The Immigrant Investor Programme aims to encourage investment in Ireland from talented foreign nationals. The programme is open to non-European Economic Area nationals and their families and aims to provide potential investors with a permanent link to Ireland.
Investors whose business ideas are approved for entry into the scheme will be granted visas for entry to Ireland over a defined period. However, these visas may be renewed at a later date. The families of successful investors will also be granted visas.
It is important to note that the investment must be good for Irish business and jobs and it must be in the public interest. The funds used in any investment must have been legally acquired and must not be borrowed. Covali will support applications only for the schemes listed below:-
1. Immigrant Investor Bond:
€1 million invested in the bond at zero interest rate.
2. Investment Fund:
€1 m invested in an approved fund.
3. Enterprise Investment:
€1 m invested in an Irish Enterprise for 3 years
4. Real Estate Investment Trusts (REIT):
A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange. The €2 million investment may be spread across a number of different Irish REITs.
€500,000 philanthropic donation by an individual (€400,000 where 5 or more individuals pool their endowment for one appropriate project).
Successful applicants will be granted residency in Ireland for 5 years. This will be subject to an initial review after two years to ensure the investor has not withdrawn their investment and that the venture is making satisfactory progress. If this review is successful, the investor will be granted residency for another three years.
Investors can then apply to have their residency renewed every 5 years. The investor is not required to be permanently resident in Ireland, nor does he or she need to be present in Ireland to manage their venture. The investor need only visit Ireland once every 12 months. The programme also allows for an investor’s family to receive visas, making the Irish Immigrant Investor Programme a much more attractive option than any equivalent scheme around the world.
The Start-up Entrepreneur Programme provides that migrants with a proposal for a high potential start-up in the innovation economy and funding of €50,000 can be given residency in this State for the purposes of developing their business. No initial job creation targets will be set as it is recognised that such businesses can take some time to get off the ground.
Note: Where a proposal has more than one principal, other than family members, seeking to avail of this programme then thee first principal will be required to demonstrate access to €50,000 funding while second and subsequent principles will be required to demonstrate access to €30,000 each.
The intention of the programme is to support high potential start-ups.
Who will not qualify for residency under the Start-up Entrepreneur Programme.
The scheme is not intended for retail, personal services, catering or other businesses of this nature. The Department’s existing immigration channel referred to as the "Business Permission Scheme" remains available to this sort of enterprise. While each application will have to be considered on its merits the sort of business intended for this programme are those that are part of the innovation economy, in areas of high potential growth in the future. The State agencies will play a key role in evaluating the suitability of proposed business proposals for the programme.
A High Potential Start-Up (HPSU) is defined as a start-up venture that is: