TWITTER LINKEDIN THERE IT IS GOOGLE'S EUROPE HEADQUARTERS I FEEL LIKE I'M
IN CALIFORNIA'S SILICON VALLEY EXCEPT FOR ONE THING THIS IS ACTUALLY IRELAND [MUSIC]
A LOT OF AMERICAN COMPANIES CAME IN HERE BECAUSE OF OUR CORPORATION TAX RATE WAS
ONE OF THE LOWEST IN EUROPE TAX BREAK FOR ME TO OPEN IAN DUBLIN IS BEING TAKEN OVER BY THE
WORLD'S BIGGEST TECH COMPANIES THIS IS IT THIS IS THE LARGEST METACAMPUS OUTSIDE OF CALIFORNIA
GOOGLE HAS ABOUT 8 000 EMPLOYEES IN DUBLIN AND THIS IS ITS HEADQUARTERS FOR EUROPE AFRICA AND THE
MIDDLE EAST BUT IT ISN'T JUST ABOUT TAXES EITHER AS WE'RE ENGLISH SPEAKING ON OUR PROXIMITY IT'S
A GOOD ENTRY INTO EUROPE I THINK WE'RE STILL VERY ATTRACTIVE EVEN THOUGH IRELAND IS A SMALL COUNTRY
COMPANIES COME HERE INSTEAD OF UK OR GERMANY WHICH BOTH HAVE MASSIVE ECONOMIES AND IRELAND'S
GOVERNMENT LOVES IT IT'S GOOD FOR THE ECONOMY AND IT'S ONE OF THE BIGGEST INDUSTRIES IN IRELAND NOW
BUT IS IRELAND'S GAME AMERICA'S PAIN AMERICANS AREN'T TOO HAPPY THOUGH THESE COMPANIES BEING
HERE COMPANIES SET UP HERE BECAUSE OF IRELAND'S ATTRACTIVE 12 AND A HALF PERCENT TAX RATE AND
THAT MEANS TRILLION DOLLAR COMPANIES GET AWAY WITH PAYING LESS TAXES BILLIONS OF DOLLARS OF
LESS TAXES IN FACT ONE STUDY FOUND THAT APPLE USED IRELAND TO REDUCE SOME OF ITS BILLS ON
SALES AND OPERATIONS TO JUST .005 PERCENT OTHERS AREN'T TOO HAPPY BECAUSE THESE BIG COMPANIES ARE
BORN HERE BASICALLY THE VEGAN PAYING BIG TAXES THIS HAS BROUGHT A LOT OF POSITIVES BUT ALSO
WE'VE DRIVEN UP THE RENT AND A LOT OF COSTS FOR ACCOMMODATION HAS SKYROCKETED BECAUSE OF THIS
HOUSE ADVICE IS LITERALLY THE WORST IT'S EVER BEEN HERE IRELAND IS NOW SEEING A MAJOR HOUSING CRISIS
AS TECH WORKERS ARE CREATING A SURGE IN PRICES OF HOMES LOCAL TOKENERS WHO ARE ON AVERAGE SALARIES
ARE REALLY STRUGGLING TO LIVE IN THE CITY NOW SUPREME PRICES SADLY AT THE MOMENT THE BUILDERS
ARE BEING PUSHED OUT OF THE WALL AT THE MOMENT YOU KNOW UNLESS YOU'RE WORKING IN TECH AND YOU'RE ON
A GOOD SALARY YOU'RE YOU'RE GOING TO STRUGGLE TO LIVE AND LIVE AND WORK AND ENJOY THE CITY AS WELL
TWO ONE THE UK'S RECENT MOVE TO LEAVE THE EU IS ONLY MAKING IRELAND MORE ATTRACTIVE
TO COUNTRIES TO BASE THEMSELVES HERE SINCE IT'S OPERATING UNDER THE SAME REGULATIONS AS
THE EU BIDEN IS RALLYING UP WORLD LEADERS TO ENDORSE A FIRST EVER CORPORATE GLOBAL MINIMUM
TAX WHICH IRELAND OF COURSE DOES NOT WANT WE ABSOLUTELY WANT TO ENGAGE WITH PRESTON BIDEN
WE DO HAVE REALLY SIGNIFICANT RESERVATIONS BUT AS I WALK AROUND DUBLIN A CITY OF JUST
HALF A MILLION PEOPLE AND SEE THE LOGOS FOR THE WORLD'S BIGGEST TECH COMPANIES I
WANT TO KNOW HOW DID THIS PLACE BECOME SUCH A HUB FOR AMERICAN TECH COMPANIES
THIS REALLY DOES FEEL LIKE A MENLO PARK OR SOMETHING BECAUSE IN ADDITION TO THE
MAIN GOOGLE BUILDING OVER THERE YOU ALSO HAVE GOOGLE CLOUD BEHIND ME AND THEN OVER HERE YOU
HAVE A WHOLE NOTHER GOOGLE BUILDING WHICH IS QUITE LARGE A LOT OF AMERICAN COMPANIES CAME
IN HERE BECAUSE OF OUR CORPORATION TAX RATE WAS ONE OF THE LOWEST IN EUROPE AT 12 AND A
HALF PERCENT WHICH TRUE IN A LOT OF BIG COMPANIES LIKE FACEBOOK AIRBNB UH GOOGLE AND THEY ALL HAVE
SET UP THEIR EUROPEAN HEADQUARTERS HERE WELCOME TO WHAT'S CALLED SILICON DOCS IT'S A NICKNAME
GIVEN TO THIS AREA BECAUSE IT'S KIND OF LIKE THE SILICON VALLEY OF EUROPE IT'S ALSO QUITE FUNNY
BECAUSE MOST PEOPLE YOU SEE HERE ARE YOUNG TECHIES THEY'VE GOT THE LOOK THE BACKPACK WITH THE LAPTOP
IN IT A LOT OF THEM HAVE AN EMPLOYEE ID BADGE EITHER AROUND THEIR NECK OR HANGING FROM THEIR
PANTS IT REALLY DOES REMIND ME OF SAN FRANCISCO OR THE BAY AREA IN GENERAL WE ARE CALLING IT
IPHONE APPLE IS THE LARGEST COMPANY IN IRELAND IT'S BEEN USING IRELAND SINCE THE EARLY 90S TO
SAVE A LOT ON TAXES IT HAS THOUSANDS OF EMPLOYEES HERE AND IS ONE OF THE LARGEST CORPORATE TAXPAYERS
IN IRELAND APPLE TRANSFERS ITS PROFITS TO ITS SUBSIDIARIES LOCATED IN IRELAND SO ITS PROFITS
ARE OFTEN PAID ON THE BASIS OF IRELAND'S TAX RATE INSTEAD OF THE COUNTRY WHERE THE PRODUCT WAS
PURCHASED BUT REMEMBER WHAT APPLE IS DOING HERE IS PERFECTLY LEGAL IN FACT YOU COULD ARGUE THAT
IT'S EVEN ENCOURAGED SINCE AS A PUBLICLY TRADED COMPANY ITS MISSION IS TO MAXIMIZE SHAREHOLDER
PROFITS BY THE WAY IF YOU'RE ENJOYING THIS VIDEO MAKE SURE YOU SUBSCRIBE BECAUSE I'M MAKING MORE
VIDEOS LIKE THIS A FEW YEARS AGO THE EUROPEAN COMMISSION TRIED TO MAKE APPLE PAY BILLIONS OF
DOLLARS IN TAXES SAYING THAT WHAT IT'S DOING IS ILLEGAL THIS COMMISSION WAS TRYING TO COLLECT 13
BILLION EUROS IN UNPAID TAXES REFERRING TO THE STANDARD 12 AND A HALF PERCENT CORPORATE TAX
RATE THAT IRELAND HAS BUT THINGS GOT AWKWARD WHEN IRELAND BASICALLY SAID NO LET IT BE BUT EVEN TODAY
THAT BATTLE CONTINUES MEANWHILE THINGS CONTINUE TO BOOM HERE IN IRELAND WITH TODAY MORE THAN 800 U.S
COMPANIES PUTTING A BASE HERE AND WHAT IS A SIGN OF A FAST-GROWING ECONOMY CONSTRUCTION ABOUT 180
000 PEOPLE WORKING HERE ARE IN THE TECH INDUSTRY IT'S INTERESTING TO SEE HOW THE MONEY HAS IMPACTED
THE NEIGHBORHOOD SO YOU DON'T JUST SEE A BARBER SHOP YOU SEE A HOT TOWEL WILL SHAVE AND YOU DON'T
JUST SEE A BAKERY YOU SEE AN ARTISAN BAKERY HERE IN THE DOCKLANDS AN APARTMENT CAN COST BETWEEN
THREE THOUSAND AND TEN THOUSAND DOLLARS PER MONTH AND DEMAND IS HIGH GRADS WORKING IN TECH COMPANIES
CAN EASILY MAKE OVER ONE HUNDRED THOUSAND DOLLARS A YEAR MORE THAN HALF THE AVERAGE SALARY OF OTHER
PEOPLE HERE IN DUBLIN HAS ADVICE IS LITERALLY THE WORST IT'S EVER BEEN HERE IT'S JUST THERE IS
A LOT OF UNCERTAINTY JUST WITH HOUSING AND SUPPLY AND THE COST OF LIVING GETTING HIGHER AND HIGHER
I THINK IT'S IT'S QUITE A LOT OF STRESS OF THE AVERAGE PERSON IN DOUGLAS IRELAND HAS BEEN FACED
WITH NOT ENOUGH SUPPLY TO MEET THE HIGH DEMAND OF PEOPLE MOVING HERE AND JUST LIKE SILICON VALLEY
HAS MIRRORED DUBLIN SO IS ITS HOUSING CRISIS WITH ONE JOURNALIST SAYING IRELAND'S CAPITAL CITY IS
EDGING EVER CLOSER TO A SAN FRANCISCO STYLE SETUP WHERE ONLY HIGH EARNERS CAN REALLY AFFORD TO BUY
SOMETHING THE GOVERNMENT SAYS THAT IT'S BUILDING MANY MORE HOMES BUT MORE PEOPLE I SPEAK TO ARE FAR
FROM SATISFIED THEY'RE NOT DOING A LOT TO HELP BECAUSE SITUATION TO BE HONESTLY THE GOVERNMENT
UM ISN'T REALLY DOING AN OLD THEATER THERE'S A LOT OF HOTELS A LOT OF OFFICES BEING BUILT BUT
NOT ENOUGH HOUSES OR OR SCHEMES TO HELP HELP THE AVERAGE PERSON SOME YOUNG IRISH ARE NOW MOVING
ABROAD TO CHEAPER PLACES LIKE PORTUGAL WHERE THEY CAN AFFORD THEIR OWN PLACE I'M REALLY
UNATTRACTIVE FOR LIKE SATURDAYS OR YOU KNOW PEOPLE AS FREELANCERS ARE REALLY STRUGGLING
BECAUSE THE LIKES TO HAVE THEM CALL WORK IN SPACE OR PLACES TO WORK AND THE COST OF JUST
EVEN GETTING A LITTLE STUDIO IS JUST IT'S OH AND HEARD ON SO WE'RE HOPING THAT INSTEAD OF BEING
ABLE TO KEEP BUILDING OFFICES AT THE COUNCIL WILL STEP IN TO SUPPORT LOCAL BUSINESSES MORE
AND YOU KNOW STOP THEM FROM BEING BOUGHT OVER BY DEVELOPERS A FEW YEARS AGO THE UK FORMALLY
LEFT THE EU MAKING CITIES LIKE LONDON EVEN LESS ATTRACTIVE FOR COMPANIES TO BE BASED IN SINCE
IT WAS NO LONGER PART OF EUROPE'S REGULATIONS BREXIT WAS ACTUALLY GOOD FOR IRELAND I THINK
RIGHT IT WAS LIKE A LOT OF ABANDONED COMPANIES THAT WERE BASED IN LONDON THEY HAVE ACTUALLY
MOVED TO DUBLIN AS WELL BECAUSE THEY WANT TO BE IN THE EU MARKET BECAUSE OBVIOUSLY THEY LEFT AND
WE HAVE BENEFITED FROM SOME BIG COMPANIES LOCATED IN HERE NOW INSTEAD SO WE HAVE BREAK THE BENEFIT
OF THAT AS FINANCIAL FIRMS LOOKED TO LEAVE THE UK DUBLIN IS THE BIGGEST WINNER WITH ONE IN FOUR
COMPANIES RELOCATING HERE BUT ALL OF THIS COULD CHANGE AND PRESIDENT BIDEN IS HOPING THEY DO SEE
WHEN HUNDREDS OF COMPANIES SET UP IN IRELAND THE US IS LOSING OUT ON BILLIONS OF DOLLARS THAT IT
SHOULD MAKE IN TAXES I'VE HEARD THAT THERE MIGHT BE SOME CHANGE YOU KNOW FROM 12 AND A HALF MAYBE
UP TOWARDS 15 OR A HIGHER RATE WHICH I THINK COULD MAKE IT LESS LESS LIKELY FOR SOME PLACES
PRESIDENT BIDEN IS NOW PUSHING FOR COUNTRIES AROUND THE WORLD TO ADOPT A 15 MINIMUM GLOBAL TAX
RATE SEE THE U.S HAS A TAX RATE OF MORE THAN 20 PERCENT AND IF COUNTRIES KEEP OFFERING 12 PERCENT
OR EVEN LOWER THEN THE U.S KNOWS IT WILL LOSE OUT ON BILLIONS MORE IN UNREALIZED TAXES THE IDEA HERE
IS THAT ADDITIONAL TAXES SHOULD BE IMPOSED ON MULTINATIONAL COMPANIES IF THEIR HOME COUNTRY
DOESN'T TAX THEM AT LEAST 15 PERCENT SO IRELAND ESSENTIALLY WILL NO LONGER BE ABLE TO LURE THESE
GIANT TECH COMPANIES WITH THEIR 12 AND A HALF PERCENT TAX RATE SO THIS IS A BIG DEVELOPMENT
THAT HAS BEEN A LONG TIME COMING GLOBAL MINIMUM TAX OF 15 PERCENT MORE THAN 130 COUNTRIES AGREED
TO THIS PROPOSAL BY BIDEN BECAUSE MOST OF THEM STAND TO BENEFIT IT IS A VICTORY FOR YELLEN AND
FOR PRESIDENT BIDEN THE TALKS HAVE BEEN GOING ON SINCE 2019. THE INITIATIVE IS BEING LED BY THE
OECD WHICH ESTIMATES THAT THIS COULD BRING IN AN EXTRA 150 BILLION DOLLARS IN TAXES BY MAJOR
CORPORATIONS BUT WHILE THE THE PLAN WAS TO START THIS IN 2023 U.S CONGRESS HAS BEEN UNABLE TO ENACT
IT IT'S IMPOSSIBLE TO NOT SEE THE BENEFITS OF HAVING AMERICA'S BIGGEST TECH COMPANIES HERE
WHAT MAKES THIS CITY GREAT IS REALLY HONESTLY THE PEOPLE AND THE CULTURE THE HERITAGE THE
HISTORY THAT WE HAVE HERE IS INSANE IT'S SO DEEP BUT I HAVE TO WONDER IS WHAT'S FUELING IRELAND'S
ECONOMY ALSO ACTUALLY HURTING MANY OF ITS EVERYDAY CITIZENS WE'VE BEEN THROUGH A LOT ON THIS ISLAND
AND IT'S ONE OF THE PEOPLE OUT OF THE WAY WE ARE I'M A LITTLE BIT MAD ON THIS ISLAND YEAH IF THE US
IS LOSING OUT ON BILLIONS OF DOLLARS OF TAXES AND PEOPLE IN DUBLIN ARE STRUGGLING MORE THAN BEFORE
THEN WHO IS IT EXACTLY THAT'S WINNING IN THIS SITUATION YOU'RE REALLY BEING PUSHED OUT TO I
KNOW A LOT OF PEOPLE ARE MOVING TO LIKE LISBON AND PORTUGAL BECAUSE THE CARS WILL BE A LOT CHEAPER
THANA HERE AND THEY'LL BE SUPPORTED MORE AND ESPECIALLY PEOPLE IN THE ARTS AND CREATIVE SPACE