The Republic of Ireland has closed its Immigrant Investor Programme on 15 February 2023, following a review of its "appropriateness". An announcement was made a day earlier on 14 February 2023. The programme was responsible for more than €1 Bn in inward investment.
The Programme was established over a decade ago to stimulate investment in Ireland. It has provided a route for wealthy foreigners investing at least €1M (approximately £900,000 GBP) into approved government investments, or €500,000 into public benefit projects. The scheme offered investors and their qualifying family members citizenship after five years' continuous residence in Ireland.
The programme had been under scrutiny in recent weeks after Ireland's Public Accounts Committee was asked to conduct a review. With growing pressure from the European Union, which cited the scheme as a high security risk, Ireland ultimately decided to close the scheme.
There are currently approximately 1,500 pending cases that are awaiting approval, which has been very popular with Chinese investors. A statement from the Irish Government confirms that these applications will still be considered, however, any new applications received after close of business on Wednesday 15 February 2023 will not be reviewed. Individuals already holding permission under the programme will not be affected.
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