Rory McIlroy moves business interests to Dublin rather than tax haven
Irish economy set to receive financial boost by world number one golfer’s decision to pay tax on earnings.
World number one Rory McIlroy is moving his vast business interests to Ireland’s capital city Dublin, according to a report in the Irish Independent.
The newspaper says that McIlroy’s decision will boost the Irish economy by “hundreds of millions of euro” with the Open and US PGA champion paying company tax of 12.5 percent on his royalty fees.
{DIFFERENT VIEWS ON SAME STORY FROM NORTH AND SOUTH OF BORDER}:
Belfast Telegraph: Rory McIlroy tax move means Republic reaps the benefits while Northern Ireland is left lagging
Irish Independent: Rory McIlroy spurns tax havens to base global interests in Ireland
McIlroy – who will chase a career Slam at the US Masters next month – could have opted to have set up his management company in the USA and used tax havens such as the Virgin Islands or Bermuda to safeguard his millions.
F1 drivers Lewis Hamilton and Jenson Button have resided in Monaco as they avoid taxing times in the UK while a number of US-based golfers live in low-tax US states like Florida and Texas for obvious reasons.
McIlroy’s decision certainly won’t be bad for his public image a year before he is due to represent Ireland at the 2016 Olympics in Rio de Janeiro.
McIlroy’s new company will apparently by headed up by Donal Casey and will look after all the royalties the player collects from his lucrative deals with blue-chip brands such as Nike and Omega watches.
The computer game maker Electronic Arts will display McIlroy’s face on the front of new video game, Rory McIlroy PGA Tour.
McIlroy takes over from Tiger Woods, who apparently helped the company rake in more than $700 million during his 16 years on the cover of the game.
McIlroy earned around $49 million in 2014 with $35 million coming from earnings off the course, including his sponsorship deal with Nike.
As well as contributing to Europe’s Ryder Cup success, four-time Major champion McIlroy has realistic ambitions of chasing Jack Nicklaus’s record of 18 Majors and Woods’ haul of 14.
His latest advert with sports manufacturer Nike shows just how much hard work the Northern Irishman puts into his training and preparation for each tournament.
From deadlifts to balance work and standing jumps to squats, the world number one is clearly focused on making 2015 his most successful year as a professional yet.
