Sunday, November 24, 2024

Irish immigrant investor scheme hit by slow approvals and long processing times

Ireland while just recently ranked as the best golden visa scheme with best citizenship in the world, has been hit by slow approvals and long processing times.

 

The Immigrant Investor Programme (IIP) dubbed as irish golden visa, was introduced in April 2012 to encourage inward investment and create business and employment opportunities in the State.

 

According to the latest figures released by government,  zero applications have been approved in 2019, for 2018, only 54 applications had been approved out of 421 applications received.

 

Ireland immigrant investor scheme
Approved applications under Irish immigrant investor scheme from 2015 to 2019

 

The processing times of  INIS vary between 6-9 months per application and in some cases 12-24 months (1-2 years)

 

The breakdown of the figures also show that only 50 applications have been approved in five years for endowment.

 

For 2019, only 30 applications have been received and enterprise and endowment options have been most popular among investors. Endowment requires €500,000 donation to the state in exchange for permanent residence in Ireland.

 

The Minister of Justice while answering a parliamentary session said that in 2018, the Irish Naturalisation and Immigration Service (INIS) introduced a number of enhanced control mechanisms to ensure the programme operates to the highest standards including personal and financial checks. This has led to a temporary increase in processing times in this calendar year, and decisions on a significant number of 2018 applications will be made in the coming weeks.

 

Enterprise Investment Endowment Investment Fund REIT
2019
Applications 20 10 0 0
Approvals 0 0 0 0
2018
Applications 315 75 31 1
Approvals 27 12 15 0
Value of Approvals € 26,000,000 4,800,000 15,000,000 0
2017
Applications 228 46 50 1
Approvals 197 42 49 0
Value of Approvals € 197,000,000 18,700,000 49,000,000 0
2016
Applications 253 5 32 1
Approvals 197 5 31 1
Value of Approvals € 101,500,000 2,400,000 15,500,000 500,000
2015
Applications 55 1 3 0
Approvals 55 1 2 0
Value of Approvals € 27,500,000 500,000 150,000 0

 

An independent external review of the IIP is under way and it is expected that the review will be concluded in the second half of 2019.

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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