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ARTICLE · 22 FEBRUARY 2023

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Ireland Closes Investor Visa Scheme

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The Programme was established over a decade ago to stimulate investment in Ireland. It has provided a route for wealthy foreigners investing at least €1M (approximately £900,000 GBP)...

IrelandImmigration
Nicolette Bostock
Nicolette Bostock
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The Republic of Ireland has closed its Immigrant Investor Programme on 15 February 2023, following a review of its "appropriateness". An announcement was made a day earlier on 14 February 2023. The programme was responsible for more than €1 Bn in inward investment.

The Programme was established over a decade ago to stimulate investment in Ireland. It has provided a route for wealthy foreigners investing at least €1M (approximately £900,000 GBP) into approved government investments, or €500,000 into public benefit projects. The scheme offered investors and their qualifying family members citizenship after five years' continuous residence in Ireland.

The programme had been under scrutiny in recent weeks after Ireland's Public Accounts Committee was asked to conduct a review. With growing pressure from the European Union, which cited the scheme as a high security risk, Ireland ultimately decided to close the scheme.

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