The Irish Immigrant Investor Program (IIP) regulations currently does not allow transfer of investors between projects. This was clarified by Justice minister last month regarding the Irish IIP.
Investors should note that the Department has no responsibility for the performance of an investment. Investments are a private matter between the parties concerned and it is the responsibility of the investor, as in any business decision, to assess the potential success of their venture. Approval of an application under the Immigrant Investor Programme is not an endorsement of a particular project. What it does mean is that the investor has been approved and the investment is of a nature that meets the objectives of the Immigrant Investor Programme.
The programme does not provide for the transfer of investors between projects. However, it is, of course, open to applicants to submit a new application for a different project they wish to invest in.
Applications are assessed by an Evaluation Committee, composed of senior civil and public servants from relevant Irish Government Departments and State Agencies involved in enterprise development in Ireland.
Applications are assessed on the basis of the profile of the applicant, the commercial viability of the project, employment outcomes associated with the proposed investment and the overall benefit to the Irish State.
The Immigrant Investor Programme (IIP) provides non-EEA nationals with a number of options to invest in Ireland, and successful applicants are granted a Stamp 4 permission to reside in Ireland for a fixed period. 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.
To facilitate investors who wish to educate themselves or their family members in Irish higher education institutions, an investor may avail of a maximum €50,000 discount on their investment for any educational expenses that they intend to commit to in Ireland.
Actual physical residence in Ireland is not a condition for renewal of your residency permission under the Immigrant Investor Programme. This condition applies to both investors and their nominated family members. The programme simply requires investors and their family members to visit Ireland at least once per calendar year. The applicant must spend a minimum of 1 day per calendar year in Ireland.
The programme offers four investment options for potential investors:
- Enterprise Investment: A minimum of €1 million invested in an Irish enterprise for a period of at least 3 years.
- Investment Fund: A minimum of €1 million invested in an approved investment fund for a period of at least 3 years. Such funds must be approved and regulated by the Central Bank.
- Real Estate Investment Trusts (REIT): A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange, for a period of at least 3 years.
- Endowment: A minimum €500,000 philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland. It is a philanthropic contribution with a clear public benefit. Investors will receive no financial return or recoupment of the principal.
Applicants and sponsors are subjected to enhanced due diligence processes which includes checks for:
- Anti-Money Laundering (AML)
- Know Your Client (KYC)
- Politically Exposed Persons (PEPs)
- Sanction checks.
Further in compliance with the international tax rules, 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
In 2018, INS imposed bans on financial lending or loans are not considered as appropriate source of funding and such applications were to be refused .
The Evaluation Committee assesses applications on the basis of the profile of the applicant, the commercial viability of the project, employment outcomes associated with the proposed investment and the overall benefit to the Irish State.
The decision of the Minister for Justice and Equality on an application is final and a rejection of an application under the Immigrant Investor Programme will not qualify for review or appeal.
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 requirement.
There are no quotas or limits on the number of permissions available under IIP.
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.
