Updates to the Immigrant Investor Programme
18 January 2017
The Immigrant Investor Programme (the “Programme”) was formally launched in April 2012.The Programme facilitates non-EEA nationals who wish to make a qualifying investment in Irish businesses, in Government Bonds, property or by way of endowments, in order to acquire residency rights for the investor and immediate family members.
Changes to the Immigrant Investor Programme
The most recent changes were announced by the Irish Naturalisation and Immigration Service on the 20 December 2016 and are effective as of 1 January 2017.
1. Investment options
The new changes affect the investments that will qualify for residency under the Programme and are as follows:
|Investment Option||Previous Scheme||Updated Scheme|
|1. Immigrant Investor Bond||A minimum investment of €1,000,000.00 was required in the immigrant investor bond issued by Ireland acting through the National Treasury Management Agency.||This investment scheme is currently suspended by the Irish Naturalisation and Immigration Service until further notice.|
|2. Enterprise Investment||A minimum investment of €500,000.00 was required in either a single Irish enterprise or divided in a number of Irish enterprises over a minimum period of 3 years.||A minimum investment of €1,000,000.00 is now required in either a single Irish enterprise or divided in a number of Irish enterprises over a minimum period of 3 years.|
|3. Investment Fund||A minimum of €500,000.00 was required in an approved investment fund.||A minimum investment of €1,000,000.00 is now required in an approved investment fund.|
|4. Real Estate Investment Trusts (REIT)||A minimum investment of €2,000,000.00 in any Irish REIT that is listed on the Irish Stock Exchange. This investment may be spread across a number of different Irish REITs.||No changes have been made under the updated scheme.|
|5. Mixed Investment||A mixed investment comprises of a purchase of a Residential Property in Ireland with a minimum value of €450,000.00 combined with a €500,000.00 investment in the Immigrant Investor Bond.||This investment scheme is currently suspended by the Irish Naturalisation and Immigration Service until further notice.|
|6. Endowment||A minimum endowment of €500,000.00 in a project of public benefit in the arts, sports, health, cultural or educational field or €400,000.00 where five or more individuals pool their endowment for one appropriate project.||No changes made under the updated scheme.|
2. Cost of an application to the Immigrant Investor Programme
Further changes put forward by the Irish Naturalisation and Immigration Service are in relation to the actual cost of making an application for investment. Under the previous guidelines, the cost of making an application was €750.00 and under the revised scheme it has now increased to €1,500.00 per application.
3. Application dates
Finally, the Irish Naturalisation and Immigration Service have now introduced timelines in which an investor can make an application, they are as follows:
- 2 January 2017 – 27 January 2017
- 20 March 2017 – 13 April 2017
- 22 May 2017 – 16 June 2017
- 14 August 2017 – 8 September 2017
- 16 October 2017 – 10 November 2017
Applications that are submitted outside the above dates will not be accepted by the Irish Naturalisation and Immigration Service. Furthermore, an application with the incorrect fee or investment amount will not be accepted and returned to the applicant.
For further information on this topic please contact:
Associate, Immigration Group
Lorcan Moylan Burke
Solicitor, Immigration Group