We are entering an era where real farm expansion can be secured without the need to buy land. This is good news for young farmers.
The upcoming review of the Common Agricultural Policy (CAP) will, almost certainly, bring changes to the supports available to farmers across the European Union. More support will be given to farmers who are actively producing food.
This will give Irish farmers real business development opportunities. Adding to this, are the recent tax changes to facilitate the development of long-term, land leasing opportunities in Ireland.
“Young farmers may be particularly drawn to the possibility of forging a joint venture agreement with an older landowner.”
As a result, we are now entering an era where real expansion can be secured at individual farm level without the need to actually buy land.
The business options to make this happen are extremely diverse. Young farmers, for example, may be particularly drawn to the possibility of forging a joint venture agreement with an older landowner.
Proper planning is everything and the potential for new and flexible farm development programmes will be encouraged.
A good farm adviser can work with a farmer to help them come up with the development opportunities that best suit their individual needs.
Having a viable business idea is one thing – actually putting into operation is something else entirely. So if you are committed to growing your own farm business, why not contact your local Bank of Ireland branch and let them help convert your plan into a profitable reality?