The 2013 Immigrant Investor Programme
The Republic of Ireland has introduced a high net worth Immigrant Investor Programme for non- European Economic Area (EEA) nationals, which allows individuals and their families to secure a safe haven automatic right of residency to live in the Republic of Ireland (A full EU member since 1973) WITHOUT actually having to commit to reside in Ireland until business and/or economic circumstances require such relocation. It is though that such a scheme is likely to attract wealthy Chinese, Middle East and Russian nationals wishing to have an automatic right to reside in a highly developed, risk free, English speaking and prestigious jurisdiction. Unlike countries offering similar schemes such as Cyprus, Ireland has a robust economy at witnessed by its recent and unique ability to remove itself from its EU/IMF bailout in December 2013. It should be further noted that if and when investors take up permanent residence in Ireland they will also have the option of applying for an Irish passport, which is considered one of the best and most useful in the World.
The investment by the non-EEA national has to be beneficial for Ireland, good for jobs and also in the public interest. The funds invested have to have been legally acquired and directly owned by the investor (i.e. not borrowed). All applicants have to be of good character.
|Investment Option||Irish Residency Scheme post 15th of July 2013|
|Immigrant Investor Bond||€1m 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|
|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).|
How Residency 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that point to ensure the investor is continuing to meet the conditions of the scheme (i.e. the investment has not been withdrawn, they continue to be law abiding and self-sufficient), a further period of 3 years will be granted.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 years 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 *.
For more information on our Irish fiscal migration, relocation and property finder services please contact an SCF Consultant.
* Source = The Irish Naturalization and Immigration Service (INIS)