In late December of 2016, the Irish authorities made some modifications to the Immigrant Investor Programme (IIP) - most notably increasing the investment requirement
In summary, the major highlights of the IIP include:
In addition, applicants will be pre-approved for EUR700,000 financing against their investment, reducing the net cost to approximately EUR320,000 (includes a EUR20,000 up front deposit).
The Immigrant Investor Programme is open to non-EEA nationals and their families who commit to an approved investment in Ireland. Approved participants in the Programme and their immediate family members will be granted rights of residence in Ireland which will allow them to enter the State on multi-entry visas and to remain here for a defined period but with the possibility of ongoing renewal. The Programme will facilitate participants, over time, in establishing a permanent relationship with Ireland.
Each application will be examined on its merits in a qualitative examination by an independent interdepartmental committee.
The investment has to be good for Ireland, good for jobs and in the public interest, the funds invested have to be legally acquired and owned by the investor (i.e. not borrowed). The person has to be of good character.
Evidence of Net Worth All applicants for the Immigrant investor Programme must demonstrate that they have a legally acquired minimum net worth of €2 million.
Residence Permission granted to successful applicants: Successful applicants can expect to receive residence permission for 5 years. An initial permission will be granted for two years and following a review at that point to ensure the investor is continuing to meet the conditions of the scheme (i.e. the investment has not been withdrawn, they continue to be law abiding and self-sufficient), a further period of 3 years will be granted.
After this initial 5 years’ period, the investor will be free to apply for residence in 5 year tranches. The investor is not required to establish actual residence in Ireland. The Immigrant Investment Programme is about rights of residence that the investor may exercise as their business and family needs dictate. No minimum residence requirement is set other than the stipulation that the persons concerned should visit Ireland at least once per calendar year.