The Irish Immigrant Investor Programme – is it financially attainable?

The Irish Immigrant Investor Programme is a scheme designed to help those not in the European Economic Area who wish to immigrate and make investments in the State.

However, potential applicants are required to have a substantial amount of money, which begs the question: ‘Is the programme financially attainable?’ Or are there cheaper alternatives to gain citizenship elsewhere in Europe?

What is the IIP?

The Irish Immigrant Investor Programme facilitates non-EEA nationals, providing a gateway towards secure residency in Ireland and consequently Irish citizenship.

It can also allow them to invest through one of four different routes. These include the Enterprise Investment, Investment Fund, Real Estate Investment Funds, and Endowments.

Each has a different purpose and varying requirements, however, all rely on the individual being of ‘good character’ and needing to follow one of the above routes.

What are the entry requirements and the application process?

Applicants must be high net worth individuals with a minimum personal net worth of €2 million (R34.4 million). They must also be of good character and have not been convicted of criminal offences in any jurisdiction.

Potential immigrants must submit an application for approval under the IIP indicating the desired investment opportunity. This should be completed with supporting documentation, including evidence of net worth, details of wealth, and evidence of good character. A non-refundable application fee of €1,500 (approximately R26,000) should also be transferred electronically to accompany this.

On approval of your application, the appropriate funds should be transferred to your preferred investment option. Once this has been made, permission to reside in the State will be issued.

Are there alternative options?

There are cheaper alternatives – several other countries in the EU offer Visa programmes, which may be more favourable.

Greece offers a Golden Visa through real estate opportunities. By purchasing property worth at least €250,000 (R4.3 million). Alternatively, you can get in through investing €400,000 (approximately R7 million) in Greek government bonds. If you qualify and are successful this provides freedom of movement in the Schengen Zone.

The route to citizenship is simple, but it takes patience. There is no required minimum stay but you must live in Greece for seven years to acquire citizenship.

Portugal’s Golden Visa can offer similar benefits. Eligibility can be obtained by purchasing real estate of at least €500,000 (R8.6 million), or real estate in an urban regeneration area amounting for at least €350,000 (R6 million), alongside various other options.

Portugal is a lower investment option with fewer restrictions than Greece. Here you only need to spend two weeks in the country to renew, allowing you freedom of movement through the Schengen Zone. Citizenship can be acquired after just five years, provided you meet all the requirements.

Obtaining Spanish property amounting to at least €500,000 (R8.6 million), company shares of €1 million (R17.2 million), or public debt of €2 million (R34.4 million), will make you eligible for a Spanish Golden Visa. You are again able to travel freely in the Schengen Zone and can gain permanent residence in five years; as well as citizenship and an EU passport in ten.

Both Cyprus and Malta offer two types of Golden Visa, that can result in either citizenship or indefinite permanent residency. The two differ slightly depending on which country you wish to invest and reside in.

Italy, Switzerland, Austria, Belgium, and Germany, also all offer a Golden Visa programme, but require unique and varying means to obtain this. For example, this may mean paying annual tax, investing in a company, or starting your own business that employs local citizens.

Is the IIP the one for me?

If you are looking for a low investment option, perhaps the Irish Immigration Investment Programme isn’t for you, as it requires a large amount of investment initially. But, that’s not to say it doesn’t have its perks – it can earn you citizenship, easier travel to the United Kingdom, and access to discounted education.

Decisions must be made based on your financial status and ambitions on the type of lifestyle you want in Europe.