Ireland has published new guidelines for the immigrant investor program (IIP) this month. The scheme has received excess of €500 million investment and over 700 applications have been approved since the launch of the scheme in 2012.
The main purpose of the Immigrant Investor Programme, is the creation or maintenance of employment. The IIP has been designed accordingly to facilitate productive investment into Ireland and to position Ireland as a “business friendly” country. Sale of property or stimulation of the property market is not of itself an objective of the programme. The investment should be aligned with the Government overarching policy initiatives as set out in Project Ireland 2040.
According to the new 2019 guidelines
- The minimum investment condition remains €1 million as before
- High net worth individuals with a personal wealth of at least €2 million for IIP. Assets solely owned by other individuals, including a spouse, will be not accepted as evidence of net worth.
- The applicant must spend a minimum of 1 day per calendar year in Ireland.
- A commitment to ensure the highest degree of transparency and accountability for the programme,
- All applications will be subject to enhanced levels of due diligence processes in respect of anti-money laundering, Know Your Client, Politically Exposed Persons and sanction checks.
- Applications are sent to Evaluation committee to who will recommend to Minister of Justice
- OECD: In order to support the OECD’s Common Reporting Standard, INIS through the Irish Revenue Commissions will spontaneously exchange the personal data of successful IIP applicants with the jurisdiction of tax residence of the successful applicants.
- The IIP programme does not have an option for residential property purchase.
- No cap or limits imposed on IIP scheme.
- Particular preference is given at the moment to investments in social infrastructure such as social housing, primary healthcare centers and nursing homes.
The Evaluation Committee is composed of senior officials from relevant Irish Government Departments (Ministries) and Irish State Agencies involved in enterprise development in Ireland. The Evaluation Committee convenes at least four times to assess applications for residency under the Immigrant Investor Programme.
All successful candidates and their nominated family members will be granted a residence permission in Ireland under “Stamp 4” conditions. “Stamp 4” conditions permit foreign nationals to work, to study or to start their own businesses in Ireland.
Application Intake Period
The Immigrant Investor Programme will open for applications in 2019 as follows:
- Window 1: 4th March 2019 –8th March 2019
- Window 2: 20th May 2019 – 24th May 2019
- Window 3: 19th August 2019 – 23rd August 2019
- Window 4: 21st October 2019 – 25th October 2019
There are no countries excluded from the IIP although international sanction agreements to which Ireland is party may apply to some nationalities.
Children
Children under the age of 18 qualify under the IIP applicant’s residency. Children between 18 and 24 will be considered under the programme where they are not married or in a de facto relationship and are attending full time education in Ireland and are still financially dependent upon the investor.
Naturalization
The Immigrant Investor Programme does not provide for preferential access to naturalisation for successful applicants.
Investors and their family members who exercise their right not to reside in Ireland under the Immigrant Investor Programme will not fulfil the residency requirements for naturalisation.
Read the new guidelines here
