Immigration Investor Programme (“IIP”)

The Irish Government created the Immigrant Investor Programme (“IIP”) to facilitate investors and business professionals from outside of the EU to avail of the opportunities of investing and locating business interests in Ireland in order to support investment in Ireland and to enhance Ireland’s position as one of the world’s most globalised economies.

a) The Immigrant Investor Programme facilitates non-EEA nationals and their families who commit to an approved investment in Ireland to acquire a secure residency status in Ireland. The Programme was established by the Irish Government in 2012 to stimulate productive investment in Ireland and to offer residency in Ireland with its associated advantages to dynamic business professionals with a proven record of success. The ultimate objective of this programme is job creation and facilitating further Irish economic development.

b) The Programme offers four investment options to potential investors.

c) Any non-EEA national may apply for residency for themselves and their spouse/civil partner and children under the age of 18. Dependent children between the ages of 18 and 24 may also be considered in certain circumstances.

d) These Guidelines detail the terms for applying and maintaining residency status in Ireland on the basis of Residency Permission granted by the Minister for Justice and Equality under the terms of this Immigrant Investor Programme.

The Immigrant Investor Programme – a summary of the process.  There are four steps to the Immigrant Investor Programme (1) Apply, (2) Approve, (3) Invest and (4) Reside:

  1. Apply, without committing any investment funding, on the basis of one of the four investment options;
  2. Get Approval for your investment from the Evaluation Committee;
  3. When your application is approved, invest in your preferred investment option;
  4. When you have invested your funds, you and your nominated family members, will be issued with permission to Reside in Ireland.

Basic Requirements:

  • Investors who are of good character and have not been convicted of criminal offences in any jurisdiction
  • Investors with a minimum net worth of €2 million
  • All assets intended for use to meet the investment requirements of the IIP (see the four options below) must be liquid when the approval is granted.
  • All required supporting documentation as evidence of your net worth, source of wealth and good character must be supplied, translated into English.
  • An application fee of €1,500 applies to the application.
  • The applicant and their family members must spend a minimum of 1 day per calendar year in Ireland. Full time residency is not a requirement.

A. Enterprise Investment

  • Minimum investment: €1.0 million
  • Minimum investment period: 3 years.
  • Investment may be in either a single Irish enterprise or spread over a number of enterprises.
  • The enterprise may be a start-up established by the investor or an existing business registered in Ireland. The enterprise must be registered and headquartered in Ireland and the investment must support the creation or maintenance of employment.
  • The investment must be made in the name of the individual seeking residence under the Programme.

B. Investment Fund

  • Minimum investment: €1.0 million in an Approved Investment Fund.
  • Minimum investment period: 3 years.
  • Monies invested on behalf of IIP applicants must be invested in a manner consistent with the Programme objectives. All funds must be invested in Ireland and must represent equity stakes in Irish registered companies that are not quoted on any stock exchange.
  • The funds and fund managers must be regulated by the Central Bank of Ireland to conduct business in Ireland.
  • Only fund managers with an established record of managing regulated funds will be accepted to manage funds in Ireland.

C. Real Estate Investment Trusts (REIT)

  • Minimum investment: €2 million
  • Investment in any Irish REIT that is listed on the Irish Stock Exchange. The €2 million investment may be spread across a number of different Irish REITs.
  • Required period of retention: the full REIT investment that has been approved for the IIP must be held for three years from the date of purchase. During this three year period the number of shares in the REIT approved for qualification under the IIP must be retained by the Investor even if their value rises above the €2 million original investment.
  • Withdrawal of funds:after three years from the date of purchase, the investor may divest no more than 50% of the shares purchased for the IIP. Where an investor has divested shares during year three, the investor may, after four years from the date of purchase, divest no more than a further 25% of the shares purchased for the IIP. After five years from the date of purchase, no requirements on the retention of shares will apply to investors.

D. Endowment

  • Minimum endowment: €500,000. Investors will receive no financial return or recoupment of the principal.
  • Endowment in a project of public benefit in the arts, sports, health, cultural or educational field.
  • Where a group of five or more investors wish to combine their philanthropic endowments to contribute to an appropriate project, a minimum investment of €400,000 per investor will qualify under the Programme.

DOCUMENTATION:

In order to submit an application on your behalf under the IIP, the following is a list of the supporting documents which we would require. Please note that all supporting documents must be notarised translations, and must be apostilled by the Ministry of Foreign Affairs and the Irish Embassy in the applicant’s country of residence.

1. Evidence of Identity:

a. Certified copy of passport of applicant;

b. Certified copy of passport of spouse/partner (if applicable);

c. Certified copy of passport of dependent children (if applicable).

2. Evidence of Family Relationships (if applicable):

a. Evidence of legal marriage/partnership i.e. a certified copy of marriage/civil partnership certificate;

b. Evidence of de facto relationship;

c. Certified copy of birth certificates of dependent children/adoption certificates;

d. Evidence of guardianship/custody.

3. Evidence of Net Worth:

a. One or more of the following is needed as proof of minimum net worth of €2 million.

i. Evidence of bank accounts and term deposits;

ii. Evidence of stocks and other investments;

iii. Property evaluations and ownership certificates.

b. A narrative document explaining the history of acquisition of the funds.

4. Explanation of all financial activities for the previous 12-month period.

Please include the following information:

a. Income:

i. Job title and duration of employment;

ii. Monthly salary;

iii. Bonuses and commissions;

iv. Dividends and annual income;

v. Gifts and inheritances and their source.

b. Investments:

i. The nature and amount of the investment in the enterprise;

ii. The percentage of shareholders’ equity acquired;

iii. The names of the shareholders and their equity interest in the enterprise and the name of the shareholder who sold their equity interest;

iv. The origin of the funds that allowed this investment;

v. The registered capital of the enterprise following the transaction, the purchase price of real estate property acquired during this period, the amounts of personal investments, purchases of shares and other securities and the investment income that the applicant derived from them.

c. Loans:

i. Bank loans and the date of repayment of such loans;

ii. Mortgage loans contracted and the date of repayment;

iii. Any other type of loan.

5. Evidence of Investment:

i. Enterprise investment (minimum investment of €1 million in an Irish enterprise for a minimum of three years):

a. The most recent audited accounts for that business;

b. A comprehensive business plan, which clearly identifies the financial investment being made in support of the application for residency. The business plan should indicate how the funds will help create or maintain employment in the business, and be clear as to the extent of the equity in the business being acquired by the investor and the manner in which the investor will receive a return on the investment. A business plan template is available on the INIS webpage at: 

http://inis.gov.ie/en/INIS/Pages/New%20Programmes%20for%20Investors%20and%20Entrepreneurs;

c. If investing in a previously approved project, an up-to-date progress report.

ii. Investment Fund (minimum investment of €1 million in an approved Investment Fund for a minimum of 3 years):

a. Collective Investment Scheme (CIS) authorisation from the Central Bank of Ireland for the fund;

b. Investment Fund Profile: this should provide comprehensive details of the target investment pool for the fund and the proposed sources of funding, the investment strategy, management and investment fees, projected return based on strategy and current performance, employment projections of the investments under the fund.

c. Proof that funds lodged by an investor for the purposes of making an application under the IIP are still in place.

d. Further details on the Investment Fund option are available at: http://inis.gov.ie/en/INIS/imm-inv-prog-funding-guide-dec2016.pdf/Files/imm-inv-prog-funding-guide-dec2016.pdf

iii. Real Estate Investment Trust (minimum of investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange):

a. Investor must indicate that a REIT investment is their preferred option and that they have the required funding for their investment;

b. The investor must not indicate which individual REIT they intend to invest in, to avoid market-sensitive information being provided.

iv. Endowment (minimum endowment of €500,000 in a project of public benefit in the arts, sports, health, cultural or educational field, or minimum of €400,000 per investor for a group of five or more investors):

a.      Details of how the endowment funds are to be utilised by the beneficiary and how their endowment will be of public benefit in Ireland. The business plan template available on the INIS web-page can be adapted for this purpose: http://inis.gov.ie/en/INIS/Pages/New%20Programmes%20for%20Investors%20and%20Entrepreneurs

b. The most recent audited accounts for the organisation.

6. Evidence of Source of Funds for Investment:

a. Business and Investment Activities:

i. Financial accounts i.e. a profit and loss account or income and expenditure account if the organisation is not trading for profit. The financial accounts should be prepared and signed off in accordance with legal requirements and should clearly show the amount of funding available for investment.

ii. Verification letter from a registered legal adviser who is permitted to practice in the country where the applicant’s business activities are operating. This letter must show:

  • The name of the legal adviser;
  • The registration or authority of the legal adviser to practise legally in the country in which the business is operating;
  • The date on which the details are confirmed; and
  • Confirmation that the applicant can lawfully withdraw the funds from the business in question

b.      Deeds of Sale:

i. Original deeds of sale of assets. These should meet the relevant legal requirements of the country in which the sale was conducted, and must show:

  • The name of the applicant;
  • The monetary value of the sale;
  • The date of the sale.

ii. If a sale is required to be registered on an official public register in the country of sale, a copy of the relevant registration should be submitted.

iii. Verification letter from a registered legal adviser who is permitted to practice in the country where the sale was conducted, confirming that the sale was genuine and that the funds realised are available to the applicant. This letter must show:

  • The name of the legal adviser;
  • The registration or authority of the legal adviser to practise legally in the country in which the sale was made;
  • The date of the sale;
  • The date of production of the letter confirming the sale;
  • The details of what was sold and the amount of money received from the sale, net of any mortgage or other loan;
  • The name of the person receiving the money from the sale;
  • The date that the money was transferred;
  • That the sale was valid according to the laws of the country in which it was conducted.

c. Inheritance and Gifts:

i. Notarised copy of the will. The will should contain the following information:

  • The date of the will;
  • The applicant should be identified as a beneficiary of the will;
  • The amount of money that the applicant has inherited;
  • The names of any executors, plus any codicils to the will that impinge on the amount of money that was received.

ii. Verification letter from a registered legal adviser permitted to practise in the country where the will was made confirming the following:

  • The name of the legal adviser confirming the details;
  • The registration or authority of the legal adviser to practice legally in the country in which the will was made;
  • The date of the document produced by the legal adviser confirming the will;
  • The date that the applicant received the money as a result of the settlement of the will;
  • The names of the person making the will and the beneficiaries;
  • Confirmation of the amount of money received by the applicant;
  • That the will is signed and valid;
  • That the will is valid according to the laws of the country in which it was made.

iii. If the applicant has been the beneficiary of a gift which has enabled his/her application, an explanation of the reason for the gift and evidence of the donor’s financial capacity to offer it.

d. Divorce settlement:

i. Notarised copy of a financial agreement following a divorce;

ii. Verification letter from a registered legal adviser permitted to practise in the country where the divorce was decreed, which must state the following:

  • The name of the legal adviser;
  • The registration or authority of the legal adviser to practice legally in the country in which the divorce was decreed;
  • The date of the document produced by the legal adviser confirming the divorce settlement;
  • The date that the applicant received the money as a result of the settlement;
  • The names of the persons who are divorced;
  • Confirmation of the amount of money received by the applicant;
  • Confirmation that the divorce settlement is complete and valid.

7. Evidence that the funds can be transferred to Ireland:

a. Letter from the applicant’s bank or financial institution on the official letter-headed paper of the bank or financial institution. The letter must have been issued by an authorised official of that institution and must confirm the following:

  • The name of the beneficial owner of the funds, which should be the applicant;
  • The date of the letter;
  • The amount of money to be transferred;
  • That the money can be transferred to Ireland if the application is successful;
  • That the institution will confirm the content of the letter to the INIS upon request.

8. If applicable: evidence of eligible education expenses that the investor and/or dependants commit to incur within the first five years after their permission has been granted up to a maximum of €50,000. Investors may discount their approved investment with these expenses.

  • A letter from the College confirming that an offer of a place has been accepted by the investor or their family member and confirming the fees for each year of the programme.

9. Evidence of Character:

a. For the applicant and any family members over the age of 16 included in the application, a statement of character from the police authorities of each country in which they have resided for more than six months during the ten-year period prior to the making of the application;

b. A due diligence report from a reputable international risk management and security screening organisation.

10. Application fee:

a. Proof of payment of non-refundable €1,500 by Electronic Funds Transfer.

The applicant also needs to provide the following information:

1. Their current address as well as any other addresses which they have lived at in the last five years;

2. Their country of tax residence and their Tax Identification Number;

3. If applicable, the current address of the applicant’s spouse/partner and of any children.

4. If any of the applicant’s children are between the ages of 18-24 and in full-time education:

a. The name of the school/college;

b. The address of the school/college;

c. The period of attendance

For more information, please contact us.