After the United Kingdom began its exit from the European Union, the number of applications for the IIP surged. In 2016, the number of applicants for the IIP increased by nearly 500% compared to 2015! Subsequently, the number of applications steadily rose, and this year the demand remains high. As a result, there are almost annual changes tightening related policies!
In April 2012, the Ireland Investment Residency Program was officially launched, targeting investors from outside the European Economic Area (Non-EEA). The initial requirement for business investment was set at €1 million.
On July 15, 2013, the investment amount was reduced. The Irish Department of Justice announced that the introduction of the Ireland Investment Residency Program aimed to attract more foreign investment and create more jobs, thus the investment amount was adjusted from €1 million to €500,000. In mid-2016, the Ireland Investment Residency Program was officially introduced to the Chinese market and began promotion.
On July 18, 2016, some investment methods were suspended. The Irish Department of Justice announced the cessation of two investment residency projects: government bonds and mixed investments.
On December 20, 2016, the investment amount increased. The Irish Department of Justice announced that starting from January 1, 2017, both business investment and fund investment types would increase from €500,000 back to the original €1 million. The main purpose remains to control the number of investment residency applications, as the number of applications to the Irish Naturalization and Immigration Service surged since 2016.
In January 2018, the legislation was updated again, leaving only four types of investment methods. The Irish Naturalization and Immigration Service updated the investment residency legislation, leaving only four types of investment: €1 million business investment, €1 million fund investment, €2 million real estate trust investment, and €500,000 donation investment.
On October 12, 2018, an official statement declared that financing loans were non-compliant.
The Naturalization and Immigration Service issued a notice for the first time during the application window period, solemnly informing that under any circumstances, any form of financing loans provided by applicants for the Investment Residency Program (IIP) would be considered non-compliant sources of funds.
On December 17, 2018, the 2019 application window period was announced. The Irish Naturalization and Immigration Service released four application windows for 2019, each lasting only 5 days. Although there were also four application windows in 2018, each window was open for about 15 days; the shortening of the window period requires investors to prepare all documents in advance before the window opens, and the immigration office stated that only complete application documents would be accepted during the window period, with no supplementary documents accepted in any form.
On February 21, 2019, a new 2019 version of the legislation was announced. The Naturalization and Immigration Service released the new version of the investment residency legislation before the application window, stipulating:
• All €2 million net assets must be in the name of the main applicant, and spousal assets will no longer be recognized • Strict verification of proof of funds • Mandatory background check report • Reiterated that no form of financing loans will be accepted • All application materials need to undergo dual certification • Increased pre-approval letter • Investment must be completed within 90 days after the pre-approval letter
On February 25, 2019, the immigration office held a meeting. Due to the new dual certification requirement in the 2019 version of the legislation, most investors were unable to meet the March application window, prompting the immigration office to add an application window in April: from April 8 to April 12. Additionally, the Irish Naturalization and Immigration Service clearly stated that the investment targets must be small and medium-sized properties in the energy, medical policy, and donation categories, and investments in accommodation, entertainment, and catering categories are not allowed. The first application window of 2019 was extended from March 4 to March 15.
In-depth analysis. Following the tightening of policies in countries such as Canada (suspending investment immigration in New Brunswick and Prince Edward Island), the United Kingdom (temporarily suspending the £2 million investment immigration program), and Australia (suspending state government nominations for business immigration in New South Wales), Ireland has also made certain adjustments to the IIP: not only increasing the investment amount and shortening the submission time but also strengthening the requirements and scrutiny of applicants.