Ireland

Ireland, with its administrative center located in Dublin City in the North Atlantic adjacent to the United Kingdom, has a population of around 4.9 million. Noted for scenic landscapes with an authentic cultural legacy inhabited by friendly locals, Ireland houses numerous globally acclaimed tourist attractions, such as St. John’s Castle, the Dingle Peninsula, and more. A burgeoning economy focused on avant-garde technological advancements proves a popular destination for overseas business enterprises. As acknowledged under its Constitution’s section on language selection and monetary system adoption, Ireland recognizes Irish and English as official languages while utilizing the Euro currency. Furthermore, Ireland upholds its obligations as a member of numerous international institutions, including NATO and the United Nations Security Council, among other bodies within this space.

According to the statement by Irish Minister for Justice Simon Harris, the program will no longer accept new applications starting from February 15, 2023. The program, established in 2012, allowed individuals to obtain Irish residency and EU mobility by investing or donating to Ireland’s economy, provided they had a minimum estimated personal net wealth of €2 million. The program has reportedly attracted over €1.17 billion in investment to Ireland since its inception.

The decision to close the program for new applications comes after rumors about potential tax evasion and abuse by applicants. The EU Parliament previously warned Ireland regarding vulnerabilities in the program in early 2022. Additionally, there has been a significant increase in applicants, with reports indicating a threefold rise in the first nine months of 2022. In response to these concerns, the Irish Department of Justice reviewed the program over the past year.

In the absence of a Citizenship by Investment program, applicants can only obtain Irish nationality through one’s birth, marriage, descent, or naturalization status. To become eligible for naturalization, applicants must demonstrate aptitude in English, a clean criminal record, and a high moral character.

Potential investors may explore numerous investment routes in Ireland, including real estate, innovation, and technology investments. Applicants can obtain long-term residency permits or visas through investments made in Ireland, which can aid in achieving naturalization and citizenship down the line. It is advisable to seek the guidance of a qualified legal or financial advisor to fully understand all aspects of investing in Ireland, including potential risks and rewards.