IE – Closure of Immigrant Investor Programme

Ireland’s Minister for Justice has announced the closure of the Immigrant Investor Programme (“IIP”) with effect from close of business 15 February 2023.¹

The IIP was introduced by the Irish government in 2012 to facilitate non-European Economic Area nationals (“non-EEA”) and their families who committed to an approved investment in Ireland, to acquire residency status which could eventually lead to Irish citizenship. The approved investment allowed for the creation of business and employment opportunities in Ireland. (For related coverage, see GMS Flash Alert 2017-024, 6 February 2017.)

The Start-Up Entrepreneur Programme, which was also established in 2012, allowing non-EEA nationals with an innovative business idea to acquire residency status in Ireland, per the conditions of the programme, will continue to operate.

Why this matters

With effect from close of business on 15 February 2023, Ireland’s Department of Justice will no longer accept IIP applications. This means that individuals – and their legal counsel – who are considering the IIP as a means of acquiring residency in Ireland will no longer be able to avail of the programme and should be considering alternatives.

Existing applications which are being processed and those submitted before the deadline will continue to be reviewed for consideration by the Evaluation Committee.

Existing Projects and Applications Being Processed

Existing projects that were approved will not be affected. Approved projects will continue to be monitored for compliance and are expected to be completed within the timeframe set out per the business plan.

IIP applications that are awaiting a decision will continue to be considered. The Department of Justice reports that there are currently approximately 1,500 applications on hand.

Additionally, applications not yet submitted, but where the project was significantly developed with the assistance of the IIP Unit of the Department of Justice, may be granted a grace period of three months to submit the finalised application.

KPMG Insights

If individuals have questions regarding their IIP application or require further advice and assistance concerning alternatives – for instance, the Start-Up Entrepreneur Programme – they should consult with their qualified immigration counsel or they can contact a member of the Immigration and Employment Law team with KPMG Law in Ireland (see the below Contact Us section).

Contacts

Aoife Newton

Director

KPMG in Ireland

mail
call

Elaine Norton

Associate Director, KPMG Law & Corporate Immigration and Employment Law

KPMG in Ireland

mail
call

Additional Resources

Download the PDF

Download

GMS Flash Alerts by country
GMS Flash Alerts by topic

Footnotes

¹ Department of Justice (14 February 2023), "Minister Harris announces closure of the Immigrant Investor Programme."

Disclaimer

* Please note the KPMG International member firm in the United States does not provide immigration or labour law services. However, KPMG Law LLP in Canada can assist clients with U.S. immigration matters.

The information contained in this newsletter was submitted by the KPMG International member firm in Ireland.

GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2024 KPMG, an Irish partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organisation please visit https://kpmg.com/governance.

Ireland – Closure of Immigrant Investor Programme