Ireland: Immigrant Investor Program Closed for New Applications
February 14, 2023
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At a Glance
- Effective February 15, 2023, at close of business, the Immigrant Investor Program (IIP) will close to new applications.
- Projects or individuals already approved under the IIP will not be affected and applications still under review as of that time will still be processed.
- Further, there are some projects which have not been formally submitted but which have been developed following contact with the IIP Unit of the Department of Justice. These projects will have three months to finalize and submit their applications.
- Additionally, investment funds approved and regulated by the Central Bank and the IIP which have not yet reached their minimum target size or subscription level will have three months to submit any remaining applications.
The situation
Effective February 15, 2023, at close of business, the Immigrant Investor Program (IIP) will close to new applications.
A closer look
Details of how the closure affects different projects or applications are as follows:
| Application Type | Impact |
| Currently approved projects or individuals |
|
| Submitted applications |
|
| Pending applications |
|
| IIP investment funds |
|
Background
- Inception of IIP. The IIP was introduced in 2012 to encourage investors and business professionals from outside of the European Economic Area to invest in and locate their business interests in Ireland. In return, investors and family members received permission to reside in Ireland.
- Eligibility for IIP. Applicants to the IIP were required to have personal wealth of at least EUR 2 million and the IIP required applicants to invest money coming from the applicant’s own resources, that were not financed by a loan.
- Investment routes under IIP. Potential investors had four investment options:
- Enterprise investment. A minimum of EUR 1 million investment in an Irish enterprise for at least three years.
- Investment fund. A minimum of EUR 1 million investment in an approved investment fund which was approved and regulated by the Central Bank, for at least three years.
- Real Estate Investment Trusts (REIT). A minimum of EUR 2 million in any Irish REIT listed on the Irish Stock Exchange for at least three years.
- Endowment. A minimum of EUR 500,000 (or EUR 400,000 where five or more applications were received as part of a joint endowment) philanthropic donation to a project of public benefit to arts, sports, health, culture or education.
- Rationale for closure. The program is no longer considered to be necessary to improve Ireland’s economy, as it was in 2012.
Looking ahead
The Department of Justice will be publishing detailed information relating to the winding down of the scheme.
Although the IIP will close, entrepreneurs can still apply to the Start-Up Entrepreneur Program which allows individuals with innovative companies intending to serve international markets from Ireland to locate their start-up businesses in Ireland, in return for residence permission.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
