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.)
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.