Library of Best Practice
The Immigrant Investor Programme is open to non-EEA nationals and their families who commit to an approved investment in Ireland. Approved participants in the programme and their immediate family members will be granted rights of residence in Ireland which will allow them to enter the State on multi-entry visas and to remain here for a defined period but with the possibility of ongoing renewal. This programme is open to non-EEA nationals who want to establish a high potential start-up business in Ireland and is run by the Irish Naturalisation and Immigration Service.
Type of Best Practice:
Methodology used in the Best Practice
There are two primary components to the application; the person and their investment. The personal criteria relate to the good character of the individual, their net worth and the forecast for their funds to be invested. The investment component relates to the nature of the proposed investment.
To participate in this programme migrant investors must adhere to one of the following investment options:
- Endowment: €500,000 to a public project benefiting the arts, sports, health, culture or education. The endowment can be €400,000 per investor if it is pooled by at least 5 individuals.
- Enterprise Investment: A minimum €500,000 aggregate investment into new or existing Irish businesses for a minimum of 3 years.
- Investment Fund: A minimum of €500,000 in an approved investment fund which would invest in Irish businesses and projects.
- Real Estate Investment Trust (REIT): A minimum investment of €2 million in any Irish REIT listed on the Irish Stock Exchange. The investment may be spread across a number of Irish REITs.
A total of 450 applications have been made by investors since this programme began in 2012. The minimum threshold was lowered from investment of €1million to €500,000 in the second half of 2016 and this saw a spike in applications, numbering 273 of the total 450 applications being received between July and November 2016. Despite the high number of applications in this period, only 23 applications were approved for all of 2016.
In total, since the scheme began in 2012, 130 successful applicants have invested €65m into the Irish economy, which surpasses the Government’s estimation that the scheme would be worth “€40 million” to the Irish economy.
Access to the Best Practice
Information on this initiative can be accessed at the following 2 links: