Wall St bankers in Dublin?

In an interesting reversal of history, Ireland's new Green Card system (which came into play on 1 February) may result in an influx of US migrant workers.

The Green Card system will allow employers to cherry-pick highly skilled workers from outside Europe. These workers will be entitled to stay for an initial period of two years, which will usually lead to permanent residency.

Any job offer being made under the Green Card scheme must command a salary of €60k or more, unless it is on a specific list of occupations which have been identified as difficult to fill from within Europe.

People in financial services occupations are among those eligible for the scheme. In particular, it applies to professionals such as chartered accountants, actuaries and tax experts.

Aileen O'Donoghue of Financial Services Ireland (FSI) says that this streamlining of the work permit system will give Ireland the edge over other financial centres. She expects that many skilled US workers will be attracted to work here, whereas previously the process of trying to get a work permit may have deterred them.

Bank of Ireland chief economist Pat McCardle also feels that the new work permit rules will have a positive effect. He says that Ireland may have lost out in the past to London, but highly-skilled financial workers are now more likely to view Ireland as their location of choice.