Ireland’s Minister for Justice, Helen McEntee, recently announced that her department had received 1,492 applications for the Investor Immigrant Programme (IIP) so far in 2023, up from 1,316 applications for the entire 12 months of 2022.
Despite the closure of the program, applications already submitted are still being processed. The department has provided data on the IIP applications over the past years, including updates on the number of applications received, approvals, and investments made through the program.
A key point from the announcement is the increase in the number of applications, with 1,492 received in 2023 compared to 1,316 in 2022. Chinese nationals make up the majority of successful applicants, accounting for 1,677 out of 1,788 approved applications since the program’s inception in 2012. This translates to an approval rate of over 94%.
The investments approved under the IIP amount to €1.293 billion since 2012, with an average investment of €723,154 per application. Minister McEntee confirmed that the majority of investments, €765.2 million, were in the Enterprise category, followed by €229 million in Investment Fund, €233.7 million in Endowment, €53.95 million in Bond & Mixed Investment, and €12 million in REITs.
The slowdown in Approval Rates and the Dominance of Chinese Nationals
The slowdown in approval rates for the IIP (Investor Immigrant Programme), despite the increased number of applications, may indicate more rigorous scrutiny or stricter evaluation processes for the program. Consequently, applicants may need a more professional team to navigate the IIP application process, such as working with Eterna International with years of experience in the IIP.
The dominance of Chinese nationals among successful applicants underscores the attractiveness of the program for investors from China, possibly due to similarities between Ireland’s IIP and China’s investor immigration schemes. This means applicants need a more professional team to face the IIP application.
Ongoing Review of the IIP and Implications for Future Investment Immigration Programs
It is crucial to keep an eye on the ongoing review of the IIP, conducted by EY, and its potential implications for future investment immigration programs in Ireland. The IIP has played a significant role in attracting foreign investment to the country, and its closure may prompt the government to explore alternative ways to maintain Ireland’s appeal to international investors. The forthcoming publication of EY’s review by the Department of Justice will likely provide further insights into the future of investment immigration in Ireland.
