The end of the Immigrant Investor Programme (IIP), also known as the Irish Golden Visa, has been finalized following its closure on February 14, 2023, as confirmed by Ireland’s Department of Justice.
Under the proposed arrangements, priority for processing will be given to certain categories of applications in the coming months, including projects that requested additional funding, project applications received prior to program closure, and projects submitted without a linked investor, among others.
The Irish Department of Justice will then examine categories of approved projects that have requested additional funding and those that have stalled, as well as decisions made on these requests.
The remaining categories of applications, including IIP approved investment funds and post-closure project applications, will be examined next. The closure of the scheme did not affect already approved applicants and projects under the IIP, and they will continue to be monitored for delivery and compliance with Golden Visa conditions.
The Immigrant Investor Programme (IIP) of Ireland was scrapped in February last year after an extended review period, stemming from irregular affairs such as money laundering and corruption.
The IIP scheme, which was similar to the Golden Visa program, required wealthy foreigners to invest at least €1m for a minimum of three years, or make a significant donation to a project in Ireland.
According to data provided by the Minister for Justice Helen McEntee, approved investments under the scheme totaled €1.293 billion from 2012, with a total of 1,788 applications approved. The primary beneficiaries of the scheme are nationals from China, the United States, and Vietnam.
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