New programmes for immigrant investors and entrepreneurs aimed at reinvigorating the economy and encouraging job creation have been officially launched.
Minister for Justice Alan Shatter said application forms and detailed guidelines on the scheme’s process would be available online from 30 March, while receipt of applications will begin on 15 April.
“These programmes are all about investment and job creation,” said Minister Shatter. “Everyone knows that the economic situation is challenging but sometimes that can be a catalyst for new ideas, and I am happy that my department, even though it does not have an overt economic remit, can play its part.”
He added: “Ireland still has a bright future and migrant entrepreneurs and investors can play an important role in that future. We are now giving them the opportunity to do just that.”
Under the immigrant investor programme, successful applicants and their immediate family members will be entitled to live in Ireland with multi-entry visas for a period of five years, which is also renewable in certain cases.
Subject to their application, participants can qualify for this scheme by investing between €500k and €2m in a variety of ways including:
- A once-off minimum en-dowment of €500k to a public project benefiting the arts, sports, health, culture or education;
- A minimum €1m aggregate investment into new or existing Irish businesses for a minimum of three years;
- A minimum €2m investment in a special low-interest five-year immigrant investor bond; or
- A minimum €1m mixed investment consisting of €500k in property and €500k in immigrant investor bonds.
The start-up entrepreneur programme aims to attract those with innovative entrepreneurial ideas and ability, and some financial backing to set up businesses in Ireland.
According to the Department of Justice, the programme “provides that migrants with a good business idea in the innovation economy and funding of €75k can be given residency in this State for the purposes of developing their business.
“No initial job creation targets will be set as it is recognised that such businesses can take some time to get off the ground.”
The department emphasised that the scheme “is not intended for retail, personal services, catering or other businesses of this nature.”
Successful applicants will receive an initial residence permission for two years to develop the business, the statement added, after which time their case will be reviewed depending on progress
“However if the business has failed and the applicant has no prospect of launching another venture or finding another basis to remain in the State, then a different outcome would be likely.”
Asked about the would-be tax liability on income made outside the State for individuals who take residency in Ireland based on the schemes, Justice said: “The programme is not about taxation.
“Such matters are governed by the existing tax treaties and laws and this programme does not alter that framework in any way.”
