The purpose of the Immigrant Investor Programme ("IIP") is to enable non-EEA nationals and their families who commit to an approved investment in Ireland to acquire permanent residency in Ireland.
The IIP was set up by the Irish Government in 2012. The most recent statistics released by the Department of Justice and Equality for 2014 show that a total of 41 investors had been approved to that date, with a combined investment of over €40 million.
There are essentially two components to an IIP application, the person and the investment. The personal criteria relate to the good character of the individual, their net worth and the providence of the funds to be invested. The investment component relates to the nature of the proposed investment.
Individuals can apply to the IIP without committing any investment funds. An individual must choose one of six eligible investments to invest in and submit the required documentation as described in this bulletin. Once the application has been approved, the investment may then proceed, and once the funds have been invested the individual and their family will be issued with permission to reside in Ireland.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.