The Immigrant Investor Programme (IIP) is open to non-EEA nationals who commit to an approved investment in Ireland. The Immigrant Investor Programme requires a minimum investment of €1m, from the applicants own resources and not financed through a loan or other such facility, which must be committed for a minimum of three years.
The IIP is open to high net worth individuals with a minimum personal net worth of €2 million. Investors must be of good character and have not been convicted of criminal offences in any jurisdiction.
Residence Permission and Conditions
All successful candidates and their nominated family members will be granted a residence permission in Ireland under “Stamp 4” conditions. “Stamp 4” conditions permit foreign nationals to work, to study or to start their own businesses in Ireland.
Physical residence in Ireland is not a condition for renewal of your residency permission under the Immigrant Investor Programme. This condition applies to both investors and their nominated family members. The programme simply requires investors and their family members to visit Ireland at least once per calendar year.
There are a number of investment options available:
- Enterprise Investment: A minimum of €1 million invested in an Irish enterprise for a period of at least 3 years.
- Investment Fund: A minimum of €1 million invested in an approved investment fund for a period of at least 3 years. Such funds must be approved and regulated by the Central Bank.
- Real Estate Investment Trusts (REIT): A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange, for a period of at least 3 years.
- Endowment: A minimum €500,000 philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.
The performance of the investment or fund is not a matter for the Irish State. There are various funds in operation on the market and it is important to choose an investment which meet the requirements of the Immigrant Investment Programme.
Source of Finance
The finance for the investment must come from the investor’s own funds and under no circumstances will a loan provided to the applicant for the purpose of making an IIP application be considered an appropriate source of funding.
As part of the IIP application Process, INIS will undertake a comprehensive examination of the sources of proposed funding and will require significant supporting documentation attesting to the source of the funds and appropriate independent verification of said documentation from suitably qualified legal advisors in the relevant jurisdictions.
Steps in the Process
There are four steps to the IIP process–
1. Make an application, without committing any investment funding, on the basis of one of the above investment options.
2. The application is approved by the Evaluation Committee.
3. Make the investment in accordance with your approved application.
4. Provide evidence that you have made the investment.
The application fee is €1,500. On average, applications take 4 months to process but may take longer if the evaluation committee requires further documentation or due diligence to be carried out.
If you require further information about the Immigrant Investment Programme, contact us today.