Government to close Immigrant Investor Programme amid concerns

The visa programme is a pathway for non-EEA nationals to secure an immigration permission in Ireland on the basis of long-term investment

Justice Minister Simon Harris said that the programme had been responsible for more than €1bn in investment, but would be closed on Wednesday. Picture: Jim Coughlan.

The Government has announced it will close the Immigrant Investor Programme amid concerns around the scheme.

The visa programme, a pathway for non-European Economic Area (EEA) nationals to secure an immigration permission in Ireland on the basis of long-term investment in a range of options approved by the Government, has been under scrutiny in recent weeks after the Public Accounts Committee was asked to review its working.

The call for a review came from Sinn Féin TD Matt Carthy, who pointed to the closure of the Nuremore Hotel in Monaghan, which was owned by Kai Dai, one of the largest brokers of the scheme in the State. Up to late last year, some 1,600 applications had been approved, with 94% of those from China.

Justice Minister Simon Harris said that the programme had been responsible for more than €1bn in investment, but would be closed on Wednesday.

“The Immigrant Investor Programme was established over a decade ago during a time of unprecedented economic difficulty to stimulate investment in Ireland that would be of strategic and public benefit to the State.

“However, it is important that we keep all programmes under review including any implications for wider public policy, such as the continuing appropriateness and suitability of this programme for cultural, social and economic use.

“We have also taken on board a number of reports and findings from international bodies such as the EU Commission, Council of Europe and OECD on similar investment programmes.

“Taking all of this into account, and informed by both internal and external reviews, I have recommended that it is now timely to close this Programme to new applications, and have received Government agreement to close it for further applications.” 

Applicants must be originally native to a country outside the EEA. They must have a net worth of at least €2m, and they must be willing to invest a minimum of €1m for at least three years, and that money cannot be sourced from loans or any sort of debt — it has to come from the investors’ own resources.

Applications will no longer be accepted from close of business on Wednesday, a Government statement said. The closure of the programme will not affect existing projects or individuals already approved. 

The Department of Justice will continue to monitor existing approved projects in relation to the delivery and for compliance with the terms of the Programme. Current applications on hand at the time of closure will continue to be considered.