The Immigrant Investor Programme (IIP) of Ireland is open to non-EEA nationals who commit to an approved investment in Ireland which requires a minimum investment of €1 million euros, committed for a minimum of three years.
The INIS office has issued a statement on Oct 12, 2018 that loans will not be accepted for IIP.
Irish Naturalisation & Immigration Service (INIS) wish to clarify that under no circumstances will a loan provided to the applicant for the purpose of making an IIP application be considered an appropriate source of funding. As part of the IIP application Process, INIS will undertake a comprehensive examination of the sources of proposed funding and will require significant supporting documentation attesting to the source of the funds and appropriate independent verification of said documentation from suitably qualified legal advisors in the relevant jurisdictions.
If an applicant seeks to rely on loaned funds for the purposes of an IIP application, the application will be refused.
During the week commencing 8th October 2018, INIS has held a series of meetings with key stakeholders to emphasise the importance of project sponsors, agents and applicants all understanding and ensuring compliance with the source of funding requirements of the IIP.
INIS also clarified that transfer of investors between projects is not allowed.
IIP Evaluation Committee wishes to state that the Immigrant Investor Programme guidelines do not provide for the transfer of investors between projects. However due to the commercial sensitivities around the closing of some projects it was decided that where projects were frustrated, or did not proceed for commercial reasons, through no fault of the investor, then a single opportunity to transfer to another approved project will be permitted. The written approval of the Evaluation Committee will be required before any transfer completes.
IIP offers permanent residency in ireland to foreign investors by making one of four eligible investments in Ireland
- Enterprise Investment €1m
- Investment Fund €1m
- Real Estate Investment Trusts (REIT) €2m
- Endowment €500,000 in public benefits
In addition they must meet
- Good character and have not been convicted of criminal offences in any jurisdiction
- Investors with a minimum net worth of €2 million
INIS has published IIP guidelines here
