The Government’s Immigrant Investor Programme has been overhauled, Metro Éireann has learned.
Minister for Justice Alan Shatter said the changes “followed a review of the operation of the programme after its first year, and are intended to make the programme more attractive to potential investors.”
Poor uptake among would-be investors has been cited as the impetus for the restructuring of the scheme.
According to the minister, a total of just nine applications have been approved under the programme “with a total project investment of over €10m and predicted employment estimated at over 123 jobs.
“There are, however, indications of further opportunities to attract inward investment and create employment opportunities.”
The minister confirmed that he “deliberately avoided making any predictions on the level of interest in scheme” because this type of initiative was new to Ireland.
But he added that “positive lessons” have been learned, which would help in the management of the scheme going forward.
The changes will operate from 15 July, and include a 50 per cent reduction in the investment threshold for the Government Bond option from €2m to €1m, and a 50 per cent reduction in the enterprise investment requirement from €1m to €500,000.
Also included in the new changes is a new category of investment in a managed fund for Irish businesses and projects, with a minimum requirement set at €500,000.
The minister said that mixed investments involving property and in respect of group endowments have also been altered.
And tuition fees paid by the children of investors may also form part of the investment requirements, according to a statement from Justice.
Minister Shatter said Ireland’s representatives abroad are now marketing the updated scheme.
“Ireland is an excellent place to do business and has many advantages in terms of its quality of life for investors and their families,” he said. “They are very welcome here and will find good business opportunities.”
He added that the initiative “is a further indication of the Government’s recognition of the role that talented and successful migrants can make to Ireland’s economic development and the contribution they can make to job creation.”
