The Golden Visa Program in Ireland, known as Immigrant Investor Program (IIP), was opened in 2012 to bring added benefits to the economy of Ireland. The Government announced on Feb 15, 2023 the closing of the golden visa scheme in Ireland. Below are important questions answered by Immigration office.
1.What is Irish Immigrant Investor Golden Visa Program?
The Irish Immigrant Investor Golden Visa Programme (IIP) is a permanent residency by investment scheme that is available to any non-EEA nationals who agree to invest in Ireland and can meet certain requirements. The IIP requires each applicant to submit a minimum investment of €1m, from the applicants own resources (i.e. not through a loan) which must be committed for a minimum of three years. You must also prove a minimum net worth of €2 million
2.Can i still apply after closure?
Yes, you can apply. We only take clients who can make €1 million or more. Limited investment slots available.
The proposed closure of the IIP will not affect existing projects already approved under the programme. Existing approved projects will also continue to be able to source any new investors required to complete the funding of projects already approved.
3.What are reasons behind closing of IIP Golden Visa in Ireland?
The Minister for Justice and For Higher and Further Education, Simon Harris TD has announced the closure of the IIP. All four investment options: Enterprise Investment, Endowment Investment, REIT and Fund Investments are being shut down under this decision.
In taking this action Minister Harris said that that the Programme had fulfilled its purpose – It was brought in over a decade ago (in 2012) when a struggling economy needed investment, however our changed circumstances meant that such investment routes were no longer a good fit for the needs of a thriving economy and society. The Minister also noted the serious concerns that been expressed about immigrant investment programmes generally by The EU Commission, Council of Europe and OECD in a number of studies in relation to border security, money laundering, tax evasion and circumvention of EU law. The Minister also said that the Programme gave rise to issues of a broader public policy concern.
While the Minister was satisfied that the IIP was operated by his Department to the highest professional standards, the combination of these factors make it timely to close off the programme.
4.What happens to those investors who have been approved?
Their immigration permission remains valid and will be renewable in the normal manner.
5.What happens to Applications on Hand?
IIP applications on hand (at close of business on 15 February 2023) 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.
6.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 finalise and submit their applications. The IIP unit will make individual contact with these projects to make them aware of this circumstance.
7.What will happen to IIP Investment Funds?
A number of investment funds approved and regulated by the Central Bank are also approved under the IIP. However a number of these funds may not have reached its minimum target size or be fully subscribed yet. In the interest of fairness, it is proposed that the managers of these funds be given a 3 month period for any further IIP applications to be made in respect of these funds.
Otherwise, the programme will be closed to applications from close of business on 15 February 2023
Source: Immigration Office
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