What is the Irish Residence Permit Investor Programme (“IIP”)?
The Ireland Immigrant Investor Programme (IIP) was introduced in 2012. It is a well-established and renowned programme providing a clear path to permanent residency status in Ireland (with almost no physical presence required) in exchange of a one-time investment (which may be recouped after only 3 or 4 years).
It is suitable for very high net-worth individuals, the crux of the eligibility conditions being that one must be able to show net worth of at least €2 million (regardless of the selected investment option/amount).
Advantages of the Irish Residence Permit
- Well established program with Possibility to get investment back after only 4 years
- 2 + 3 years Residence Visa : Right to live, work and study
- Dependents included:
- Spouse/civil partner
- Children below 18 yo (or older if below 24 yo in full time education) may be include
- Access to free education and healthcare
- No language requirement
- Clear path to Irish citizenship / European passport: requires 5 years of residence in Ireland
Qualifying Investment Options
- At least €1M in Enterprise Investment or Investment Fund;With possibility to get your investment back after only 4 years OR
- An Endowment (non-refundable donation) of € 500k in the arts, sports, health, cultural or educational fields (€400k donation option also available)
Irish residence permit requirements
- Applicant must have legally acquired net assets of at least €2M
- Show source of investment monies that are readily available/convertible/transferrable to Ireland (not a loan)
- After pre-approval: 90 days to make a qualifying investment
- Clean criminal records
- Good health. Must have private medical insurance covering their period of residence in Ireland
- Must spend at least 1 day per year in Ireland for only 5 years
- Residency required: at least 1 day per calendar year within a 5 year period. No residency requirement thereafter
- Eligibility checks
- Discuss Investment Options
- Detailed due diligence
- Documents collection and submission of your application – The application must be pre-approved by an Evaluation Committee that reviews applications 4 times per year
- Investment to be made 90 days after pre-approval
- Travel to Ireland for biometrics and activation of residence visas – valid for 2 years – then renewal for 3 more.
- After those 5 years, applicant and dependents can:
- Apply for successive 5-year visa extensions permanently; or
- Apply for Citizenship (subject to meeting residency and other requirements)
1 day per year
- Spouse/partners and minor children under 18 yo for whom the principal applicant and/or their spouse or partner has legal guardianship.
- Older children between 18 and 24 if unmarried, do not have a life partner, and are financially dependent upon their parents (e.g. in full-time education).
- Endowment/Donation (from €400k – €500k)
- Enterprise Investment (€1M investment)
- Investment Fund (€1M investment)
- Real Estate Investment Trusts (REIT) (€2M investment) [Not offered by HLG]
Within 90 days following pre-approval from the Minister of Justice and Equality. Your permission to reside will only be issued once evidence has been provided that the investment has been made. This permission is valid for 2 years from the date of issue of the letter. Once applicants have been issued with a letter granting them permission to reside in Ireland, an appointment needs to be made to register their permission at Burgh Quay registration office in Dublin.
All successful candidates and their nominated family members will be granted a residence permission in Ireland under “Stamp 4” conditions. “Stamp 4” conditions permit foreign nationals to work, to study or to start their own businesses in Ireland.
- Initial residency permit is for 2 years.
- Renewal for 3 years (provided that on renewal the investment is maintained / residency of at least 1 day per year has been satisfied).
- Then permanent residency via renewal every 5 years OR apply for citizenship if conditions are met.
For renewals, investors must not have become a financial burden on the Irish State; and must not have been investigated, indicted or convicted in relation to any criminal offence in any jurisdiction.
Approximately 6-9 months.
Note that the applications can be submitted at any time but are only considered by the Evaluation Committee, which meets 4 times per year.
Residents can apply for naturalisation in the normal manner under the provisions of the Irish Nationality and Citizenship Act 1956. This requires having resided physically in Ireland for the 12 months prior to application and to have physically resided in Ireland for four of the preceding eight years, i.e. 5 years.
Note that only residence where you physically reside in Ireland is considered for the calculation of the minimum residency period in naturalization applications. Investors and their family members who exercise their right not to reside in Ireland under the IIP will not fulfill the residency requirements for naturalization.
The present document is intended for guidance and general information only and does not constitute or purport to provide you with legal advice. Such information is subject to changes without notice. Each case is unique and depends on the facts and circumstances of the individual and due consideration should be taken if applying the general information to your personal situation. For an evaluation of your personal circumstances one of our legal team would be happy to assist.