Ireland has tightened regulations on charities receiving endowment under the immigrant investor program (IIP).
The Immigrant Investor Program Unit (IIPU) of INIS has issued a new rule for charities taking endowments are prohibited from making payments to agents or consultants in the form of finder’s fees. Further no deductions from endowment payments allowed. INIS has had discussions with the Charities Regulator regarding these matters and will monitor the situation for compliance.
INIS will not be processing IIP applications from agents or charities, that dont follow these new compliance rules.
Currently, under the IIP scheme (aka golden visa), foreign investors who contribute €500,000 as a philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland. The endowment option is the cheapest, easiest and straight forward option that facilitates investors who wish to actively engage in philanthropy once the endowment is made no further financial obligation is required under the Immigrant Investor Programme. Once the application is approved, investors and their family members can apply for Stamp 4 permission to become permanent resident.
The endowment (donation) should be regarded as a philanthropic contribution with a clear public benefit. Investors will receive no financial return or recoupment of the principal and must follow these conditions:
- The Endowment must not displace or supplement current or capital expenditure as voted by the Oireachtas (the Irish parliament). It is important that the endowment is visible to the public and beneficial to the wider community.
- Jointly, a group of five or more investors wish to combine their philanthropic endowments to contribute to an appropriate project, a minimum investment of €400,000 per investor will qualify under the Programme.
All applicants for the Immigrant Investor Programme must clearly demonstrate that they have a legally acquired minimum net worth of €2 million. Applicants must clearly demonstrate that they are independently wealthy and do not rely on funds which are solely owned by another individual.
The Evaluation Committee convenes at least four times to assess applications for residency under the Immigrant Investor Programme and applications can be submitted at only these periods for 2019
Window 4: 19th August 2019 – 23rd August 2019
Window 5: 21st October 2019 – 25th October 2019
Loans are also prohibited for applications from IIP since 2018.
