Following Russia’s invasion of Ukraine, Spain, Malta, Portugal, the United Kingdom, the Czech Republic and Greece have halted their “citizenship-residence by investment” schemes.
Minister for Justice Helen McEntee confirmed that applications for participating in the IIP programme in Ireland are no longer available to Russian citizens following the invasion of Ukraine.
The Immigrant Investor Programme (IIP) was introduced in April 2012 to encourage inward investment and create business and employment opportunities in the State. The programme provides investors with the opportunity to invest in Ireland. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest.
Successful applicants under the Immigrant Investment Programme and their nominated family members are granted a residence permission in Ireland under Stamp 4 conditions. Stamp 4 conditions permit non-EEA nationals to work, study or start their own businesses in Ireland. Therefore, given the significant immigration benefits accruing and to ensure the highest degree of transparency and accountability for the programme, all applications are subject to enhanced levels of due diligence processes in respect of both personal and financial checks to protect the State’s interests.
Only a very small number of applications under the IIP have been made by Russian citizens since the inception of the scheme in 2012 and none have been approved in recent years.
I have recently instructed that no further applications from Russian citizens will be accepted into the Immigrant Investor Programme.