Ireland’s Immigrant Investor Program will be discontinued

The Irish Immigrant Investor Program will no longer be active as of February 15, 2023, according to a statement by Ireland’s Minister for Justice, Simon Harris.

Launched in 2012, the Ireland Immigrant Investor Program allowed applicants to obtain Irish residency (and EU mobility) if they received an investment or donation to the country’s economy and an estimated personal net worth of at least €2 million . The program has attracted investment in Ireland of over €1.17 billion since inception.

In early 2022, the European Parliament warned the country that its program was particularly vulnerable to tax evasion and abuse by applicants – while the volume of applications reportedly tripled in the first nine months of 2022, according to media reports. Last year, the Irish Department of Justice raised concerns about the scheme and launched a review.

The program’s surge in popularity in 2022 was seen as a result of its seemingly imminent suspension, which is now taking effect as expected. The majority of applicants to the program are Chinese nationals, with a staggering 94% of all applicants coming from China since the program started. In 2022, only 14 out of 1,316 applications were from non-Chinese nationals.

The decision to end the program marks the end of an era for the country and its investors. However, Irish immigration authorities will continue to process applications from applicants who are already in the process but will no longer accept new applications.

The Irish decision is the result of a year-long review

The program has been under review by the Department of Justice for a year, which has just concluded with the announcement of its completion.

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