Resident scheme to lure foreign money

The Government is set to make it easier for non-European investors and entrepreneurs to do business in Ireland.

Justice Minister Alan Shatter has secured approval for two major immigration initiatives aimed at facilitating migrant entrepreneurs and investors from outside of the European Economic Area. The initiatives are designed to accommodate those who, in return for permission to reside in the state, are prepared to invest here to save or create jobs.

The immigrant investor programme and start-up entrepreneur programme are set to be formally launched by March.

The immigrant investor programme should see recipients of five-year multi-entry visas invest between €400,000 and €2m in a low-interest bearing Government bond being set up by the NTMA.

Under the start-up entrepreneur programme, it is envisaged that migrants with a good business idea in the innovation economy and funding of €70,000 can be given residency for the purposes of developing their business.

An evaluation committee will examine projects and State agencies will play a key role. However, no initial job creation targets will be set as, such businesses can take time to get off the ground.

“Immigration systems are often associated with border control, but that is only one part of the picture,” said Mr Shatter.

“Immigration systems can assist in job creation and we need to think of migrants not just as workers but as people who can create employment for others.”

He did not outline the Government’s expectations for the initiatives.

“I am not going to make any predictions on this. It would be unwise to do so, in any case. We are in new territory, so let’s wait and see. The relevant state agencies fully support these initiatives; they are about jobs — whether creating new opportunities or saving existing jobs and my department looks forward to working closely with them in a positive ‘Team Ireland’ approach in operating these programmes,” he said.