Ireland Golden Visa 2021 The Ultimate Guide by Experts | GCS

Are you an international investor or entrepreneur looking to broaden your horizons and gain entry into one of Europe’s most desired nations? The Ireland Investor Visa Scheme — also called the Ireland Golden Visa — offers non-EU nationals and foreign investors the chance of a lifetime. In exchange for a qualifying minimum investment of €500,000, applicants and their family members can receive Ireland residency within a few short months, with EU citizenship possible.

In this Irish Golden Visa guide, you’ll learn about the following:

• Key investment program benefits

• Approved investment options for the Ireland Investor Visa

• Step-by-step guide to Ireland residency

• Investment Program fees
• Plus more!

Why consider Ireland?

While there are many Golden Visas out there like the Golden Visa Portugal, Golden Visa Spain and Golden Visa Greece, Ireland is the only English-speaking country that offers unique investor visa advantages . Namely, as the fastest-growing European economy, and the sixth best performing economy globally, opportunities are ripe, with the country being highly open to foreign capital. Ireland also boasts a steady reputation for protecting investor funds, with a reputable international risk management country profile, so be assured knowing that your investment will be safeguarded against risk.

Benefits of the Irish Immigrant Investor Program:

• Leading education institutions in the European Union like the University College Dublin
• Diverse range of industries to invest in
• Fantastic quality of life 
• European hub for business and technology 
• Visa free access to Europe’s Schengen Area
• Irish residency in four months
• Irish passport possible after six years
• Live, work and study in Ireland with the investor visa
• Family members qualify, including dependent children under 24

Ireland investor visa benefits for family members 

Your spouse, children under 18, and financially dependent children between the ages of 18-24 all count in your golden visa application, and your family members will have lifetime Ireland citizenship.

Ireland investment visa eligibility requirements

There are several eligibility requirements to take into account for the Ireland Immigrant Investor Program.

• You must be at least 18 years old
• Hold a clean criminal record
• Have a net worth of no less than €2 million
• Ability to prove you have the necessary money to invest in
• Spend one day in Ireland per year as a bare minimum
• Prove that the money is independently sourced by yourself (no loans accepted, or for instance, your family members cannot provide a portion of the contribution)

Investor visa options to obtain the residence permit

Enterprise Investment

Contribute a minimum investment of €1 million in an Irish enterprise or business

Investment Funds

Make a minimum investment of €1 million in approved funds

Real Estate Investment Trusts (REIT)

Make a minimum investment of €2 million in a real estate investment trust

Endowment

Donate €500,000 to a charitable project in ireland

Enterprise Investment

Contribute a minimum investment of €1 million into a new or existing Irish enterprise or business. It can be a single enterprise, or multiple, provided that the minimum threshold is reached.  Moreover, the Irish enterprise or business you invest in must be headquartered in Ireland. 

Note that for the enterprise investment option, you have to submit a business plan with your Irish residence permit application. Applications are more likely accepted if the investment creates full time jobs for Irish people. Finally, the investment must be 100% completed by the applicant, not a corporation.

Investment Funds

Make a minimum investment of €1 million in an approved investment fund and hold it for a minimum of three years. The investment funds must be venture capital or private-equity based, and must be applicable to small and medium-sized businesses. The companies can’t be listed on the stock exchange. In addition, all funds must represent equity stakes in Irish registered companies.

Finally, the investor funds and fund managers must be regulated by the Irish Central Bank, and have at least €20 million under management, with a successful record. To give you an idea of a low-risk investment fund you can invest in, the Irish Diaspora Loan Fund is a Central Bank of Ireland approved-fund you could consider. The Irish Diaspora Loan Fund gives investors the chance to invest in Ireland, while supporting Irish job creation.

Real Estate Investment Trusts (REIT)

Make a minimum investment of €2 million in Irish real estate investment trusts (REIT) for three to five years. REITs are basically listed companies that hold rental investment properties. They are internationally recognized for accepting investments in rental property assets.

Considered lower-risk than investing in funds, your money is more diversified, reducing the chance of falling into a negative equity risk trap. The Irish real estate investment trusts must be listed on the Irish Stock Exchange for three to five years. 

You can choose to invest the whole sum in a single Real Estate Investment Trust or split it between several trusts. After three years of holding your investment, you can divest up to 50% of your shares. After four years, you’re only required to maintain 25% of your initial investment. After five years, you can cash out, and still maintain your Irish residence permit.

Endowment

Donate €500,000 to a project that will benefit the good of Ireland. The project should benefit either the arts, sports, health, culture, or education institutions of Ireland. This is a non-refundable donation, but it is the cheapest investment route to residency. An interesting thing to flag is that five or more people can pool the money together, in which case, each investor can contribute €400,000.

ADDITIONAL REQUIREMENTS FOR THE IRISH GOLDEN VISA

Additional requirements to take into account is that all the money you invest in must be held by you. A loan cannot be accepted as a source of funding. So, only your own money is counted toward the residency application. Besides this, the application process is relatively smooth and hassle-free.

1.Submit your application

Choose your preferred investment route. Next, collect the necessary paperwork, perhaps with the help of an immigration service or attorney, pay the non-refundable application fee of €1,500 and submit your application. 

2.Get approved

Around three months from the time you submit your application, expect to hear a reply from the Irish government’s branch, the Evaluation Committee. Provided that all requirements are met and your personal profile fits the program criteria, your application should get approved.

3.Invest and become a resident

Once you have your pre-approval letter in your hands, it’s time to make your investment. You must do it within a 90-day time period, and submit proof you’ve made your investment. You and your family also must acquire an Affidavit of Good Character to show you have good moral standing, and to do this, you must travel to Ireland. Afterward, you will be granted residency, with a two-year residency known as ‘Stamp 4’. This allows you to work, study and live in Ireland without any issues. 

4.Extend your residence permit

To keep your residence, you must travel at least once a year to Ireland. After your first two years are up, extend your residence permit. The following permit is valid for three years, and it’s granted only if you can prove you’re not a financial burden in the country. It’s important that you still remain financially stable, and your moral character is still strong. While the Irish government isn’t fussed about whether your investment is deemed successful or a failure, you must maintain your investment.

5.Become a naturalized Irish citizen

After being a resident for five years, you are eligible to apply for Ireland citizenship, provided that you meet the government criteria. Specifically, you must prove that you’re physically resident in Ireland and are a tax resident in Ireland prior to lodging your Irish naturalisation citizenship application.

Investor Visa Application Processing Time

Irish Taxes

The Irish tax system is based on your residence status, and corporate tax is charged at a 12.5% rate currently. If you don’t plan on staying in Ireland during your golden visa term, you don’t need to register as a Irish tax resident. Regardless, you will be taxed on any income received in Ireland. This, of course, includes the income from your investments. If you wish to become a citizen, note that you must be a registered tax resident.

Document Checklist for the Irish Golden Visa

The document checklist for the golden visa is quite extensive, and the requirements can be subject to change at the Irish government’s discretion. It is recommended to speak to a consultant from an immigration service that can assist you with the application.

General document requirements for the Ireland investor visa

• Proof of net worth of a minimum of €2 million. The funds must be obtained legally, aand belong to you solely..
• Explanation of your financial activities from the past year such as: income, including employment details, annual income, bonuses and commissions, and any gifts or inheritances you may have received.
• Full details of any investments you made.
• Your loans (bank, mortgage, etc.)
• Proof you have the required funds for investment. You must also be able to prove you can transfer them to Ireland.
• Proof of the source of your funds. You must be able to show how you acquired the funds you intend to use for the investment.
• Sale deeds
• Inheritance/gifts
• Divorce settlement
• Evidence of character. You must include a statement of character from the authorities from every country you have lived in for more than six months for the past ten years.
• You must include the same type of statement of character for any of your children who are over 16 that you have included on the application.

Irish Citizenship By Investment documents

Irish Enterprise investment:

• A comprehensive business plan of the Irish enterprise in which you are investing. The plan must show:
  • The financial investments you are making.
  • How your investment will help create or maintain jobs.
  • How much equity you are acquiring.
  • How you are planning on receiving your investment return.
  • Letter from a solicitor which confirms that you have transferred the funds in the Irish business/enterprise.
  • A letter from the business/enterprise which states how much you have invested.
  • A payment remittance and bank statement which proves you have transferred the funds.

Investment Fund:

Include a profile of the investment fund, which details:

• The investment strategy
• Documents proving the fund is approved by the Central Bank of Ireland
• Funding source
• Investment pool for the fund
• A target return on investment
• Employment projections of the investments under the fund.
• Letter from a solicitor which confirms that you have transferred the funds in the Irish business/enterprise
• A letter from the Fund Investment Manager confirming you have transferred the funds.
• A copy of your subscription certificate

Real Estate Investment Trust:

• Proof you have the required funds for the investment. You do not need to specify which REIT you are investing in to the Evaluation Committee.
• Letter from a solicitor which confirms that you have invested €2 million in REIT.
• A letter from the REIT company which confirms the sum you have invested.
• Copy of your share certificate.

Endowment:

• A Business Plan.
• Proof of how your donation will be used and how it will benefit Ireland.
• Letter from a solicitor which confirms that you have transferred the funds to the Irish registered charity.
• A letter from the registered charity which confirms you have transferred the funds
• A payment remittance and bank statements proving you have transferred the funds.
• The solicitor who issues your letter must be cleared to work in Ireland.

Irish Citizenship By Investment Program Fees- You must pay a non-refundable processing fee of €1,500  to the Evaluation Committee, by electronic funds transfer and mail the receipt along. All additional costs are related to the specific investment route you choose. 

Frequently Asked Questions about the Investor Visa