Investor program closed for new applications

IMPACT — MEDIUM

The Irish government has closed the Immigrant Investor Program to new applications.

Key Points:

• Foreign nationals can no longer submit new applications for the Immigrant Investor Program.
• Irish authorities will still process pending IIP applications or applications submitted before the close of business on Feb. 15.
• Individuals who have submitted their IIP applications to the Evaluation Committee (new or previously approved projects) will still have their applications processed.
• Those who have an application that has not been formally submitted but has been significantly developed following contact with IIP authorities have three months to finalize and submit their applications.

Additional Information: The IIP was introduced by the Irish government in 2012 to encourage inward investment for the creation of business and employment opportunities in the country. The program was designed to encourage investors and business professionals from outside the European Economic Area to invest in the Irish economy and obtain residency status in the country.

BAL Analysis: The Irish government has yet to provide information on why it closed the IIP; however, it cited reports and findings from the EU Commission on similar investment programs. Foreign nationals are reminded that they can still apply for the Start-up Entrepreneur Program as a means to obtain residency status in Ireland.

This alert has been provided by the BAL Global Practice Group. For additional information, please contact berryapplemanleiden@bal.com.

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