Ireland Closes Immigrant Investor Programme

Ireland’s Justice Minister Simon Harris has announced the immediate closure of Ireland’s Immigrant Investor programme (IIP).

The successful programme which has been established for over a decade has raised significant funding during its lifetime, generating €1.25 billion in revenue since its inception in 2012. The programme offered some attractive benefits for investors including residency without a minimum stay and potential for eventual citizenship. Ireland was a unique programme. With English as the first language, Ireland is not only part of the EU but also benefits from the Common Travel Area agreement with the UK.

Whilst the Minister’s statement announced the closure of the programme will take immediate effect from 15th February 2023, the official press release on Ireland’s government website also states that qualifying investment funds will still be able to onboard clients for the IIP until they become fully subscribed. ”In the interest of fairness, managers of these funds will be given a three-month period for any further IIP applications to be made in respect of these funds”

A small window still remains and La Vida advises any investors considering this programme to act immediately. It typically takes applicants an average of eight weeks to compile their documents in order to submit an application. To meet the three-month grace period, investors will need to have initiated their application by the end of February 2023 at the very latest. La Vida’s experienced team will be able to assist you with the entire process. 

Ireland’s Immigrant Investor Programme requires a minimum investment of €1.0 million in an approved investment fund, plus fees, which will be held for a minimum of 3-5 years. In return, applicants will gain Irish residency within six-nine months. For full programme details and a personal consultation, please contact our experts.