The investor must make an investment of not less than €2 million in the shares of one or multiple real estate investment trusts listed on the Irish stock exchange. The following conditions must be fulfilled by investors opting for this residency option:
- The applicant must invest in REITs that fulfill the following eligibility conditions:
- REITs that are listed or have applied for listing on the Irish Stock Exchange.
- REITs that have fulfilled the notice requirement prescribed in Section705E of the Taxes Consolidation Act, 1997.
- The investor must declare his or her intention to invest in REIT(s) in the residency application but should not indicate exact choice of listed REIT to avoid disclosure of market sensitive information.
- The REIT investment should not be made before grant of the conditional approval. Investment made prior to conditional approval will not be treated as eligible investment under the Immigrant Investor Programme.
- Acceptance under the programme will be subject to the Evaluation Committee’s recommendation to the Minister.
- The Evaluation Committee may impose limits to ensure the investment does not result in distortions in the Irish REIT market.
- The approved REIT investment must be held in full for a period of three years from the date of purchase. The investment must be held even if its value rises above the mandatory requirement of €2 million.
- The investor is permitted to withdraw a maximum of 50% of shares purchased in the REIT after expiry of three years from the date of purchase. If the investor has opted for divestment of shares after the end of the third year, then he or she may divest an additional number of shares after the end of the fourth year of value not exceeding 25% of total shares purchased.
- The restrictions regarding retention of shares will cease to apply after the end of five years from the date of purchase of investment.
A REIT is a globally recognized standard facilitating rental property asset investments. Purchase of shares in the REIT will allow the investor to make low-risk investments in a diversified pool of properties. The applicant can obtain residency and, simultaneously, derive regular income from the legally mandatory annual distribution of profits generated by the REIT(s).
Additional Documents for Ireland Real Estate Investment Trusts
- Proof of required funding for the REIT investment.
- Proof of purchase in the form of share certificate or other acceptable proofs. The investment and submission of proof of investment should be made after the Evaluation Committee has granted its approval and the Minister for Justice and Equality has endorsed the aforesaid approval.
- During renewal of the residence permit with validity of five years, the investor immigrant must submit proof of holding and disposals over the preceding five years. Violation of the retention requirements may result in withdrawal or non-renewal of the residence permit granted to the investor immigrant.
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Application Procedure for Ireland Immigration by Real Estate Investment Trusts
- Submit the completed application form for the Ireland Immigrant Investor Program along with the details of the investment proposal and all supporting documents.
- The applicant should not proceed ahead with the investment without the approval of the investment proposal by the Evaluation Committee.
- The Committee is made up of senior officials of all relevant Government Departments and State Agencies. It meets four times in a year and assesses investment applications on the basis of the following factors:
- Applicant’s profile.
- Commercial feasibility of the investment.
- Creation of jobs by the proposed investment.
- Overall benefit to the state of Ireland.
- The Evaluation Committee shall recommend suitable applications for acceptance under the program to the Minister for Justice and Equality
- Upon approval of the application, the applicant is required to proceed ahead and execute the approved investments. Further, the applicant must obtain medical insurance covering all major medical expenses along with an affidavit of good character for self and all nominated family members above the age of 16 years.
- Upon finalization of the investment, the applicant and all nominated family members will be granted continuous residence permits under ‘Stamp 4’ conditions. Stamp 4 entitles the applicant and nominated family members to reside, study, work, or start a business in Ireland.
There are no minimum residence requirements related to the residence permit. The sole condition is that the applicant and all nominated family members must visit Ireland at least once in a calendar year.
On an average, approval of Immigrant Investor applications is granted in three to four months provided all necessary information and documents have been submitted by the applicant.
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