The Irish government is ending its golden visa program for people who have invested in the country’s economy.
Since 2012, a residence permit in Ireland could be obtained for an investment of 1 million euros over three years or a one-time donation to charity of 500 thousand euros. For 10 years, the program has brought the country 1.252 billion euros.
However, the programme will now be closed to new applications from close of business on Wednesday 15th February 2023.
Announcing the decision to close the scheme, justice minister Simon Harris said: “The Immigrant Investor Programme was established over a decade ago during a time of unprecedented economic difficulty to stimulate investment in Ireland that would be of strategic and public benefit to the State.
“Since its inception, the programme has brought significant investment to Ireland and has been operated by my Department to the highest professional standards.
“However, it is important that we keep all programmes under review including any implications for wider public policy, such as the continuing appropriateness and suitability of this programme for cultural, social and economic use.
“We have also taken on board a number of reports and findings from international bodies such as the EU Commission, Council of Europe and OECD on similar investment programmes.
“Taking all of this into account, and informed by both internal and external reviews, I have recommended that it is now timely to close this Programme to new applications, and have received government agreement to close it for further applications from close of business tomorrow, February 15th 2023.”
A number of European countries have already abandoned such practices. Portugal would scrap the programme as it has already fulfilled its function.
