Plans to scrap Ireland’s “Golden Visa Scheme”

Plans to scrap Ireland’s “Golden Visa Scheme”

The Republic of Ireland has decided to discontinue the Golden Visa Scheme that allowed non-EU nationals to invest in return for a visa.

Effective Wednesday, the Immigrant Investor Programme (IIP) will stop entertaining any new applications.

Launched in 2012, this program provides opportunities for people to obtain Irish citizenship when they create job opportunities.

Simon Harris, Ireland's Minister for Justice, has noted that the scheme has been under consideration for an extended time.

After careful consideration, taking into account reports from international organizations, his own internal reviews, and external evaluations, he decided to proceed with the plan he mentioned.

The EEC has created a program offering "Golden Visas" to wealthier individuals from non-EEC countries who are willing to invest in the region.

The Irish visa scheme required candidates to have a net worth of at least €2m (£1.7m) in order to be eligible for the program.

Last year, a program specifically designed to attract foreign investors to the UK had come to an end.

Also Read: Ireland’s Inflation Hits a 38 Year High in 2022 - CSO

'Stimulate investment'

The IIP stipulates that those who wish to apply must invest €1million (£880,000) in the program over a minimum period of 3 years.

To help promote the public good, they have proposed

  1. The offering of €500,000 (£440,000) as a Singular Endowment
  2. €400,000 (£350,000) jointly for a project in Ireland that would benefit disciplines such as
    • Arts and Sports
    • Health
    • Culture
    • Education

It is compulsory for the applicant to use their own finances as the capital when making an investment.

RTÉ recently reported that a substantial amount of applications to the programme originated from China.

Mr Harris noted that the scheme was launched during a difficult economic period in order to stimulate investments in Ireland.

The 1500 applications that have already been submitted will be given due consideration, and the projects that had already received approval under the programme will remain unchanged.

Ireland's Start-up Entrepreneur Programme (STEP) was set up in 2012 as a way for entrepreneurs with an innovative concept to gain residence in the country. It has been instrumental in helping numerous businesses grow and develop since its inception.

The programme was confirmed to continue as reported.

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