurozone and Ireland’s membership has been largely credited with just about keeping the country afloat.

One of the things that had helped to kickstart the Irish economy was a policy of setting a taxation and legislative environment that very much encouraged direct foreign investment.

One of the ideas that has been floated to get the economy moving again is introducing a similar scenario that would be favorable to the online casino industry. Perhaps something along the lines of the way Gibraltar has made itself very attractive to the industry.

Some background in this area already exists in the country as Cryptologic, one of the largest providers of software for the industry, is already based in Ireland.

During a time of economic recession all sorts of ideas get floated so ultimately we will have to wait and see if anything comes of this idea.