Dublin: Ireland's 'Golden Visa' scheme
has been discontinued. The Immigrant Investor Program was established in 2012
The government has decided to scrap a program offering non-EU nationals residential visas in return for investment in the Republic of Ireland.
Rich people from outside the European Economic Community (EEC) were offered so-called "golden visas" in return for investment.
Applicants to the Irish program must have personal wealth of at least €2m (£1.7m). The IIP program requires applicants to invest at least €1m (£880,000) over a minimum of three years.
Alternatively, they can offer €500,000 (£440,000) as part of the endowment or €400,000 (£350,000) as part of a joint endowment to a project of public benefit in the arts, sport, health, culture or education. This was the plan of the Republic of Ireland.
A European law to introduce screening for investors from outside Europe of more than €2 million also led to the scheme being scrapped. He took the decision after being informed by reports from international institutions and internal and external reviews.
The project, which has been shrouded in controversy, has led to further Chinese investment and incursions into Ireland. But the European Union also said the implementation of the scheme opened up risks of money laundering, corruption, tax evasion and use by organized crime groups. The Chinese were more interested in this project, which will mostly affect them only.
Applications will no longer be accepted under the Immigrant Investor Program (IIP) from Wednesday. Of the 1,613 applications ultimately approved by the Department of Justice under the visa scheme, 1,511 were Chinese applications.
Applications currently received will continue to be considered.
Came from China, Applicants mostly invested in houses and buildings. It also allowed land in rural Ireland to be purchased for other purposes.
Minister Harris said the program was set up at a time of "unprecedented economic difficulty" to help "stimulate investment in Ireland".
This project has been under review for a long time. Ireland's Justice Minister Simon Harris said,
What now?
The Irish Government also continues the Start-up Entrepreneur Program (STEP), which was established in 2012 as a way for entrepreneurs with innovative ideas to apply for residency in Ireland.
The Government has also announced the continuation of the Startup Entrepreneur Program (STEP) for entrepreneurs with innovative ideas to apply for residency in Ireland.
Under the Start-Up Entrepreneur Programme, Europe will invest €50,000 in Ireland in start-ups with innovative ideas. Ireland will provide residency to develop their innovative business ideas. Government incentives and support will be provided to those starting the Start-up Entrepreneur Program (STEP).
€50,000 for the first application and €30,000 each on a joint basis.
Investors can apply for residency status (permanent residence) as a non-European (NON EEA) citizen under the scheme, or jointly apply for residency status for their spouse and children under 18 years of age.
In Ireland, the government believes that more opportunities to attract those with innovative projects will be created through the Start-up Entrepreneur Program (STEP). The minister also informed that this investment program will continue.
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