The government of the Republic of Ireland has announced that it is ending the Immigrant Investor Program
Taken as a step to protect wider public policy, Justice Minister Simon Harris has announced the cessation of the program with effect from today although applications that were submitted prior to February 15 will still be considered.
Also known as a ‘Golden Visa’, the Immigrant Investment Program (IIP) was established in 2012 offered residence to investors from the countries outside of the EU, with a personal wealth of at least €2 million if they invested a minimum of €1 million in Ireland for at least three years.
The practice has fallen out of favour in recent years. Ireland’s IIP was dominated by wealthy applicants from Russia and China and Russia’s war in Ukraine and growing international isolation led to justice department officials recommending that new applications be halted. Ireland’s decision comes one year after the UK canceled its own similar scheme, citing national security concerns and the program’s popularity with Russian nationals.
According to the government’s data, the IIP has resulted in approximately €1.25 billion worth of non-EU investment in the country since its inception.
