The Minister for Justice, Simon Harris TD, has announced the closure of the Immigrant Investor Programme (IIP) in Ireland to all new projects from 15th February 2023.
The IIP was introduced by the Irish Government in 2012 and it was a pathway for non-EEA nationals to secure a residence permission in Ireland based on long-term investment in a range of options.
The proposed closure of the IIP will not affect existing projects already approved under the programme. Existing approved projects will continue to be able to source new investors required to complete the funding of their projects.
Applications on Hand
IIP applications on hand at close of business on 15th February 2023 which were awaiting a decision will be considered. These applications may relate to either previously approved projects or recently submitted new projects.
For applications that have not been formally submitted but which have been significantly developed following contact with the IIP Unit of the Department of Justice, will be given a period of three months in which to finalise and submit their applications.
IIP Investment Funds
A number of investment funds approved and regulated by the Central Bank are also approved under the IIP. However, a number of these funds may not have reached their minimum target size or be fully subscribed yet. Managers of these funds will be given a three-month period for any further IIP applications to be made in respect of these funds.
Time Limits for Investment
INIS will no longer grant extensions to approved investors who have not completed their investments or donations within 90 days of their pre-approval.
Registration Following Approval
INIS advise that they expect anyone with an approval to register their permission in Ireland within 12 months of their final approval letter.
The relaxation of the requirement to visit at least one day each calendar year has ceased and all Immigrant Investors should ensure they comply with this in 2023. Use it or lose it.
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