Immigrant Investor Programme - August 2018

The purpose of the Immigrant Investor Programme ("IIP") is to enable non-EEA nationals and their families who commit to an approved investment in Ireland to acquire permanent residency in Ireland.

The IIP was set up by the Irish Government in 2012. The most recent statistics released by the Irish Government Economic & Evaluation Service ("IGEES") in its interim evaluation show that a total of 463 applications had been made between

2012 and 2016, resulting in a combined approved investment of €209,650,000. Further detail on the report can be found here.

There are essentially two components to an IIP application, the person and the investment. The personal criteria relate to the good character of the individual, their net worth and the providence of the funds to be invested. The investment component relates to the nature of the proposed investment.

Individuals can apply to the IIP without committing any investment funds. As of January 2018, an individual must choose one of four eligible investments to invest in and submit the required documentation as described in this bulletin. Once the application has been approved, the investment may then proceed, and once the funds have been invested the individual and their family will be issued with permission to reside in Ireland. In January 2018, the IIP raised the minimum investment threshold to €1m from €500,000. This investment must stem from the applicant's own resources and not financed through a loan or other such facility, and must be committed for a minimum of three years.

IRISH RESIDENCY

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, a further period of 3 years will be granted. After this initial 5 year period, the investor will be free to apply for residence indefinitely in 5 year tranches. Investment performance is not a condition for residence.

There is no minimum residence requirement other than that the persons concerned spend at least one day in Ireland every year. The investor is not required to establish actual residence in Ireland. The IIP is about rights of residence that the investor may exercise as their business and family needs dictate.

The Immigrant Investor Programme does not provide for preferential access to citizenship. Successful applicants are free to apply for naturalisation in the normal manner. This process is set out in brief below.

ELIGIBLE INVESTMENTS

The Department amended it Guidelines for the Immigrant Investor Programme in...