IRELAND – “Golden Visa” Scheme Ends

February 17, 2023

The government of Ireland has closed its “Golden Visa” scheme effective immediately.

Known officially as the Immigrant Investor Programme (IIP), the program allowed non-EEA nationals to gain permission to immigrate to Ireland in return for an investment of at least one million Euros of their own funds in one of several approved investment vehicles, and have a net worth in excess of two million Euros. The program was launched in 2012 as the Irish economy was struggling to recover from the global recession.

But as the Irish economy grew, the program came under increased scrutiny and the Department of Justice recently stated that IPP had ‘fulfilled its purpose’ in bringing foreign investment into Ireland.’

Officially, the Department of Justice stated the IPP had “fulfilled its purpose” in bringing foreign investment into Ireland. The statement from the Department of Justice also noted the EU Commission and Council of Europe have expressed concerns over immigrant investment schemes in relation to possible tax evasion, money laundering, and border security issues.

The IIP stopped accepting applications on 15 February. The approximately 1,500 applications filed before that date will continue to be processed. Immigration permissions already received by any individuals will remain valid and they will be able to apply for renewal when their current permissions expire.

This immigration update is for informational purposes only and is not a substitute for legal or scenario-specific advice. Furthermore, it is important to note that immigration announcements are subject to sudden and unexpected changes. Readers are encouraged to reach out to Newland Chase for any case- or company-specific assessments.