IrelandResidency By Investment

Overview

Ireland features one of EU’s most rapidly expanding economies and high quality of lifestyle. Following Brexit, its popularity among high-net-worth (HNW) non-EU nationals interested in obtaining a residence permit in this EU country has drastically increased. Since 2012, the Irish government has been offering the Immigrant Investor Program (IIP), known as the Ireland ‘Golden Visa’ scheme, to foreign investors. In February 2023, authorities cancelled the IIP. However, the closure did not affect the pending projects that had already been authorized under the program. Hence, an investment of at least EUR 1 million in any Approved Investment Fund (AIF) opens a path for foreign investors to obtain a permanent residence permit (‘Golden Visa’) in Ireland.

Eligibility

Applicants for the Ireland’s ‘Golden Visa’ program must be at least 18 years old, with good character and clean criminal record. A main applicant is required to have a net worth of at least EUR 2 million. Invested funds must be of legal origins and cannot be borrowed. There are no requirements regarding education, language skills, or managerial experience.

Family Inclusion

Main applicants for the Ireland Residency by Investment Program with extra costs can include family members in their RBI applications, including spouse, children under 18, or children between 18 and 24 years if they are unmarried and financially dependent on parents.

Permanent Residency & Citizenship

Irish ‘Golden Visa,’ also known as Ireland residency by investment, applications are typically processed within 7-9 months and involve background checks and due diligence. Successful applicants and their family members are granted residence permits valid for two years, which can be extended for an additional 3 years, provided that investors keep the investment. There is no minimum physical presence requirement to maintain residence status in the country. To become eligible for Irish citizenship, immigrant investors must have continuously resided in Ireland for at least one year prior to their application date and held the residence permit in Ireland for a minimum of 5 years.

Benefits

Visa-free travel

Visa free access to Schengen Zone for three (3) months within a 6-months period.

High Living Standards

Irish residents enjoy secure environment and high-quality lifestyle

Healthcare and Education

Ireland boasts premium healthcare and education institutions.

Strategic Location

Ireland is an alluring place to conduct international business, with easy reach to the European and American markets.

Business Opportunities

Ireland is a business-friendly country with a low corporate tax rate and a skilled workforce. The country tops ease of doing business rankings.

Pathway to Citizenship

After five years, Irish ‘Golden Visas’ holders are eligible to apply for citizenship. However, they must be present in the country for at least one year prior to the application submission.

Investment Options

A non-EU national can qualify for the Irish ‘Golden Visa’ program after making a qualified investment in an Approved Investment Fund (AIF):

Investment in AIF

Investment of at least EUR 1 million

The investment should be maintained for a minimum period of three years. In general, the monies invested by the fund must represent equity stakes in companies not quoted on any stock exchange. There are a number of funds, which have been set up specifically with ‘Golden Visa’ investors in mind.

Applicable Fees

Application processing	EUR 1,500
Legal expenses	EUR 10,000 – 20,000
Due Diligence	EUR 10,000 – 20,000
Visa fee	EUR 500

Applicable Fees

The following fees apply for the Greece ‘Golden Visa’ program:

Due diligence fee for main applicant	USD 7,500
Due diligence fee for any dependent above 16	USD 4,000
Application forms per applicant	USD 250
Passport fees	USD 300

Application Process

Step 1 : Internal Due Diligence and Qualification Assessment

Bayat Legal Services’ compliance team will conduct an internal due diligence check, which entails a background security screening of the applicant, Preparation of KYC (Know Your Client) and a qualification assessment.

Step 2 : Study the Application and Agreement Signing

Bayat Legal Services will meticulously analyze the client's application. Once this is done, the client will proceed to sign a retainer agreement with the firm. Subsequently, Bayat Group will curate a customized list of necessary documents – recognizing that each client's situation is unique – to facilitate the application preparation process.

Step 3 : Application Submission

The IIP application form is available on the website of the Irish Naturalisation and Immigration Service (INIS). The application form must be completed and submitted to INIS along with all required supporting documentation, including evidence of having net-worth at least EUR 2 million.

Step 4 : Application Processing

Irish authorities perform background and Due Diligence checks on all adult applicants. Application processing and Due Diligence fees must be covered by applicants.

Step 5 : Investment and Opening Bank Account

After getting approval-in-principle, applicants must make their qualified investment and open a bank account in Ireland to streamline future financial transactions related to the application. Investors must make the required investment within 90 days.

Step 6 : Residence Permit Issuance

The processing time for the Irish Immigrant Investor Program applications can vary, but it can last up to one year. Successful applicants will be issued the permanent residency certificate and ID cards, valid for 2 years. Visit to Ireland is necessary to give the biometrics information.