Immigrant Investor - A Case Study
New clients considering immigration investment frequently ask if we can share any information about successful applications.
Of course, we must always remain confidential, but we share this case study which hopefully will allow you learn more about successful applications and how we may be able to assist with your case.
Background to the case
Our client is a non EEA national living in his home country which is threatened with instability. He is a married person who sees the advantages of obtaining Irish residency.
He is attracted by both the process and Ireland itself.
The process is quick (estimated 10 weeks from submission of application to obtaining residency), there is no minimum residency requirement (one day per year only) and his spouse would also obtain residency in her own name.
As to Ireland, it appeals as being safe and stable with a strong rule of law, English speaking and multi-cultural with reasonable levels of taxation.
Having considerable personal wealth, he opts for the programme based on purchasing an immigrant investor bond (€500,000.00) and the purchase of a residential property (value in excess of €450,000.00).
What he gets:
Residency in Ireland for his wife and he for two years, renewable for a further three years with the ability to work and/or run a business without restriction together with a multi entry visa for the same period;
How did he obtain this?
We advised on the necessary documentation and when this was gathered together we completed the application form and submitted it to the Department of Justice and Equality for consideration at the monthly Evaluation Committee meeting. The application was recommended immediately by the committee and sent to the Minister for Justice for approval which issued just two weeks later.Having formal approval from the Minister, our client and his wife applied for and were granted visitor visas to travel to Ireland where they completed an affidavit attesting to their good character and lack of criminal convictions.
Details of a suitable residential property in which he is interested were submitted and the following day by appointment at the Department of Justice, the permission was endorsed on his passport;
The bond is purchased through the Department of Justice (who are brokers for the National Treasury Management Agency which issues the bond.)
What next?
Our client has the choice of living in Ireland or his country of origin for the next two years. He can continue to run his successful business in his home country while building up business interests in Ireland. At a minimum he and his wife will have to visit once a year. After two years, he will seek renewal by showing that he has completed the property acquisition and has not committed a crime nor had recourse to state funds in the intervening period (e.g. by claiming social welfare). Provided he satisfies these conditions, his renewal will be for three years. After three years, he can apply for long term residency and, if he has made Ireland his principal place of residence, he can apply for Irish citizenship.
What documents had to be submitted?
Apart from the usual documents required in routine immigration applications (e.g. original passports and marriage certificate duly translated), he had to demonstrate that he had sufficient funds to purchase the immigrant investor bond and the residential property and confirmation he was actively pursuing a suitable property.
He was able to demonstrate his personal wealth by personal bank statements showing the amount of funding available for the previous three months.
To prove the source of his funds, he supplied a verification letter from a registered legal adviser permitted to practise in the country his business activities are operating.
A letter from his bank confirmed that the funds could be transferred into Ireland.
He had to submit a statement of character from the police authorities in his country of origin and a clearance certificate from a duly recognised risk consultant in respect of other countries in which he had resided in the last 10 years.
What did all this cost?
Apart for the property acquisition costs (which included stamp duty at 1% of the property value) and the cost of the bond (€500,000.00 redeemable after 5 years at 0% interest) (which included stamp duty at 1% of the property value), the total cost of the process was €13,600.00 including all legal fees, application fees and ancillary costs.
Was it worth it?
The Irish programme compares very favourably with other jurisdictions and is a perfect fit for our client who is seeking the option of a safe place to live and carry on business without onerous restrictions.
Why work with us?
We have never had a negligence claim against us nor has there ever been a complaint upheld against us
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Immigration News
Client Testimonials
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Dear Brian,
Thank you for your email and the confirmation re the setlement, much appreciated!
I can confirm that the funds have been received on Friday last week. I am very grateful for your excellent work, thank you!
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We had a great time meeting this afternoon with Julie and signing the contracts. Julie was indeed very informative and her briefing regarding the process was thorough. What impressed us most was her reassurance that the matter will be concluded no matter what or if any hiccups along the way.
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Dear Brian, I wish you a Happy New Year! I am happy to hear that the settlement has been confirmed by you, thank you for your excellent work.
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Finally the dust is settling after the sale...and I’m most grateful for your and Hannah’s help. Hannah’s calming voice very much eased my anxieties as things progressed!
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My family and I would like to convey to you what an invaluable asset Taise is to your firm.
People do not always give feedback on positive experiences, therefore we wanted to bring this to your attention. She has been very efficient and friendly, since the first time we met her..
Taise has a very clear and sophisticated way of communicating and writing and she always remains helpful, kind and highly professional.
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I can confirm funds safely received.
Thank you for your advice and work on my case. I am glad I pursued it with you and your team, and very pleased with the outcome.
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Got excellent support from Aileen Gittens. Very timely and professional. Would definitely consider using McGrath McGrane for anything related to immigration law.
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Thanks a million. I wasn't expecting such a super fast process but I am ever so delighted...
Thanks again to you and your team for all your excellent work and services.
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Just to confirm I have received your letter with a cheque enclosed. Thank You so much for all your help and I would recommend your Services to anyone in need.
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The funds came through last night. Many thanks for all the amazing work and your help... I highly appreciate all the effort involved. Thank you.
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I contacted Ms. Elaine O'Sullivan for my work permit.
She clearly expained me of each and every steps through out my application process.
Whenever I have doubts, she patiently clarified them.
Finally, got my visa.
It’s my pleasure to recommend her and McGrath McGrane
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Worked with Eoghan McMahon on Join family spouse Visa. Great work and highly appreciate their commitment.
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Great service. I know Gerry from last 6 years. Whatever work I Handed over to this firm. Always complete on Time. Great Team
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Our family has had dealings with Aileen for a while now.
We have been so blessed by her professionalism, care, compassion and efficiency. She was always ready to advise and assist us and went the proverbial extra mile. We will always recommend your firm and will definitely make use of Aileen's services again in future.
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I received a phone call late yesterday afternoon informing me that I had been awarded supplementary welfare. Thank you so much for your encouragement, I have been very low and disempowered in this whole story and couldn't have faced the SWO again without your support.
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Many thanks for all the support and guidance over the past number of years. If I ever need a solicitor for any reason (but let’s hope not!) I’ll be back- but in any case I’m happy to recommend you to anyone who needs legal support and advice!
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Just to let you know that I today received my foreign birth certificate from the Department of Foreign Affairs. I would like to thank you again for your excellent work on my behalf. You made the whole process simple, fast and efficient in a way that I could never have done on my own.
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I really appreciate all your work on my behalf and kind consideration of my circumstances... I won’t forget all that you have done for me and all those who also assisted me along the way.
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I am sure that you have been aware of the good news. I am so thankful to you for what you have done for me and my husband. Thank you very much once again.
Immigration Team
Our team is here to advise you on your options.
Investigate your options
If you are considering
Submit basic details
Click below to use our simple form to outline your situation.
We will assign a solicitor to your case.
OR
Call to talk to a solicitor.
Office hours: Mon-Fri 9am-5pm
+353 (0)1 8735012
Quick Response
We quickly assess your situation. If our solicitors can help we will respond with a strategy and fee estimate.
Get started now
Click below to use our form, find out about fees, and to learn your options.
About McGrath McGrane LLP
We offer legal advice in all areas of private and commercial law. We specialise in all areas of Immigration Law, and Personal Injury.