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IRELAND IMMIGRANT INVESTOR PROGRAMME - IRISH RESIDENCY BY INVESTMENT

Ireland Immigrant Investor Programme

Table of Contents

Background and Guide - Ireland Investor Immigration

The Republic of Ireland is an island in the North Atlantic, with a population of 4.8 million. Nestled in the heart of the country is a haven of picturesque villages, stunning tracks, trails and waterways and brilliant bars and restaurants.

Ireland has been a member state of the European Union since 1973. Permanent Residency under the Irish Immigrant Investor programme grants the right to move to Ireland and travel within the EU with minimal visa requirements and is the first step towards gaining Irish Citizenship. Contact our Irish Immigration Consultants and Lawyers by telephone or visit us in our offices in Brisbane, Australia, Singapore, Hong Kong, London, UK and Lisbon, Portugal.

The main objectives of the Irish Immigrant Investor Programme is job creation and facilitating Irish economic development. In 2022, High Net Worth Individuals can apply for the Irish Permanent Residency Permit through investment in a qualifying investment project. Apply for the Irish Golden Visa Residence Programme, in 2022, and seek Ireland Investor Immigration assistance Now!

Investment Options for Ireland Residency (IIP)

Ireland Country Map        Cashel Rock, Waterford, Ireland

In 2012, the Immigrant Investor Programme (IIP) was introduced by the Irish Government to encourage inward investment for the creation of business and employment opportunities in the State. The IIP is designed to encourage investors and business professionals from outside the European Economic Area (EEA) to take advantage of opportunities for investing and locating their business interests in Ireland and acquire a secure residency status in Ireland.

The IIP programme offers four investment options for potential investors:

1. Enterprise Investment - €1 million Euros for 4-year investment term. Investment monies are invested through a Project approved by the Irish Naturalisation and Immigration Service (INIS) Investment monies are invested through the project against a secured property up to 90% Loan to Value.

2. Investment Fund - €1 million Euros invested in an approved investment fund for 5 years (approved and regulated by the Central Bank). Investment monies are not secured on assets and are subject to investment performance.

3. Real Estate Investment Trusts (REIT) - €2 million Euros invested in any Irish REIT that is listed on the Irish Stock Exchange for at least 3-year term.

4. Endowment - A Philanthropic donation of €500,000 Euros to a Project which is of public benefit to the arts, sports, health, culture or education in Ireland. However, a minimum investment of €400,000 per investor will qualify under the Programme, where a group of five or more investors wish to combine their philanthropic endowments to contribute to an appropriate project.

Eligibility Criteria - Ireland Investor Immigration - Irish Residency

Farm and Church Ruins, Ireland       Powerscourt Estate, Enniskerry, Ireland

Applicant Investors must meet the following eligibility criteria:

A. High Net Worth Individuals - Applicants must be high net worth individuals, with a personal wealth of at least €2 million Euros, and disclose in full the source of their funds. Applicants are required to provide an explanation of all of their financial activities for the previous 12 month period including their: Income, Investments and Loans. Applicants must clearly demonstrate that they are independently wealthy and do not rely on funds which are solely owned by another individual.

1. Income - The Investor should indicate the following:

2. Investments - The Investor should indicate the following:
3. Loans - The Investor should indicate the following:
B. Source of Funds - Investors must provide the necessary evidence to prove the origin of funds, as confirmed by an Accountant and a Lawyer. Acceptable source of funds include: Business and Investment activities, Deeds of Sale, Inheritance and Gifts and Divorce settlement. Note that under no circumstances will a loan provided to the applicant for the purpose of making an IIP application be considered an appropriate source of funding.

C. Funds are Transferable - All funds must be available to transfer to Ireland and can be convertible into Euros at the time of the application being approved. The Applicant does not need to liquidate their assets in their home country before moving to Ireland, but they must be in a position to make the investment within 90 days of the issuing of the pre-approval letter.

D. Due Diligence - All applications will be subject to enhanced levels of due diligence processes in respect of anti-money laundering, Know Your Client, Politically Exposed Persons, sanction checks, and data sharing in accordance with the OECD common reporting standard.

E. Character - All applicants, as well as their nominated family members over the age of 16 must submit their application with a statement of character from the police authorities of each country in which they have resided for more than six months during the 10-year period prior to making an application.

F. Family - A non-EEA national may apply under the IIP for permission for themselves and their spouse/civil partner and children under the age of 18 to reside in the State. 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.

G. Discount for Education Expenses - An Investor Applicant or his Family member may be able to obtain a discount on their investment for any educational expenses that they intend to commit to in Ireland. The conditions are that the education expenses must be for an Irish University or Institute of Technology and the Applicant must include a letter from the college confirming that an offer of a place has been accepted by the investor or their family member. Note that the maximum discount allowable is €50,000 and the he expenses must be indicated as part of the application process, in the INIS IIP Application form.

H. Independent Evaluation Committee considers INIS Application - The Evaluation Committee is responsible for evaluating the suitability of Applicant's selected investment. The Committee meets at least 4 times a year. All complete applications consisting of candidate’s application forms, supporting documentation, details of their investment proposals and the findings of the due diligence checks carried out by the Department of Justice will be presented to the Evaluation Committee. The Evaluation Committee will consider the proposal and may request further information from the candidate if required. The Evaluation Committee will make recommendations to the Minister for Justice.

I. INIS Processing Time - IIP Applications take on average 5 - 9 months, as at 20 May 2022, although they may take longer if the Evaluation Committee require more information from an applicant.

J. Approval of Application - Applicants who are successful and whose investment proposals are determined as suitable by the Evaluation Committee and the Minister for Justice, will be issued with a Pre-Approval letter inviting them to make their investment. Once an applicant fulfils the investment requirements they and their qualifying family members will be granted residence permission in Ireland under Stamp 4 conditions.

K. Rejection of Immigration Permission or Loss of Residency Status - The decision of the Minister for Justice and Equality on an application is final and a rejection of an application for residence under the Immigrant Investor Programme shall not be subject to a review or appeal. This does not, however, prevent the person concerned from making a new application at a later date. Where an application is rejected, the Irish Naturalisation and Immigration Service will communicate the reasons for that rejection in writing to the applicant.

L. Withdrawal of Immigration Permission or Loss of Irish Residency Status - Residency status under the Immigrant Investor Programme may be withdrawn in the following circumstances:

Application Costs for Ireland IIP

1. INIS Application Fee - The Investor must pay the non-refundable application fee of €1,500 by Electronic Funds Transfer. The €1,500 fee covers the principal applicant and all nominated family members. Application fees are non-refundable in the event of incomplete or unsuccessful applications.

2. Due Diligence Report - €2,152.50 or €1,750.00 for an Asia based Investor/Client.

3. Independent Irish Lawyer's Fee - €3,000.00 payable on receipt of Pre-Approval Letter.

4. IIP Application Preparation Costs - Costs such as Apostilled Documentation, Accountant Report, Lawyer Letters, Real Estate Valuations etc.

5. Registration Fees at Department of Justice - Registration fee to obtain Irish residence Permit costs €300.00 Euros for each adult over 16 years.

Supporting Documentation for Irish Residency and IIP Process

The Enterprise Investment option will be suitable for investors who wish to create a new enterprise or invest in an existing business in Ireland. This option will facilitate investors who have their own investment or business strategy and see the benefits of Ireland as a location. To apply for the Enterprise Investment option, the Applicant must submit the following supporting documentation, which is Notarised and Apostilled by the Ministry of Foreign Affairs, in the applicant's country of residence:

1. Audited Accounts of Irish Business - If the applicant is investing in an existing Irish business or is relocating a business to Ireland, s/he must submit the most recent audited accounts for that business in support of the application.

2. Business Plan of Irish Business - For investments in existing businesses, relocating business and new business proposals, the applicant should submit a comprehensive business plan, which clearly identifies the financial investment being made in support of the application for residency under this programme.

3. Create or Maintain Employment in the Irish Business - The business plan should indicate how the funds will help create or maintain employment in the busines.

4. Specify Investor's Equity and Return on the Investment - The plan should also be clear as to the extent of the equity in the business being acquired by the investor and the manner in which the investor will receive a return on the investment.

5. A Lawyer's Letter - from Lawyer/Solicitor who is permitted to practice in the State, confirming the funds have been invested in the Irish business/enterprise.

6. A letter from the enterprise/business - stating the financial value that has been invested in their business/enterprise.

7. Application is submitted by Email - Application and supporting documentation must be submitted by email to INIS, Dept of Justice.

8. INIS Application Form submitted by Post - The original signed and dated INIS application form andconformation of bank transfer payment of the application fee of €1,500 to the Department’s account must be sent by registered post.

9. Evidence of Transfer of funds - to include payment remittance and bank statement showing transfer of funds.

Benefits of Irish Residence Permit

Kilkenny Castle, Ireland       Moher Cliffs, Burren, Ireland Outlined below are the benefits of applying for the Ireland Investor Visa to obtain Irish Permanent Residency:

Renewal of Irish Residence Permission

The immigration permission is initially for two years and may be renewed subject to certain conditions being fulfilled during this period. Investors must write to INIS 3 months in advance of their renewal date seeking renewal of their permission and provide evidence that:

A letter will be issued renewing your permission for a further 3 years once you have met these conditions. Note that investment performance is not a condition for residence. As long as Investors commit their funds for the required period of time, then their residence will be renewed.

Irish Project Company - FitzWilliam Group

FitzWilliam Group - Team

Benefits of Project Company

VisaConnect partners with FitzWilliam Group, who are a very experienced and respected Irish Project Company, which has the following unique benefits for Investors:

1. Founded in Ireland in 1975 - Over the last 40 years, FitzWilliam Group have built a strong reputation for providing pro-active and efficient property services to a wide range of clients and their professional representatives. Past and current clients include some of the world's most renowned brands, including:
2. Building and Maintenance company - Our Project company Group has successfully undergone a controlled expansion into all aspects of the property industry.

Services of Project Company

Project Boyne Village - Enterprise Investment

Boyne Village - Irish Social Housing Project   Irish Residence Permit Card

VisaConnect is promoting Boyne Village Project, which is a 'Social Housing Project' and has been pre-approved by the Irish Government, in June 2019, as a qualifying 'Enterprise Investment' project through the IIP. See VisaConnect's PDF Document, updated as at 1 January 2022: Irish Immigrant Investor Programme - Enterprise Investment - Project Boyne Village

Project Boyne - Summary

The Project Boyne Team are developing an 120 acre mixed use site known as Boyne Village, which will incorporate Residential, Commercial, Parkland & Enterprise with phased completion expected between Q4 2020 and Q4 2023.

Under the Irish Immigrant Investor Programme, The Project Boyne Team have received approval for €30m of funding for the development of 150 Social Housing Units within the Residential aspect of Boyne Village.

Irish Government Approved Project

Project Boyne has been approved by the Irish Government as a qualifying investment project through the IIP.

INIS Approval - Project Boyne Village

Investment Terms - Project Boyne Village

1. Minimum Investment Amount - €1 million Euros (Note: Monies do not have to be transferred until an application is approved by the Irish Naturalisation and Immigration Service).

2. Use of Investment Funds - Monies invested in Project Boyne's Social Housing Project will be used for the development of Social Housing at Boyne Village, Navan, Co Meath.

3. Security of Investment Funds - Project Boyne Village assigns property-backed security to the Investors for the Investment Term. Project Boyne at a Loan To Value (LTV) of no more than 90% provides Investors security over a property, thereby securing Investor's Funds (€1m).

4. Term of Investment - 4 Years.

5. Return on Investment - 0% per annum.

6. Recouping Investment - After 4 years an Investor's funds are projected to be returned within 12 weeks of the Investor calling on the funds.

7. No Language skills and Qualifications required - This Immigrant Investor Programme has no English language skills or qualification requirements. In addition, the immigrant investor does not require business management experience.

Why Invest in Project Boyne's Social Housing Project?

Boyne Village - Project Launch - 2019

Benefits of Enterprise Investment vs Investment Fund option


FitzWillam Group's
Enterprise Investment
Other Promoters
Approved Investment Fund
Investment Amount  €1 million  €1 million
Annual Management / Subscription Fee  No  Yes
Investement Term  4 Years  5 Years
Return of Investment monies (€1 million) subject to performance of investment  No  Yes (High Risk!)
Investment monies secured on a property at a maximum of 90% LTV by means of a Redbook Property Valuation prepared by a member of the Royal Institute of Chartered Surveyors  Yes  No
Fund provides Senior Debt to Hotels and Student Accommodation  No  Yes (High Risk in 2020!)
Repayment of €1 million Funds back to Investors?  Yes (20 Investors - as at March 2021)  No Repayments

Endowment - IIP Investment Option

Irish Residency Visa

The Endowment option will facilitate investors who wish to actively engage in philanthropy and who wish to champion projects that benefit the public at large. It is the most straightforward option and once the endowment is made no further financial obligation is required under the Immigrant Investor Programme.

VisaConnect is promoting high quality Endowment projects, which are over €2m, in order that the endower can avail of the reduced endowment of €400,000 as opposed to paying €500,000 for a smaller project.

The applicant is entitled to residence as soon as the application is approved by INIS and the applicant then travels to Ireland to complete their residency registration.

Pairc Tailteann Sports Stadium in Navan - Endowment Project

IIP Endowment Project Ireland - Pairc Tailteann Sports Stadium
Our current IIP Endowment Project - Pairc Tailteann Sports Stadium was officially approved by the Department of Justice on the 21st December 2020. The Project is seeking 32 Donor places (€12.8 million) for the re-development of Pairc Tailteann Sports Stadium in Navan, Co. Meath. See VisaConnect's PDF Document, updated as at 2 January 2022: IIP Endowment Project - Pairc-Tailteann Sports-Stadium, in 2022 - VisaConnect's PDF

Applicants choosing this Endowment Project to achieve their Irish residency can rest assured that their valued contribution will have both positive social and cultural impacts. It will provide stimulus to local communities across the region where the GAA has proven to be an important asset over many years. The re-developed Sports Stadium once completed will provide future generations with suitable facilities for the modern era.

The Sports Stadium is now in urgent need of modernisation and redevelopment. This will include the demolition of the current North Terrace and its replacement by the new North Stand and refurbishment of the current South Stand, bringing the venue's capacity to 11,100-seating. The project will involve an estimated capital cost of €23m, €12.8m of which will be funded through the Irish Immigrant Investor Programme (IIP).

The Meath Gaelic Athletic Association (GAA) County Board Pairc Tailteann Project is eligible under the Endowment Option of the IIP. Donors who meet the criteria of the IIP and who are approved by the Department of Justice will receive approval for Irish residency under this project.

Meath GAA's ingenuity applauded for securing special Páirc Tailteann funding - in 2021

INIS Approval IIP Endowment Project - Pairc Tailteann
In April 2021, Meath officials were praised for their ingenuity after securing an initial €400,000 in funding for the redevelopment of Páirc Tailteann through a special government investment programme.

The chairman of Meath GAA, John Kavanagh, confirmed that the figure was raised via a 'donation' through the Irish Immigrant Investor Programme, set up by the government in 2012 to encourage foreign investment and to stimulate employment.

Kavanagh stated that: "We have had solicitors and a lot of professionals working on this. It's not a case that you just ring up and apply, there's a lot to get through. Everything goes through Croke Park too and it was nice to hear that they were impressed with the initiative taken on this. "From our perspective, it's great that with finance tight at the minute we've managed to find another source of income instead of going back to the clubs looking for help."

Meath have planning permission since early 2018 for a 21,000-seater redevelopment of their Páirc Tailteann base. The first phase of what will be a long-term plan is to complete a 4,000-7,000 capacity stand on the north terrace, opposite the current main stand, at a cost of between €12m and €13m.

Application Process - Endowment Project

1. Document Preparation - VisaConnect asssists Investor to prepare application documentation. This includes comprehensive documentation regarding the Applicant and his/her family, such as: Identity documennts (Passports, Birth and Marriage certificates), Employment Letter, CPA Accountant's Report (Source of Funds and Net Assets), Lawyer's Letters confirming Net Assets and that Funds are available to be transferred to Ireland, plus Police Certificates. Note that documents must either be Apostilled by a Government office or Notarised by a local Notary Public.

2. Submit Visa - Submission of the visa application to INIS during the next available Window.

3. Pre-Approval - Application approved and 'Pre-Approval Letter' is issued by INIS to the Investor.

4. Transfer of Investment - Investor transfers €400,000 to their Irish lawyers Client Account and then monies are transferred to Pairc Tailteann's Irish Lawyer.

5. Full Approval - Confirmation that Endowment monies have been donated, and then 'Full Approval Letter' is issued by INIS.

6. Apply for Irish Residency Permit - Investor applies for 'D' type Single entry visa to Ireland, and then attends INIS HQ, in Ireland and applies for Irish Residency Permit.

COVID-19 update regarding Application Windows for the Immigrant Investor Programme

Subsequent to stakeholder feedback, application windows will no-longer apply and applications for the Immigrant Investor Programme may be submitted at any time.

Evaluation Committee meetings will continue to take place at least once a quarter. The INIS reminds Applicants and Agents of the importance of submitting complete applications i.e. the provision of in-depth independent due diligence report and where required documents that are apostilled or dually legalised by the relevant authorities.

Project Approval and Successful Cases - Irish Immigrant Investor Programme

Repayment of First Client Investors Funds on 30 August 2019       Repayment of Investor Funds on 13 January 2020

For approved projects under the IIP, our Irish Project Company (FitzWilliam Group) has a 100% success rate with the Irish Naturalisation and Immigration Service. Investors who choose our Social Housing Project are guaranteed approval under the IIP subject to their application paperwork being in order.

As at 4 April 2022, 95 Investors associated with Fitzwilliam Group's projects have successfully received their Letters of Approval under the Irish Immigrant Investor Programme. Our partner Irish Project Company have been successfully and honestly repaying the original investors their investment monies, and the first Investor was repaid in August 2019. As at 4 April 2022, 41 Investors have been repaid in full (€22.22 million), and on time, with the most recent Investor, repaid in March 2022. This represents a 100% track-record for returning funds to their valued clients.

Further Extension of Residence Permits and Ireland Citizenship - effective 17 December 2021

The Department of Justice of Ireland has announced amendments to the citizenship application process and extended the validity period of expired residency permits for foreigners until mid-January 2022.

Applicants who apply for citizenship from January 1, 2022, and onwards will no longer need to provide original passports as part of their citizenship application process, but instead the authorities will accept color copies of their passports, according to the Justice Department.

The eligibility criteria for proving one's identity and residency are also being simplified; for instance, foreign doctors who work for Irish hospitals would only need to provide a summary of their employment history as proof of their residency.

The Minister for Justice, Helen McEntee, TD, announced on 17th December 2021 a further temporary extension of immigration and international protection permissions to 31 May 2022. This applies to permissions that are due to expire between 15 January 2022 and 31 May 2022 and includes permissions that have already been extended by the previous eight temporary extensions since March 2020. All Applicants who are covered by this temporary extension should either register or renew their permission by 31 May 2022 to ensure that they have a qualifying permission to remain in the State after that date, if that is their intention.

Therefore, this temporary extension of immigration permissions means that people who held a valid permission to be in Ireland, in March 2020, are legally permitted to remain until 31 May 2022, even if their Irish Residence Permit (IRP) card has expired and they are awaiting a new one. Renewal is on the same basis as the existing permission and the same conditions will continue to apply. Special arrangements continue to apply for international students, including English language students.

Contact VisaConnect's Consultants for Ireland Immigrant Investor Programme Assistance

Benefits of Ireland Residency - IIP

Benefits of Ireland Residency Permit - IIP Application

Ireland IIP Application Process for Endowment Project

Ireland IIP Application Process for Endowment Project

Ireland IIP Total Investment by Year

Ireland IIP Total Investment by Year

Ireland IIP Applications by Investment Category

Ireland IIP Applications by Investment Category

Nationality of Approved IIP Applicants

Nationality of Approved IIP Applicants
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