The IIP is a key initiative by which the Irish government seeks to attract foreign direct investment into Ireland on the promise of secure and flexible residency status for the investor and his or her family. Applicants for the IIP must be “high net worth individuals” meaning they must have a personal wealth of at least €2 million.
The IIP is an attractive scheme for many investors as close family members will be granted immediate family reunification and will benefit from their own permission to work, study or establish a business in Ireland as they wish. The successful investor and his or her family will hold what we call ‘stamp 4’ status (which is a high-level immigration status short of citizenship) and will benefit from the added flexibility of being able to hold this status without having to actually reside in Ireland. This freedom to effectively come and go as they like, makes the IIP standout from all other immigration routes available to persons wishing to establish ties to Ireland.
In practice, in order for an application to be approved, the investment proposed should be beneficial for Ireland, should create new (or at least maintain) jobs and should be in the public interest. In our experience, the government expects the proposed investment to offer ‘added value’ for the country in recognition of the very beneficial immigration status available. It is important for potential applicants to demonstrate that they own the funds they plan to invest (the funds cannot be borrowed) and to prove that they are legally acquired.
To qualify for the IIP, a ‘high net worth’ individual must make an investment which falls into one of the following investment options:
A number of further alternative investment options for IIP have recently been suspended by the Irish authorities. It is important to keep abreast of up to date requirements for this scheme. In addition, with a significant recent surge in the number of IIP applications (up 500% since 2014), it is more important than ever that potential investors ensure their application and proposed investment is presented in a clear and convincing manner which meets all the requirements of the programme. If you would like advice or assistance in preparing your IIP application, please get in touch with a member of our immigration group.
The next window during which applications will be accepted is from 14 August 2017 – 08 September 2017.
In addition to the IIP, there are other avenues available for persons wishing to reside in Ireland which can be explored including the STEP programme (which is more suitable for entrepreneurs and business owners who will be actively engaged in the establishment of the enterprise and have a smaller level of funding to commit to the project).
If you would like further information regarding the immigration options most appropriate to your requirements, please feel free to get in touch with any member of our immigration group.