Ireland Golden Visa (Closed)

What the program offered

Ireland’s Immigrant Investor Programme (IIP) opened in 2012. Non-EEA investors with a net worth of at least €2 million could choose one of four routes:

• Endowment: a €500,000 gift to a public benefit project in arts, sport, health, culture or education (€400,000 each when five or more investors pooled their money);
• Enterprise investment: €1 million in an Irish business for at least three years;
• Investment fund: €1 million in an approved investment fund for at least three years;
• REIT: €2 million in an Irish real estate investment trust listed on the Irish Stock Exchange, for at least three years.

Approved investors and their families received Stamp 4 residence permission for five years, renewable for five more. The only stay requirement was to visit Ireland at least once a year. Irish citizenship was not part of the program: naturalisation required actually living in Ireland, with five years of reckonable residence in the last nine, including one continuous year before applying.

Why it closed

On 15 February 2023 Minister for Justice Simon Harris announced the closure of the IIP to new applications, with effect from that day. A review of the scheme had looked at reports from the European Commission, the Council of Europe and the OECD on similar investor programs. Over its lifetime the IIP approved almost €1.252 billion of investment in Irish enterprises and community, sports and other organisations. Most approved investors came from China.

What happens to existing holders?

Applications already on hand at the closing date continue to be considered. People and projects already approved under the IIP are not affected, and the Department of Justice continues to monitor approved projects for compliance.

Sources

• Department of Justice (gov.ie) – Minister Harris announces closure of the Immigrant Investor Programme
• Withers – Ireland closes investor visa scheme
• Best Citizenships – Closing of the Ireland golden visa program
• Best Citizenships – Ireland golden visa