Ireland’s Immigrant Investor Program witnessed a steady rise in demand from high net-worth entrepreneurs and professionals from India in the last six months of 2019.
Unlike applicants from other countries who look at golden visa programs and citizenship by investment programs as a backup option from political or economic instability, wealthy Indians look to secure good-quality education and a better future for their children.
About the Ireland Immigration Investor Program (IIP)
Between 2012 and 2018, Ireland approved more than 700 IIP investors who brought in foreign investment exceeding €500 million. However, interest among Indians remained low with just 11 Indians applying under the program during this period.
A combination of various factors like Brexit, the necessity to retain access to the UK and the European Union, and Ireland’s growing status as an attractive destination for multinational corporations has led to more Indian interest in the Irish IIP.
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IIP Investment Requirement
To qualify for PR in five years, investors can choose among various investment options with minimum investments ranging from €500,000 for a one-time non-refundable donation to an Irish charity to €2 million in listed and registered Irish Real Estate Investment Trusts for a period of three years.
Another less expensive option is an investment of €1 million in a startup or existing business in Ireland or in an authorized investment fund for a period of three years.
The applicant is subject to detailed vetting and thorough due diligence covering personal assessment, security evaluation, and financial checks on the source of funds. A successful applicant and eligible dependents – spouse and dependent children up to the age of 24 – are issued the Stamp 4 visa.
IIP visa holders are allowed to work, study, or start their own business. Applicants also have the right to apply for citizenship after five years of legal residence subject to compliance with all other eligibility requirements.
Ireland – an Attractive Destination for Indians
Wealthy Indians wishing to educate their children abroad are exploring the IIP route to help secure their children’s admission into Irish universities.
While the conventional student visa route would be cheaper, the Stamp 4 visa allows the student to include time spent studying in the country in the minimum five-year legal residence requirement for Irish citizenship.
This means the IIP route can help dependent children of Indian investors qualify for Irish citizenship within one to two years of completion of their degrees.
Another significant factor is the requirement for Irish companies to ensure that at least half of their employees are EEA nationals.
The IIP enables foreign students to targeted citizenship by their graduation, which frees them from restrictions otherwise applicable to foreign students or foreign workers seeking a job in Ireland.
Finally, Irish citizenship allows the investor as well as his/her dependents to live and work in the UK and the EU under the Common Travel Agreement and the Schengen Agreement respectively.
Considering these significant benefits, the cost of the IIP application ends up as a slightly higher investment for securing an Indian child’s future educational and professional prospects in the EU.