Facebook Goes Irish

Andrea Chalupa asks: Is Ireland the new Caymans? The green isle is the latest tax haven hot spot and big tech is flocking over.

Facebook announced yesterday that it will open a global headquarters in Dublin, joining Microsoft, Google, Apple, and Intel that also relish in the tax breaks and unlimited liability status in Ireland.

In the company's press release, C.O.O. Sheryl Sandberg mentioned the local talent pool as the reason for the choice:

"After exploring various locations throughout the region, we decided Ireland was the best place to establish our new headquarters...The talent pool in Dublin is world-class and recruiting local talent will help us better understand the needs of local users."

But what's also great about Ireland is the tax shelter. Corporations are only taxed 12.5 percent compared to 25 percent in China and 39.5 percent in the U.S. Setting up in Ireland versus elsewhere saved Microsoft billions of dollars in U.S. taxes.

The tax haven is one of Ireland's own marketing pitches, too. According to IDA Ireland, the agency that reels in foreign companies, the country boasts "one of the most beneficial corporate tax environments in the world."

U.S. companies can get away with saving so much in taxes by registering their companies under unlimited liability status, which hides their financial performance from public view.

Sandberg can sing the praises of the locals all she wants, but it's another kind of famous green spirit she's after.