What is the change?

Minister Harris has obtained approval from the Government to end the Immigrant Investor Programme (IIP) from close of business on 15 February 2023. The programme has been a way for non-EEA nationals to receive an immigration permission in Ireland on the basis of a long-term investment approved under the IIP.

The Minister has expressed that such programmes need to be kept under review and consideration must be given to implications that policies have on the wider public.

Key Points:

• Implementation time frame: Close of business on Wednesday 15 February 2023
• Who is affected: Those who wish to submit an IIP application after 15 February.
• Next steps: The closure of the IIP will not affect existing projects or individuals already approved under the programme, and current applications already filed will continue to be considered. Some IIP investment funds may not have reached their minimum target size or be fully subscribed. Therefore, managers of these funds will be given a 3-month period for any further IIP applications to be made in respect of these funds.

Analysis & Comments:

Taking into consideration the reports from OCED, EU Commission and the Council of Europe on the implications of continued immigrant investment in business through programmes such as the IIP, such policies do have a wider effect on the public when it comes to social and economic matters. The IIP has made a critical contribution to social housing, third level education and hospital facilities in Ireland. However, when looking into the appropriateness and suitability, the authorities have deemed the programme as no longer suitable.

Other routes to obtain immigration permission may be available to foreign nationals. If you require more information regarding this, please do not hesitate to contact our team.