Yesterday, Ireland’s Justice Minister, Simon Harris, announced that the country's Immigrant Investment Program (IIP) would be terminated effective February 15, 2023. This announcement has been met with disappointment from prospective investors who had hoped to participate in the program and gain residency rights in this flourishing European nation.
Under the Immigrant Investor Programme, non-EEA nationals who invested at least 1 million EUR ($1.07 million) or donated EUR 500,000 to philanthropic causes were granted visas with immigration rights. Over the course of ten years, the program oversaw investments totalling more than EUR 1.2 billion.
In this article, we bring you up to speed with the closure of the Irish Immigrant Investor Program and how you can take advantage of the last opportunity to secure this much sought-after European residency.
Today Irish government issued a press release advising on the closure of its Immigrant Investment Program despite its impactful benefits to Ireland’s economy and public life.
As stated by Ireland’s Minister Harris:
“The Immigrant Investor Programme was established over a decade ago during a time of unprecedented economic difficulty to stimulate investment in Ireland that would be of strategic and public benefit to the State.”
The Minister did not indicate the exact reason why the country’s successful investment program is to be terminated. However, he alluded to the idea that IIP is no longer in the nation’s best interest, commenting:
“However, it is important that we keep all programs under review, including any implications for wider public policy, such as the continuing appropriateness and suitability of this program for cultural, social, and economic use.”
The government has assured that the recent changes will not impact investors who are already approved under the program. They will continue monitoring approved projects and individuals to ensure they comply with the program's requirements.
Furthermore, those who have just submitted their applications and are awaiting their decision will continue to be processed. Reportedly, there are approximately 1,500 applications to be approved.
The good news is that for those interested in investing, there is still time to do so under the Investment Fund option. Some of these investment funds have not yet reached their maximum investor target size, providing a final chance to participate. To ensure fairness, the fund managers are granted a 3-month grace period to fill the remaining investment spots.
The Investment Fund option requires foreign nationals to invest at least EUR1 million, plus associated administrative fees, in government-approved and regulated investment funds. This investment is locked in for five years, after which the investor receives a full refund without interest.
Please note that this offer is only available for the next 12 weeks; therefore, we encourage you to apply now.
Time is running out to take advantage of Ireland’s unique Immigrant Investment Program, which is, unfortunately, coming to a close. You still have a chance to secure this residency visa that offers the best of both worlds – access to the EU and the UK.
Don’t let this opportunity pass you by. Contact our team today and let us help you secure your future in this thriving European nation.