The economic residence program was developed for wealthy foreigners living outside the European Union. Its goal is to saturate the economy with approved investments in several investment categories: business, investment funds, real estate and charity.
The Irish Immigrant Investor Program (IIP) is focused on government initiatives as reflected in Ireland 2040. The IIIP scheme means that the applicant is fully responsible for the transparency and accountability of the information they provide to participate in the program. Candidates’ applications are carefully checked for legality of income and possible exposure to sanctions.
The Irish apply the principle of know your customer (get to know your client) and special procedures in relation to politically person (political persons). Candidates must undergo verification by a special Evaluation Commission, which includes senior officials of relevant ministries. The recommendations of this meeting are sent to the Minister of Justice regarding the acceptance or rejection of petitions.
In exchange for large deposits, the applicant receives a residence permit in Ireland valid for 2 years. If the investor continues to comply with the terms of the scheme, that is, does not withdraw the investment and remains financially independent, he will extend the permit for another 3 years. At the end of the five-year period, the immigrant can freely renew the residence permit every 5 years, without establishing the actual place of residence in the republic. It is enough to visit the country at least once per calendar year.
The “Golden Visa” attracts foreigners who want to have a residence permit in Europe, but do not have the opportunity to stay in the republic for a long time. The program developers took into account the applicants’ business interests that required their presence in their home country. 5 years of prolonged stay in the state guarantees permanent residence if the candidate really intends to live in the country and confirms his law-abiding nature. Irish citizenship by investment can be applied for after 9 years.
Together with the investor, a spouse and minor children can take part in the IIIP program. Children aged 18-24 years are included in the application if they are unmarried, studying in the republic and are dependent on the main applicant.