Ireland’s investor visa scheme, also known as the Immigrant Investor Programme (IIP), was introduced in 2012 as a way to attract foreign investment to the country. Under the program, non-EEA nationals could apply for a visa that granted them residency and the right to work in Ireland in exchange for investing a minimum of €1 million in an approved Irish investment fund.
However, the program has faced criticism over the years for providing an avenue for money laundering and corruption, as well as for being perceived as a means for wealthy foreigners to buy their way into the country. The European Union has been particularly critical of such schemes and has been pushing for their elimination across the bloc.
In response to this criticism, the Irish government launched a review of the program in 2020, which recommended several changes to strengthen the program’s transparency and integrity. However, it seems that the decision to close the program was ultimately made to align with the EU’s stance on such schemes.
The closure of the IIP is likely to have a significant impact on the Irish economy, as the program has been an important source of foreign investment in recent years. However, the government has stated that it remains committed to attracting foreign investment and will explore alternative ways to do so.
However The Start-up Entrepreneur Programme (STEP) is still open but the Minister for Justice has instructed that no further applications from Russian or Belarusian citizens will be accepted into the Start-up Entrepreneur Programme.
