Irish Government recently announced introduction of two major new immigration initiatives aimed at facilitating the immigration of entrepreneurs and investors into Ireland in return for their readiness to invest in its economy. The initiatives come as an effort to update the current “business permission” scheme and therefore bring more investments into the Republic. Under the current scheme a potential investor is required to create 2 new potential job opportunities for EEA nationals or continue offering employment to 2 EEA nationals in an existing project.
Immigrants and their immediate family members will be allowed enter and remain in Ireland on resident multi-entry visas for a total period of 5 years. Following the expiration of this 5 year period the investor/entrepreneur and his family would be able to apply for Irish citizenship. The requirements under the 2 proposed schemes are as follows:
The Immigrant Investor Program
The investor scheme offers a range of investment opportunities to choose from:
- An investment of a minimum of €400,000 into a project that benefits arts, sports, health or education.
- An investment of a minimum of €2,000,000 into a specially-created government bond. The fund investment under this investment opportunity would have to remain invested into the bond throughout the entire term of the visa, i.e., a term of 5 years.
- An investment of €1,000,000 into an Irish private company for at least three years. The investment into a publicly traded company may also be possible to qualify under the investor program, however, the amount invested would need to be significantly higher (albeit, there is no clear indication as of yet as to what this higher amount would be).
The Start-up Entrepreneur Program
This program is similar to the currently existing “business permission”, however it has a number of significant differences. Under the new scheme the entrepreneur will be required to provide €70,000 to establish a new business in Ireland to obtain residence there, as opposed to €300,000 currently required. Another significant difference between the new program and the currently existing one, is that under the new program there will be no targets as to the number of jobs to be created.
Under this program the residence permit will be granted for an initial period of 2 years, with the possible extension for another 3 years, provided that the business is operational and the applicant can support himself and his immediate family without requesting support from the government.
Source: Oracle Capital Group