IRELAND IMMIGRANT INVESTOR PROGRAMME - IRISH RESIDENCY BY INVESTMENT

Table of Contents

Ireland Investor Immigration Closes to new Applications, as at 15 February 2023
Background and Guide - Ireland Investor Immigration
Investment Options for Ireland Residency
Eligibility Criteria
Application Costs for IIP
Supporting Documentation for Irish Residency and IIP Process
Benefits of Irish Residence Permit
Renewal of Irish Residence Permission
Benefits of Enterprise Investment vs Investment Fund option
Endowment - IIP Investment Option
Application Process - Endowment Project
Contact VisaConnect's Consultants for IIP Assistance
Useful Links - Ireland IIP
Frequently Asked Questions - FAQ - Ireland Residency (IIP)

Ireland Investor Immigration (IIP) Closes to new Applications, as at 15 February 2023

Ireland’s Immigrant Investor Programme (IIP), which is equal to the Golden Visa scheme, permitting non-EU nationals to acquire residency in this territory provided they make an investment, has been abolished, the Minister of Justice, Simon Harris, has confirmed.

Minister Harris said that reviews had focused on the suitability of this scheme, counting also for cultural as well as social and economic use; however, he concluded that the program was of its time.“Taking all of this into account, and informed by both internal and external reviews, I have recommended that it is now time to close this program to new applications,”

Existing Projects - Still can accept New Applications!

The proposed closure of the IIP will not affect existing projects already approved under the programme. Existing approved projects will also continue to be able to source any new investors required to complete the funding of projects already approved. All existing (approved) projects will continue to be monitored by the Department of Justice in relation to delivery of the project and for compliance purposes. Projects approved by the Minister are expected to be completed as soon as possible, and no later than the timeframe set out in their business plan. Short extensions of the timeframe may be granted at the discretion of the Minister. The IIP Unit will liaise with projects in relation to any specific issues of concern to them which are highlighted at an early stage.

Applications On Hand - Still can be Processed and Receive IIP Approval!

IIP applications on hand at close of business on Wednesday 15 February 2023 which are awaiting a decision will be considered. These applications may relate to either previously approved projects or recently submitted new projects. This includes applications relating to a number of projects where a decision has been deferred by the Evaluation Committee to allow for further consideration of certain matters. There are approximately 1,500 cases on hand.

Applications Pending - Still can submit Applications to INIS Submitted Projects until 15 May 2023!

In addition, there are a number of projects where an application has not been formally submitted but which have been significantly developed following contact with the IIP Unit of the Department of Justice. It is proposed that such projects be given a period of three months in which to finalise and submit their applications. Otherwise, the scheme will be closed to new applications from close of business on 15 February 2023.

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 2023, 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 2023, and seek Ireland Investor Immigration assistance Now!

Investment Options for Ireland Residency (IIP)

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

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:

the job title and duration of the employment (if you changed functions during this period);
monthly salary;
bonuses and commissions,
dividends and annual income;
gifts and inheritances and their source (in the case of a gift, explain the reason for it and the donor’s financial capacity to offer it).

2. Investments - The Investor should indicate the following:

the nature and amount of the investment in the enterprise;
the percentage (%) of shareholders’ equity acquired,
the names of the shareholders and their equity interest in the enterprise and the name of the shareholder who sold their equity interest;
the origin of the funds that allowed this investment;
the registered capital of the enterprise following the transaction, the purchase price of real estate property acquired during this period; the amounts of personal investments, purchases of shares or other securities and the investment income that you derived from them.

3. Loans - The Investor should indicate the following:

bank loans and the date of repayment of such loans;
mortgage loans contracted and the date on which you repaid your mortgage;
any other type of loan.

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 2 January 2023, 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:

If the acquisition of the status was fraudulent;
In the event of the holder being the subject of a deportation order;
In the event of the holder being convicted of a criminal offence in any jurisdiction;
If the acquisition of the status was fraudulent;
If the applicant fails to meet the conditions of the scheme as regards duration of the investment;
If the investor failed to disclose material information available to them at the time of the application or renewal that would, if known to the immigration authorities, have made them ineligible for the programme on the grounds of character;
Where the immigration permission of the main applicant/investor is withdrawn, then the permission granted to their family members are also withdrawn.

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 - €2,000.00 - 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 and confirmation 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

Outlined below are the benefits of applying for the Ireland Investor Visa to obtain Irish Permanent Residency:

Irish Law Firm - We partner with experienced and specialised Irish Lawyers, working in reputable independent Ireland Law firms, who can assist with the Contract between the Project company and the Investor, and transfer of the investment to the Irish Lawyers' client account.
European Union (EU) - Visa Free travel within European countries for non-EU nationalities. Member of the European Union since 1973 and uses the Euro currency since 1999 - access to 500 million people in Europe.
Business Centre of Europe - European Headquarters of large corporates: Google, PayPal, LinkedIn, Facebook and Microsoft. Ireland is the largest exporter of computer software in the world, and one of the top 10 most innovative countries globally. Also, 9 out of 10 Pharmaceutical companies are based in Ireland, including Pfizer and Novartis.
Investment Centre - Forbes Magazine has ranked Ireland as one of the best countries for business - multinationals and startups, as well as the 'Best country in Western Europe to invest'. Ireland has become a hub for foreign direct investment and is ranked as 1st in the world for investment incentives.
Economic Growth - In its Autumn Economic Forecast the European commission said the Republic of Ireland would experience strong growth in 2021, driven by multinational exports and supported by a domestic recovery. The commission forecast the Irish economy would grow in GDP (gross domestic product) terms by 14.6 per cent, in 2021, and moderating to 5.1 per cent in 2022 and 4.1 per cent in 2023.
Lifestyle - Temperate climate, beautiful terrain, historic castles, walks, and fresh un-polluted air.
Healthcare system - Excellent health care resources. For the purpose of the IIP, you must have private health insurance.
World class Education system - There are seven public universities in Ireland, which rank highly on an international level, including Trinity College, Dublin (Ranked as number 1 University in Europe for educating and producing Entrepreneurs), and University College, Dublin.
Safe Country and Central Location - Friendly people, multi-ethnic environment, and suitable place for family life. Situated in Europe and within 1 - 2 hours flight of many European countries.
English Speaking Country - English is an official language, the Legal system is based on the British Common law and the government is a Constitutional Democracy.
Dublin - The capital city of Ireland is Dublin, and it has excellent pubs, fine architecture and good shopping. Dublin is a very popular tourist destination and is the fourth most visited European capital.
Easy Residence Requirements - The applicant must spend only a minimum of 1 day per calendar year in Ireland.
Chinese Residents - Ireland is home to circa 35,000 Chinese families and 10,000 Chinese students (Source: Chinese Embassy Ireland).
Irish Culture - The Irish have a rich culture and tradition, which is multi-faceted, and comprises Music, Dance, Art, Literature, Poetry, Folklore, Cuisine and Sports.
Corporate Tax Rate - In October 2021, Ireland signed up to landmark reforms for a global minimum corporate tax rate of 15%, up from the current level of 12.5% set by Dublin, in the biggest shifts for the country’s tax system in almost 20 years. Note that the OECD average corporate Tax rate is 24.9%.
Irish Passport is Ranked 6th in the World - The 2023 Q1 Henley Passport Index ranks the Irish Passport as 6th most powerful passport in the world, and it allows visa free access to 187 countries worldwide.
Irish Citizenship and Passport Eligibility - As an Irish Permanent Resident, you have the right, subject to meeting conditions, to apply for Irish Citizenship and an Irish passport following your physical presence in Ireland for a total of 5 years within an 8 year period. The Irish Nationality and Citizenship Act 1956 (as amended) requires applicants for Irish naturalisation to be physically resident in Ireland for the 12 months prior to application and to be physically resident in Ireland for four of the preceding eight years, i.e. 5 years.

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. Your designated investment is still in place, or your philanthropic donation has been utilised by the registered charity.
B. You have not become a financial burden on the Irish State.
C. You have not been investigated, indicted or convicted in relation to any criminal offence in any jurisdiction.

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.

Benefits of Enterprise Investment vs Investment Fund option

	Enterprise Investment	Approved Investment Fund
Investment Amount	€1 million	€1 million
Annual Management / Subscription Fee	No	Yes
Investment 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 2023)
Repayment of €1 million Funds back to Investors?	Yes	No Repayments

Endowment - IIP Investment Option

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.

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 the Endowment Project's Irish Lawyer.

5. Confirmation of Endowment - When the endowment is complete, the following documents are submitted to INIS:

A letter from Client’s lawyer confirming the funds have been donated to the Project
A letter from the Endowment Project stating the financial value that has been donated to their Project
Evidence of transfer of funds to include payment remittance and bank statement showing transfer of funds.

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

7. Investor applies for 'D' type Single entry visa to Ireland - When arranging the ‘Type D Single Entry Visa’, through the website booking system, the reason for travel should be noted as "other" and description for visit should state "Registration at INIS HQ under the Irish Immigrant Investment Programme".

8. Issuing of Residence Permission at INIS Headquarters, in Dublin, Ireland - Applicant and all family members over 16 years attends INIS HQ, in Ireland and apply for Irish Residency Permit. The Project Company will bring the following documents to the INIS HQ Appointment:

(i) 'Affidavit of good character' – These documents will be prepared by the Client’s lawyer in Ireland and will be signed in Ireland by the Client and family members (if applicable) prior to attending the appointment at the INIS. Note that all approved applicants over 16 years require an 'Affidavit of good character'.

(ii) 'Confirmation that the donation has been completed' – The Project Company will bring this confirmation letter to the appointment at INIS HQ.

(iii) 'Confirmation that funds are not borrowed' – The Client’s lawyer in Ireland will prepare this letter and the Project Company will bring this confirmation letter to the appointment at the INIS.

(iv) Originals of the 'Pre-Approval Letter' and 'Full Approval Letter'.

Contact VisaConnect's Consultants for Ireland Immigrant Investor Programme Assistance

Useful Links - Ireland IIP

Frequently Asked Questions - FAQ - Ireland Residency (IIP)

When did the Irish Immigrant Investor Programme first start?

The Immigrant Investor Programme (IIP) was introduced by the Irish Government in 2012 to encourage inward investment for the creation of business and employment opportunities in Ireland.

What is the smallest investment required for Irish Residency?

A minimum €400,000 Endowment, which is a Philanthropic donation to a project, of public benefit to the arts, sports, health, culture or education in Ireland.

How much money do I need to invest in the 'Enterprise Investment' Project?

A minimum of €1 million Euros invested in an Irish enterprise for a period of at least 4 years.

Who makes the decision about my application for Irish Residency?

Your application will be decided by Evaluation Committee of the Irish Naturalisation and Immigration Service’s (INIS), which is part of the Irish Ministry for Justice and Equality.

Can I apply for Irish IIP as an EU or EEA national?

No. The IIP is intended to encourage investors and business professionals from outside the European Economic Area (EEA) to avail of opportunities of investing and locating their business interests in Ireland and acquire a secure residency status in Ireland. For example, citizens of France, Germany and Italy cannot apply for IIP, but citizens of China, Vietnam and India can apply for the IIP.

I have a Dependent child of 23 years, can I include him/her in the IIP application?

Yes. Dependent children between the ages of 18 and 24 may be considered, provided that they are in full time education.

Why should I choose the Enterprise Investment option?

The Enterprise Investment option will be appropriate 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.

Why should I invest in the Endowment option?

The Endowment option will facilitate investors who wish to actively engage in philanthropy, by making a substantial donation, and who wish to donate to projects that benefit the public at large. It is the most simplistic option and once the endowment is made no further financial obligation is required under the Immigrant Investor Programme.

How do I pay the INIS Application fee?

Your Irish Project Company can assist with making the payment, by electronic funds transfer, provided that you pay your Irish project Company.

Do I need to provide evidence of High Net Worth?

Yes. The Main Applicant must must show that they have a legally acquired minimum net worth of €2 million. Evidence can include recent bank statements, Employment Payslips, tax returns, Property investments, Equity investments and Gifts.

Can I borrow funds, with a Loan to make an IIP application?

No. A loan provided to the applicant for the purpose of making an IIP application will not be considered an appropriate source of funding.

How do I provide evidence of Character?

All Applicants over 16 years of age must submit their IIP application with Police Character certificates from police authorities of each country in which they have resided for more than six months during the 10-year period prior to your making an application. In addition, your Irish Project Company will also need to submit an application for a Due Diligence Report from a reputable international risk management and security screening organisation.

Where do I transfer the Investment or Endowment funds to?

You need to transfer the Enterprise Investment funds or Endowment Donation to an 'Independent Lawyer', based in Ireland. VisaConnect can recommend an Independent Lawyer or you can search for your own Independent Lawyer. Note that the Irish Independent Lawyer is responsible for checking the funds received, and doing Anti-Money laundering checks. Then, the Independent lawyer will transfer the funds into the Irish project account, and prepare a Letter of confirmation of the actual transfer for submission to INIS.

Can I get an extension of the 90 days, in which to transfer the Endowment or make the Investment?

Yes. Your Irish Project company may be able to request an Extension for a further 90 days, subject to meeting their conditions and having a genuine need for additional time to make the donation or investment.

Do I need to visit Ireland to get my Irish Residency Permission?

Yes. You need to visit Ireland for the issuing of the Residency permission at INIS Headquarters, in Dublin. Note that only persons over 16 years are required to physically attend the INIS Headquarters for registration. Children under 16 years of age are registered under the primary permission holder’s (Principal Applicant) residency status without having to physically attend the INIS Headquarters.