29 Nov Ireland Citizenship by Investment [2023 Guide]
The Republic of Ireland is amongst the wealthiest countries in the world in terms of GDP per capita, consistently in the top 10 over the last 20 years, and currently ranked third. The country enjoys one of the fastest growing economies in Europe.
This article describes Ireland’s residency-by-investment program, looking at the four investment options, and explaining how residency can lead to full Irish citizenship after five years. It covers everything you need to know in these ten sections:
- Ireland citizenship by investment options
- What is the Ireland Immigrant Investor Program (IIP)?
- Benefits of Ireland’s citizenship by investment program
- Ireland’s citizenship by investment requirements
- How to apply for Irish citizenship
- Ireland citizenship by investment fees
- What is the fastest way to get Irish citizenship?
- Can foreigners get citizenship in Ireland?
- Ireland passport visa-free countries 2022
- Residency by investment with Huriya Private
Ireland citizenship by investment options
There are four investment routes to residency in Ireland, ranging from minimum investments of €500k to €2 million.
The Endowment option requires a minimum €500 thousand philanthropic contribution, while the Enterprise Investment and Investment Fund routes both involves a minimum outlay of €1 million for 3 years. The fourth option is Real Estate Investment Trusts – REIT, for which you will need a minimum investment of €2 million for 3 years.
What is the Ireland Immigrant Investor Program (IIP)?
The Immigrant Investor Programme (IIP) is Ireland’s residency scheme for business investors, and it can lead to citizenship after five years of residency. The IIP was established in 2012 by the Irish Government to encourage investors and business professionals from countries outside the EU and EEA to invest in the country and locate their business interests here.
Such investment supports Ireland’s position as one of the world’s richest countries and one of the most globalised economies. It should be emphasised that the aim of the IIP is job creation and Irish economic development – it is not an Irish golden visa scheme, and citizenship is an option that comes later.
Benefits of Ireland’s citizenship by investment program
The IIP allows you to become part of Ireland’s social and business fabric. After you have lived in the country for five years, you will be able to apply for full citizenship, enjoying the following benefits:
- Visa-free access to more than 180+ countries.
- Access to one of the world’s best education systems, including over 5,000 internationally recognised qualifications, and with more than 35,000 international students from 162 countries.
- World-class research opportunities in European world-leading programmes.
- Professional life in a country that’s home to hundreds of global companies, making it Europe’s most entrepreneurial country.
- A culturally rich urban and rural landscape, in a country that boasts beautiful countryside, fabulous coastlines and an unrivalled artistic and historical heritage.
During your five years of residency, you will still require a visa to travel in the EU. However, you will benefit from a prioritised visa scheme after those five years, and your visa will usually be processed swiftly and free of charge.
Ireland’s citizenship by investment requirements
The Immigrant Investor Programme is not a shortcut to an Irish passport. Applicants receive residency based on investment, and to then apply for citizenship you need to have lived in Ireland for five years.
You must be physically resident in the country during the 12 months prior to the passport application and resident for at least four of the preceding eight years (i.e. a minimum of five years between being accepted for the IIP and applying for your Irish citizenship).
The IIP, and thus the citizenship application, is open to applicants over the age of 18, along with their spouses and dependents up to the age of 24. The following stipulations apply:
- You must be a national of a non-EU/EEA country.
- You must have no criminal convictions against you anywhere in the world.
- You must have a net worth of at least €2 million, with all assets visible and acquired legally (i.e., through business or commercial activity, inheritance, endowment or divorce).
- You must have invested in one of the IIP’s four eligible investment options.
- You must be of good character.
How to apply for Irish citizenship
The IIP consists of four stages – Apply, Approve, Invest, and Reside.
Apply – this is done before committing any investment funding, on the basis of one of the four investment options detailed above: Enterprise Investment, Investment Fund, Real Estate Investment Trusts or Endowment.
Approve – the IIP Evaluation Committee is responsible for approving your investment.
Invest – Once approval has been given, you can invest in your preferred scheme.
Reside – having invested in one of the four schemes, you and your fellow applicants will be issued with an Irish residency permit, which enables you to live, work, start a business, or study in Ireland for two years, after which the residency must be renewed.
The IIP application can be broken down into 10 stages, which occur over the four-months of the application process.
Months 1–2: Step 1 – The completed investor application, notarized supporting documentation and application fee are submitted to the government agent.
Months 1–2: Step 2 – The government agent performs background checks and documentation validation procedures. The process takes approximately one week.
Months 1–2: Step 3 – The application is subject to an anti-money laundering compliance review by the government agent prior to being submitted to the Department of Justice.
Months 1–2: Step 4 – If there are no requests for further information, the Department of Justice will complete its paperwork within four months.
Month 3: Step 5 – The Department of Justice will issue a provisional letter of approval, subject to the investor’s commitment to the government agent minimum investment being paid.
Month 3: Step 6 – The IIP application is approved by INIS, paving the way for investment in your chosen scheme.
Month 4: Step 7 – Once the letter of approval has been issued, payment is due within one month.
Month 4: Step 8 – The government agent will confirm that the investment has been received and will send confirmation to the Department of Justice and your agent/advisor.
Month 4: Step 9 – You will need to visit Ireland in person to complete the residency permission process.
Month 4: Step 10 – The government agent will meet the Investor at Dublin Airport, and will arrange a private appointment with the Irish Department of Justice, where the Residence Permit will be issued.
If you are not planning to apply for citizenship after five years of residency, you only have to reside in Ireland for one day each year to keep renewing the permit. Once your five-year residency is complete, you can claim back your investment while still keeping your Irish residency and, if desired, applying for citizenship.
Ireland citizenship by investment fees
The minimum investment fee for the IIP is €500 thousand. There are four options:
- Endowment – a minimum €500 thousand philanthropic contribution
- Enterprise Investment – minimum of €1 million for 3 years
- Investment Fund – a minimum of €1 million for 3 years
- Real Estate Investment Trusts – a minimum of €2 million for 3 years
There will be additional administration and agent fees on top of this.
What is the fastest way to get Irish citizenship?
There is no fast-track to citizenship in Ireland. The IIP requires you to have lived in Ireland for five years during the eight years preceding your application, including the previous 12 months.
Can foreigners get citizenship in Ireland?
The IIP is open to non-EU/EEA nationals from across the globe. After your IIP application has been approved, you’ll get an Irish residency permit, also known as Stamp 4. You and your family can then live, work, start a business, or study in Ireland for the next two years with this permit.
Ireland passport visa-free countries 2022
An Irish passport is one of the strongest in the world, in terms of the access it gives you to nations across the globe. You will, for example, be able to travel visa-free to all European countries, including the UK; 11 countries in Asia and the Middle East, including Hong Kong and Singapore; and 22 countries in the Americas and Caribbean, including Brazil and Costa Rica.
In all, you can travel visa-free to over 180+ countries, with e-visa and visa-on-arrival access to most others.
Residency by investment with Huriya Private
Huriya Private is an independent, international, award-winning private equity, immigration, multi-family office and corporate structuring firm with a head office in Dubai, UAE. We provide bespoke strategic management support to international clients in global markets.
Our citizenship by investment expertise covers countries across the globe, and our know-how in this area is second to none. Once you have signed up with us, we will make the application process as easy as possible, ensuring you have all the required paperwork in order.
You are strongly advised to enlist the help of experts such as Huriya Private. To give you an idea of how indispensable this service is, here’s a brief list of some of the document-related admin we will help you with:
- Business plan, detailing your financial investment in the IIP.
- Proof of your net worth (i.e., at least €2 million).
- Proof of sources of funding.
- Target ROI and employment projections (if relevant).
- Proof you have the necessary funds for the investment.
- Details of your investment – how it will be used and how it benefits the country.
- Proof that the necessary funds can be transferred to Ireland.
- Evidence of good character from the police authorities in a country you have lived in for more than six months over the past ten years (and the same requirement for any other applicant).
- A due diligence report from an international risk- management and security-screening organisation.
The Huriya Private team can guide you through an extensive range of citizenship programs and help you choose the option that best fits your domestic and business objectives and personal needs. We will help you maximise your investments, secure your family’s future, and ensure travel mobility whenever needed.
