September 11, 2023
The Golden Visa Program in Ireland, known as the Immigrant Investor Program (IIP), was opened in 2012 to bring added benefits to the Irish economy. The Irish Government announced its closure on Feb 15, 2023.
The IIP is a permanent residency by investment program that is available to any non-EU/EEA national who agree to invest in Ireland and can meet certain requirements.
- Make an investment of €1 million in an approved project for 4 years, OR
- Make a donation of € 400,000 in an approved project, AND
- You must prove a minimum net worth of €2 million
Below are some important questions answered by the Immigration office:
- Can I still apply after closure of the program?
Yes, you can apply. The proposed closure of the IIP will not affect existing projects already approved under the program. Existing approved projects will also continue to be able to source any new investors required to complete the funding of projects already approved. However, limited investment slots would be available.
2. What are the reasons behind the closing of the IIP?
While announcing the closure of the program, Minister of Justice Simon Harris said that the Programme had fulfilled its purpose – It was brought in over a decade ago (in 2012) when a struggling economy needed investment. However, changed circumstances meant that such investment routes were no longer a good fit for the needs of a thriving economy and society. The Minister was satisfied that the IIP was operated by his Department to the highest professional standards.
3. What happens to those investors who have been approved?
Their immigration permission remains valid and will be renewable in the normal manner.
4. What happens to Applications on Hand?
IIP applications on hand which are awaiting a decision will be processed. These applications may relate to either previously approved projects or recently submitted new projects. This includes applications relating to a number of projects where a decision has been deferred by the Evaluation Committee to allow for further consideration of certain matters.
5. What about New Projects?
In addition, the Minister is aware of a limited number of projects where an application has not been formally submitted but which have been significantly developed and where substantial engagement has taken place with the IIP unit. In the interest of fairness, it is proposed that such projects be given a 3-month period in which to finalize and submit their applications. The IIP unit will make individual contact with these projects to make them aware of this circumstance.
Contact us if you want to apply for the IIP & benefit from the many unique advantages of investing in the Ireland IIP.