What is the Immigrant Investor Programme?
The Immigrant Investor Programme (IIP) is a pathway for non-EEA nationals to secure immigration permission to Ireland on the basis of long-term investment of a sum of money in a project that has been approved for that purpose by the Department of Justice and other Government stakeholders.
The IIP was introduced by the Irish Government in 2012 to encourage inward investment for the creation of business and employment opportunities in the State. The programme is designed to encourage investors and business professionals from outside the European Economic Area to avail of opportunities of investing and locating their business interests in Ireland and acquire a secure residency status in Ireland.
Applicants to the IIP must be high net worth individuals with a personal wealth of at least €2 million. The IIP requires applicants to invest a minimum of €1 million for a minimum of three years. The funds used for an investment must be from the applicant’s own resources and not financed through a loan or other such facility.
The IIP offers four investment options for potential investors.
–Enterprise Investment: A minimum of €1 million invested in an Irish enterprise for a period of at least three years
–Investment Fund: A minimum of €1 million invested in an approved investment fund for a period of at least three years. Such funds must be approved and regulated by the Central Bank
–Real Estate Investment Trusts: A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange, for a period of at least three years
–Endowment: A minimum €500,000 (or €400,000 where 5 or more applications are received) philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.
Investors should note that the Irish Government has no responsibility for the performance of an investment. Investments are a private matter between the parties concerned and it is the responsibility of the investor, as in any business decision, to assess the potential success of their venture. Approval of an application under the IIP is not an endorsement of a particular project. What it means is that the investor has been approved and the investment meets the objectives of the IIP.
You may apply to become an investor in the IIP if:
-You are a person of good character
-You have not been convicted of a criminal offence in any jurisdiction
-You have a minimum net worth of €2 million
-You have an interest in investing in one of the four eligible investment options mentioned above.
The Minister for Justice reserves the right to introduce revised guidelines, in any manner deemed necessary to ensure the most effective, accountable and transparent operation of the IIP. Applicants and sponsors should also be aware that the Department of Justice is enhancing the due diligence processes including:
-Anti-Money Laundering (AML)
-Know Your Client (KYC)
-Politically Exposed Persons (PEPs)
Additionally, Department of Justice is engaging in data sharing with the Revenue Commissioners in accordance with the OECD common reporting standards.
Applicants to the IIP should read the Guidelines from the Central Bank which deal with the regulation of anti-money laundering and the countering of terrorism financing.
Immigration Service Delivery (ISD) wish to state that under no circumstances will a loan, provided to the applicant for the purpose of making an IIP application, be considered an appropriate source of funding. As part of the IIP application process, ISD will undertake a comprehensive examination of the sources of proposed funding. ISD will require significant supporting documentation attesting to the source of the funds and appropriate independent verification of documentation from suitably qualified legal advisors in the relevant jurisdictions. If an applicant seeks to rely on loaned funds for the purposes of an IIP application, the application will be refused