IRELAND

Ireland is an island in the North Atlantic approximately 100 Km to the west of England. Ireland is politically divided into two. The Republic of Ireland covers about 80% of the island, with a population of approximately 4.8 million. Its capital is Dublin, and the official languages are English and Irish, the latter which is receiving increased interest and is spoken by approximately 10% of the population.

Many of the world’s well-known brands may be found in Ireland. The country is also positioning itself to become a world leader in ICT, Energy Efficiency and Health Innovation. With a small, highly globalised economy and a well-established FDI sector, Ireland generates significant exports across business sectors. A pro-business attitude enables companies to set up swiftly, with minimum red tape, in a connected environment.

Ireland’s favourable tax regime and financial support systems for research and development underline the Government’s determination to continually enhance the country’s attractiveness to overseas companies. Ireland has been successful in attracting cutting-edge FDI investment across a range of sectors, primarily thanks to a value proposition of talent, track record, technology infrastructure and 12.5% corporate tax rate, which the nation offers to global corporations. This has empowered Ireland to establish and maintain its FDI reputation.

Benefits of the Ireland Immigrant Investor Programme

The Ireland Immigrant Investor Programme (IIP) allows non-EEA nationals and their families who commit to an approved investment in Ireland, to acquire permanent residency.

Applicants will be required to spend at least one day in Ireland every year, which means that the programme focuses on the acquisition of resident status, rather than actual physical residence. This allows for greater flexibility in meeting the needs of family and business.

Residency status is initially issued for 2 years then extended for an additional 3 years, after which, applicants may apply for permanent residency. Whilst the IIP does not provide for preferential access to citizenship, successful applicants may eventually apply for naturalisation through the normal procedures.

Commitment expectations

To apply for permanent residence in Ireland through the IIP, one of the following conditions must be met:

• A minimum of EUR 1 million investment in one or more businesses, which are registered and headquartered in Ireland, and which must support the creation or maintenance of employment. This investment must be held for a minimum of 3 years; or
• A minimum of EUR 1 million in an investment fund which has been approved by the Irish Naturalisation and Immigration Service (INIS), which represents equity stakes in Irish registered companies which are not quoted on any stock exchange. This investment must be held for a minimum of 3 years; or
• A minimum of EUR 2 million in one or more Irish Real Estate Investment Trusts (REITs) that are listed on the Irish Stock Exchange. This investment must be held for a minimum of 5 years, with limited divestments possible on years three (50%) and four (25%) from the date of purchase; or
• A minimum contribution of EUR 500,000 in a project with a clear public benefit in the arts, sports, health, cultural or educational fields. This investment will have no financial returns to the applicant and no possibility to recover any part of the capital. It is possible for a group of 5 or more investors to combine their investments towards the same project, in which case the minimum investment per investor is reduced to EUR 400,000;

Further to this, a non-refundable application of EUR 1,500 is applicable for every application, together with a EUR 300 Irish Residence Permit (Stamp 4), for every applicant.

This means that the minimum total capital outlay for a single applicant would amount to approximately EUR 501,800, excluding service providers’ professional fees and any other fees not mentioned herein.

The Application Process

The application process typically commences with the signing of a power of attorney with a service provider to facilitate the liaison with the different stakeholders. All application forms, supporting documentation and details of the investment proposals will be submitted to the INIS, who together with their findings of the due diligence checks will be presented to the Evaluation Committee.

The Evaluation Committee will consider the proposal and may seek further information from the candidate if required, after which a recommendation will be made to the Minister for Justice and Equality. If an application is accepted, the investment will need to be made within 90 days from the pre-approval letter and evidence of the investment must be submitted to the Minister. Applications take on average three to four months although they may take longer if the Evaluation Committee require more information from an applicant.

Once all criteria have been satisfied, a letter granting permission to reside is issued, which must be registered at a designated registration office in Dublin. All successful candidates and their nominated family members will be granted a two-year residence permission in Ireland under “Stamp 4” conditions. This visa is then renewed for a further three years, with an application for permanent residency submitted on the fifth year.

Applicants for Irish citizenship need to be physically resident in Ireland for the 12 months prior to citizenship application and to be physically resident in Ireland for four of the preceding eight years, i.e. 5 years. Investors and their family members who exercise their right not to reside in Ireland under the IIP will not fulfill the residency requirements for naturalisation.