The Immigrant Investor Programme (“IIP”) was set up by the Irish Government in 2012. A total of 463 applications were made between 2012 and 2016, resulting in a combined approved investment of €209,650,000. A total of 66 applicants in 2015 increased to 329 in 2016. There existed a very wide regional dimension to investments, with Dublin accounting for only 14% of the projects.
Brexit makes investment into United Kingdom highly uncertain and volatile at present and this presents Ireland with a unique opportunity. Ireland is the most westerly country in Europe with direct access and a unique relationship with America. Additionally, given its access to the EU market, established infrastructure, exceptional education system and favourable corporation tax level, investment into Ireland has proved very attractive.
Brady Kilroy are uniquely placed to assess and mange individual applications under IIP with their extensive corporate network, industry knowledge and bilingual staff. We service all components and offer full management of each stage and liaison with third parties to ensure a streamlined process for individuals.
Types of eligible investment under IIP, include:
Enterprise Investment
Investment Funds
Real Estate Investment Trusts (REIT)
Endowments
While each investment is nuanced, generally, an individual must invest into an Approved Investment and be committed to the project for a minimum of three years.
The individual must provide evidence of the funds that are to be used for the proposed investment; evidence of the provenance of those funds and evidence that the funds are transferrable to Ireland and convertible to euros.
Critically and most attractive to non-EU citizens, Residency is available to individuals, their spouses/partners, and children under 18 years for whom the applicant and/or their spouse/partner has legal guardianship. In certain cases, children between the ages of 18 and 24 will be considered where they are unmarried and are financially dependent on their parents. All successful candidates and their nominated family members will be granted continuous residence in Ireland under “Stamp 4” conditions. “Stamp 4” conditions permit foreign nationals to work, study or to start their own business in Ireland. You are not required to reside in Ireland in order to maintain your immigration permission, however, you are required to visit Ireland at least once per calendar year. Investment performance is not a condition of residence.
As set out above, the process is nuanced, and we possess specific expertise and experience to guide you through the process. Please get in tough for a free consultation.