The Irish Government (Department of Justice) has announced the new changes to the irish immigrant investor scheme (IIP) effective from 2019.
An Independent Review of the IIP is due to commence in the first quarter of 2019. The revised IIP guidelines will be issued in early 2019 (on or before 8 February) and all applications for 2019 must adhere to these new guidelines. During 2019 a second review of the guidelines will be undertaken as part of the post Independent Review process.
The following are the changes that will apply for immigrant investor program into 2019.
- Minimum Investment: The Immigrant Investor Programme requires a minimum investment of €1 million euros, from the applicants own funds and committed for a minimum of three years.
- Loans: Loans will not be considered to be source of funding for IIP. Such investment applications will be refused.
- Background checks: Ireland to tighten due diligence process for IIP applicants. Applicants and sponsors will be screened for Anti money laundering (AML), Know your client (KYC), Politically exposed persons (PEPs) and sanction checks.
- Tax data sharing: Ireland will share data share in accordance with the OECD common reporting standards to prevent tax evasion through the Irish residence by investment scheme.
- Applications intake open only during specific periods in 2019
Application Intake for 2019
INIS will accept IIP applications only during these periods in 2019
Window 1: 4th March 2019 –8th March 2019
Window 2: 20th May 2019 – 24th May 2019
Window 3: 19th August 2019 – 23rd August 2019
Window 4: 21st October 2019 – 25th October 2019