11:24, 16 Feb 2023, author: Ermakova M.

Ireland ends its Golden Visa program for high net worth foreign investors

In order to obtain a residence permit under this scheme, wealthy foreign nationals had to invest at least €1 million in Ireland over a period of at least three years.

Justice Minister Simon Harris confirmed that Ireland's Immigrant Investor Program, which amounts to a Golden Visa scheme that allows non-EU citizens to acquire residence in the territory subject to investment, has been cancelled.

According to him, the program was often accused of being involved in many illegal cases. It has been under consideration for a long time.

The Irish authorities launched this program in 2012, and it allowed wealthy foreign citizens to obtain a residence permit, provided that they made a financial contribution to the country, thereby contributing to the further growth of the economic sector. In addition, the program has generated €1.17 billion for Ireland since 2012, with the majority of investments coming from Chinese citizens.

To benefit from this scheme, applicants were required to have a personal wealth of at least €2 million, while in order to obtain a residence permit under this scheme, wealthy foreign nationals had to invest at least €1 million in Ireland over a period of at least three years.

Earlier it became known that the high-speed railway line to Budapest will be completed in 2025.