Ireland: Immigrant Investor Program Closed for New Applications

Details of how the closure affects different projects or applications are as follows:

• 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.

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.