We have received several queries from prospective investors looking for information on the Immigrant Investor Programme that was introduced by the Department in July 2013.
The purpose of the Immigrant Investor Programme is to enable non-EEA nationals and their families who commit to an approved investment in Ireland to acquire a secure residency status in Ireland. The application is considered by an Evaluation Committee who make a recommendation to the Minister for Justice and Equality as to whether or not the application meets all necessary requirements.
In order to be eligible for the programme, an investor must propose an investment in one or more of the following five categories;
a) A once off endowment of a minimum of €500,000 to a public project benefiting the arts, sports, health, culture or education. (The endowment figure is reduced to €400,000 per person where 5 or more individuals pool their endowment for one appropriate project).
b) A minimum €500,000 aggregate investment into new or existing Irish businesses for a minimum of three years.
c) €500,000 invested in an approved fund. The funds will have to be regulated for the purpose of doing business in Ireland and the investments strategy of the fund must be compatible with the aims of the scheme.
d) Minimum €1,000,000 investment in a special zero interest 5 year immigrant investor bond.
e) 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.
Applicants for the Immigration Programme who have their investment proposals approved are invited to apply for residency permission under the Programme and will be eligible for permission to reside and work in Ireland for two years. During this period beneficiaries must have private medical insurance and must not have recourse to public funds. Permission will be renewed thereafter subject to the investment remaining in place thereafter for the designated period and as long as the Evaluation Committee are satisfied with the success or viability of the investment.
We are happy to advise prospective applicants on their eligibility and draft applications on their behalf.
**Updated by Brophy Solicitors on 4th February 2014**