Ireland’s Immigrant Investor Programme (IIP), which was an equivalent to the Golden Visa program in that it allowed non-EU people to get residency in the country in exchange for an investment, has been cancelled.
Authorities in Ireland implemented the IIP plan in 2012, allowing affluent internationals to obtain residency in exchange for making a financial contribution to the country, thereby aiding the country’s economic growth.
Since 2012, this program has brought €1.17 billion to Ireland, with Chinese nationals making the vast majority of investments.
Why was the Ireland Golden Visa program terminated?
Concerning the issue, the Minister stated that such a program, which has frequently been accused of being involved in numerous illegal activities, has been under review for quite some time, adding that strong advice was presented to him, leading him to terminate this scheme.
According to a story from the Irish Times, the number of applications for Ireland’s Immigrant Investor Program increased in the latter months of 2022, particularly from Chinese nationals.
Overview of the Ireland Residency by Investment Visa
Ireland launched its first investor visa program, known officially as Ireland’s Immigrant Investor Programme (IIP), in 2012.
The program was improved in 2013, and it allowed candidates from outside the European Union to get Irish residency by depositing a minimum of €1.0 million in an Investment Fund or making an Enterprise Investment.
The Irish golden visa scheme was established to encourage investment in Ireland and to provide residency to dynamic business people with a track record of achievement. This was a perfect program for High-Net-Worth families seeking residency in Europe, and was especially appealing to businessmen, entrepreneurs, and parents looking to provide their children with a world-class education at world-class colleges.
The Advantages of the Ireland Golden Visa
The Ireland Immigrant Investor Programme (IIIP) offered numerous advantages and was especially appealing to people considering coming to Ireland due to its thriving economy, employment, and educational prospects. In terms of GDP per capita, Ireland is one of the top ten wealthiest countries in the world.
If they had children who want to attend university in Ireland, investors could save €50,000 on their investment. The advantages of a complete education in Ireland are appealing.
Ireland, which speaks English and has some of the greatest universities in Europe, provides students and graduates with unique options. Dublin is home to two of Europe’s top four universities for educating entrepreneurs, Trinity College and University College Dublin.
Furthermore, graduates were welcomed by many of the world’s top companies with headquarters in Ireland due to its access to the EU market. Google, Facebook, Intel, Twitter, Citi, Huawei, Pfizer, Takeda, Novartis, Trend Micro, and Fujitsu are among them.
Some additional benefits for the Ireland Immigrant Investor Program were:
- Unrestricted access to and opportunity to live, work, and study in Ireland
- Residence status in an EU country with an excellent standard of living
- Residence applicable to the entire family, including the main applicant’s legal spouse, children under the age of 18, and unmarried, financially dependent children between the ages of 18 and 24
- Advanced, transparent, and well-regulated worldwide financial center
- No requirement for a minimum physical presence in Ireland to preserve residence statusAfter five years of residency, you can apply for Irish citizenship, giving you access to over 180 places across the world.
Eligibility for an Investor Visa in Ireland
To be eligible for the Irish Immigrant Investor Programme, you had to meet the following criteria:
- You must have a decent personality.
- You must have no criminal record in any jurisdiction.
- You must have at least €2 million in net worth. You must have legal assets obtained by business, commercial activity, inheritance, endowment, and/or divorce.
- You must make an investment in one of the four qualified options.
- Your investment must have a positive economic impact.
Golden visa requirements for Ireland
To be eligible for the Ireland investor visa, candidates had to complete one of the following investment options:
- EUR 500,000 non-refundable endowment into a public benefit philanthropic cause
- EUR 1 million invested in a three-year approved investment fund
(Further information about the government’s alternative investment options is available upon request.)
Applicants must also meet the following requirements:
- Proof of funding (from personal resources; investments financed by loans will not be approved).
- Character statement from police authorities, with no criminal convictions
- Proof of a net worth of at least EUR 2 million
Ireland Immigrant Investor Visa Procedures and Timeline
Applications must contain completed application forms, as well as the relevant fees and supporting documentation, such as proof of net worth and an investment strategy. Successful applicants are free to add members of their nuclear families to their visas. The initial investment visa is valid for two years and is renewable.
From application submission to approval, the processing duration is three to four months.
Irish Citizenship by investment
Ireland does not have a direct Citizenship by Investment scheme, but after five years of full-time presence, investors will be able to apply for Irish citizenship and an Irish passport in accordance with Irish citizenship legislation.
Once granted Irish citizenship, the holder will be able to reside, work, or study in any other EU member country without the need for an additional visa. Ireland also has a Common Travel Area agreement with the United Kingdom, which allows Irish citizens to freely travel within the United Kingdom.
