With the Brexit vote decided and the commencement of the unwinding of the UK’s European Union membership, it is highly likely that non-EU companies and individuals who were considering moving to and investing in the UK, will now look towards Ireland for immigration and investment options. In this blog, post Regan Solicitors give an overview of the Immigrant Investor Programme. Should you have further questions or require advice on the program, please reach out to Regan Solicitors via the contact details at the bottom of this post.
What is the Immigrant Investor Programme?
The Immigrant Investor Programme is open to non-EEA nationals and their families who commit to an approved investment in Ireland. Approved participants in the Programme and their immediate family members will be granted rights of residence in Ireland which will allow them to enter the State on multi-entry visas and to remain here for a defined period but with the possibility of ongoing renewal. The Programme will facilitate participants, over time, in establishing a permanent relationship with Ireland.
Each application will be examined on its merits in a qualitative examination by an independent interdepartmental committee. The investment has to be good for Ireland, good for jobs and in the public interest. The funds invested have to be legally acquired and owned by the investor (i.e. not borrowed). The person has to be of good character.
In order to be considered for the programme the investor must propose an investment in one or more of the following categories:
|Immigrant Investor Bond||€1million invested in the bond at 0% interest rate|
|Enterprise investment||€500,000 invested in an Irish Enterprise for 3 years|
|Investment Funds||€500,000 invested in an approved fund. For further information please see links below.|
|Real Estate Investment Trusts||A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange. The €2 million investment may be spread across a number of different Irish REITs.|
|Mixed investment||Investment in a residential property of minimum value of €450,000 and a straight investment of €500,000 into the immigrant investor bond, giving a minimum investment of €950,000. The level of investment into the bond would no longer be linked to the value of the property purchased.|
|Endowment||€500,000 philanthropic donation by an individual (€400,000 where 5 or more individuals pool their endowment for one appropriate project).|
What do successful applicants of the Immigrant Investor Programme receive?
Residence permission is granted to successful applicants: 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 (i.e. the investment has not been withdrawn, they continue to be law abiding and self-sufficient), a further period of 3 years will be granted. After this initial 5 year period, the investor will be free to apply for residence in 5 year tranches. The investor is not required to establish actual residence in Ireland.
The Immigrant Investment Programme is about rights of residence that the investor may exercise as their business and family needs dictate. No minimum residence requirement is set other than the stipulation that the persons concerned should visit Ireland at least once in every 12 month period.