Dublin: The Irish government’s Golden Visa scheme, which allowed foreigners to obtain citizenship through investment or donation, will be discontinued today. This was clarified by the Minister of Justice, Simon Harris. The minister explained that the Immigrant Investor Program (IIP) will be discontinued in this regard.
The scheme, which began in 2012, provided Irish residency in exchange for investments in job creation. Applicants had to have a personal net worth of two million euros and invest one million euros over a three-year period to be eligible for the scheme.
In recent years, the number of applicants from China has increased. They mostly invested in houses and buildings, but they also purchased land in rural Ireland for other purposes. At the end of last year, the Department of Justice approved 1,613 visa applications, 1,511 of which were from Chinese applicants.
EU legislation to screen investors from outside Europe for more than €2 million in critical infrastructure, technology, raw materials, data, or media has also led to the cancellation of the scheme. The EU also stated that implementing such a scheme increased the risk of money laundering, corruption, tax evasion, and use by organised crime groups.
He said that the ongoing economic, social, and cultural reviews of the programme have been reviewed, and applications received at present will continue to be considered.
The government has also announced that the Startup Entrepreneur Program (STEP) will continue, allowing entrepreneurs with innovative ideas to apply for residency in Ireland. As a result, a non-EEA citizen can apply for residency as an individual, or their spouse and children under the age of 18 can apply jointly.
How much will it cost?
The Start-Up Entrepreneur Program requires €50,000 to be invested in innovative start-ups in Ireland. Ireland will provide residency to develop their innovative business ideas. The government will provide incentives and support to those who begin the Start-up Entrepreneur Program (STEP).
The first applicant to invest in this scheme will have to invest €50,000, and each other will have to invest €30,000 if it is a joint investment. The government believes that by doing so, it will create more opportunities for innovative project holders.
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