What Is The Immigrant Investor Programme (IIP)
The Immigrant Investor Programme is a program developed by the Irish government to attract foreign investment and promote economic growth. The program allows individuals and their families to obtain Irish residency, and in some cases, citizenship, in exchange for making a significant investment in the Irish economy. The investments may include funding for start-up businesses, investment in real estate or public projects, and other activities that promote economic development.
The Immigrant Investor Programme was introduced in 2012 to boost investment and job creation in Ireland, and it has since attracted significant interest from foreign investors. The program has become a significant contributor to the Irish economy, with foreign investors injecting millions of euros into the economy. In turn, the program has created numerous job opportunities and contributed to the growth of various sectors.
Eligibility Requirements for the IIP
If you are interested in applying to become an investor in the Immigrant Investor Programme (IIP) in Ireland, you must meet certain criteria. Firstly, you must be a person of good character and have not been convicted of any criminal offence in any jurisdiction. Additionally, you must have a minimum net worth of €2 million and have an interest in investing in one of the four eligible investment options.
It’s worth noting that the Minister for Justice reserves the right to introduce revised guidelines, as deemed necessary, to ensure the effective, accountable, and transparent operation of the IIP. As part of this, the Department of Justice is enhancing its due diligence processes, including Anti-Money Laundering (AML), Know Your Client (KYC), Politically Exposed Persons (PEPs), and Sanction checks, while also engaging in data sharing with the Revenue Commissioners in line with OECD common reporting standards.
It’s important to be aware of the Guidelines from the Central Bank, which deal with the regulation of anti-money laundering and the countering of terrorism financing.
Furthermore, it’s crucial to note that the Immigration Service Delivery (ISD) will not consider a loan provided to the applicant for the purpose of making an IIP application as an appropriate source of funding. ISD will conduct a comprehensive examination of the sources of proposed funding, requiring significant supporting documentation and appropriate independent verification from qualified legal advisors in relevant jurisdictions. If an applicant seeks to rely on loaned funds for an IIP application, the application will be refused.
Application Process for the IIP
Overall, the application process for the IIP can take several months to complete, depending on the complexity of your application and the outcome of the due diligence checks. It’s important to ensure that you provide accurate and complete information and comply with all the requirements of the programme to increase your chances of a successful application.
- Free phone consultation to evaluate applicant’s background and answer questions.
- Arrange a face-to-face consultation to discuss eligibility, circumstances and timeline.
- Sign Independent Advisory Agreement.
- Prepare investment funds and application documents. Book an appointment for the applicant to attend the police headquarters for CNCC application. Submit the case once documents are ready.
- The standard processing time for the Irish Naturalisation and Immigration Services (INIS) is 6-9 months.
- Receive pre-approval letter from INIS and make the investment within 90 days.
- Travel to Ireland and obtain a two-year residency status (Stamp 4).
- Renew the residency status for an additional 3 years.
- Apply for Irish Citizenship.
Benefits of the IIP
The Immigrant Investor Programme (IIP) in Ireland offers numerous benefits to its participants, including:
A. Access to the European Union: By investing in Ireland through the IIP, applicants and their families gain access to the European Union (EU). This allows them to travel freely within the EU countries, do business and make investments across the EU.
B. Permanent residency in Ireland: The IIP offers successful applicants the opportunity to obtain a permanent residency status in Ireland. This enables them and their families to live, work, study and do business in Ireland without the need to renew their visa or residency status.
C. Pathway to citizenship: The IIP also provides a clear pathway to Irish citizenship for investors and their families. After holding permanent residency status for a certain period of time, they can apply for Irish citizenship, which grants them the right to vote, work and live in Ireland without restrictions.
D. Educational and employment opportunities: Ireland offers excellent educational opportunities for both children and adults, with a world-renowned education system. Moreover, as one of the fastest-growing economies in the EU, there are plenty of employment opportunities in Ireland, particularly in the fields of technology, finance, and research and development.
E. Access to healthcare: Successful IIP applicants and their families are also entitled to the Irish healthcare system, which is considered one of the best in the world. They can avail of the same healthcare services as Irish citizens, including access to hospitals, doctors and emergency medical care.
Overall, the IIP offers a range of benefits to successful applicants, allowing them and their families to live, work, study and do business in Ireland, while enjoying the many advantages that come with EU citizenship.