The "golden visa" program in Ireland will be discontinued

the Irish passport

A program that gave non-EU citizens a visa in exchange for investing in the Republic of Ireland will be discontinued.

Beginning on Wednesday, no new applications will be considered for the Immigrant Investor Program (IIP).

It was founded in 2012 and grants Irish residency in exchange for job creation.

Simon Harris, Ireland's Minister of Justice, stated that the program had been under review for "quite a while.".

He claimed that reports from international organizations as well as internal and external reviews helped him come to his decision.

Wealthy individuals from outside the European Economic Community (EEC) are given so-called "golden visas" in exchange for investments.

The Irish program required applicants to have a personal wealth of at least €2 million (£1 point 7 million).

Similar program for foreign investors in the UK came to an end the previous year.

IIP applicants had to commit a minimum of €1m (£880,000) over the course of at least three years.

They could also donate €500,000 (£440,000) as part of an endowment or €400,000 (£350,000) as part of a joint endowment to a project that benefits the arts, sports, health, culture, or education in the Republic of Ireland.

The applicant's own resources had to be used to fund the investment.

RTÉ reported that a significant portion of the program's submissions came from China. , exterior.

According to Mr. Harris, the program was started in an effort to "stimulate investment in Ireland" during a period of "unprecedented economic difficulty.".

The approximately 1,500 applications already received will continue to be taken into consideration, and projects that have already received program approval won't be impacted.

The Start-up Entrepreneur Programme (STEP), launched by the Irish government in 2012, enables business owners with a creative idea to apply for a residence permit in Ireland.

It stated that this program would continue.

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