According to the Department of Justice in Ireland, the country has attracted around €826.5 million from non-EEA nationals. Known as Ireland Immigrant Investor Programme (IIP), it has been in effect since 2012.
The Department also indicates that around €185 million entered into the Irish economy in 2020 despite COVID-19.
Under this program, foreign investors get fast resident status in the EU along with their families. The right to Irish residency occurs following the appropriate investment is complete.
How Does the Application Process Work?
- You pick your investment option among the total four choices
- Fill in the required application form
- Prepare certified documents like birth certificate, marriage certificate, passport, and evidence of your net worth
- Submit your application to the ISD (Immigration Service Delivery)
- Wait for approval from the evaluation committee and the ministry
- After getting approval, make your investment within 90 days
- Get your residence permit along with your family within 4-6 months.
What Are the Main Benefits of the Irish Golden Visa?
Ireland residency by investment program aims to create business opportunities in the country. In this way, you can establish a business or invest in an existing business in Ireland. You can also make donations to charities or invest in a real estate trust (REIT). These are the four main investment options you can choose to get a residency right in Ireland.
Your Family Members Also Have the Right To Work or Study
You can include your spouse or partner as well as children. You can add children under 18 years of age to the program. If between 18-24 but financially dependent on you and not married, they can still benefit.
Your family members can also work and/or study as much as you do.
Entrance to the EU Will Be Easier
As a holder of the Irish Golden Visa, it is easier to get a visa to travel in the EU countries. Also, it is usually free of charge. If you get Irish citizenship, you can travel across the EU visa-free.
You Don’t Need To Prove English Skills
Ireland remains the only country in the EEA whose official language is English. However, the program does not require any English test or an interview to obtain residency.
The Corporate Tax Rate is 12.5 Percent
The tax rate is a huge incentive for investors planning to reside in Ireland. No tax residency is required if you don’t want to stay in Ireland. Yet, you’ll still be subject to taxation on the income you receive in Ireland. This includes the income from your investments.
Double Taxation Agreements are Available with 73 Countries
Ireland has signed tax treaties with 74 countries and 73 of them are in effect. This means that the income you receive in one country is not subject to taxation in another country.
High Quality of Lifestyle According to International Indexes
According to the 2020 Global Peace Index, Ireland ranks 12th in general safety and stability. Similarly, the country ranks 2nd in The Human Development Index in terms of quality of life.
Discount on Educational Expenses is Another Opportunity
Your children can study at the top universities and colleges in Ireland. They include University College Dublin, Trinity College, or The National University of Ireland.
There is also a discount opportunity regarding your children’s education. You can demonstrate the certain amount of money you plan to spend for educational purposes. In this way, you can benefit from a discount of up to €50,000 from your investment.
How To Maintain Your Residency Status in Ireland
The first residence permit is valid for two years. In the meantime, you need to enter the country once a year. If you don’t plan to get citizenship, visiting one day is sufficient to maintain your residency.
You can apply for another three years’ residency at the end of two years. You still need to maintain your investment in the meantime. Once you’ve completed five years, you can renew it for further five-year periods indefinitely. Note that you also need to comply with the conditions of your investment choice.
What Are the Minimum Investment Amounts for Each Option?
- Enterprise Investment: A minimum of €1 million invested in an Irish enterprise (new or existing) for three years
- Investment Fund: A minimum of €1 million invested in an investment fund regulated by the Central Bank of Ireland. It has to be kept for three years as well.
- Real Estate Investment Trusts (REITs): A minimum of €2 million in an Irish REIT. The REIT(s) must be listed on the Irish Stock Exchange. You need to keep the investment for a duration of three to five years.
- Endowment: A minimum donation of €500,000 in a project of public benefit in Ireland. The project may be about sports, health, arts, culture, or education in Ireland. If there are at least five investors, it drops to €400,000 per applicant.
In short, Ireland offers a dynamic and expanding business environment as well as a quality lifestyle. We hope you enjoyed the article