Hongkongers’ record-high immigration inquiries amid growing unrest prompt Irish developer to set up shop in city

Ireland’s underserved property segments of nursing homes and social housing have opened up avenues for foreigners to qualify for the country’s fast-track residency scheme, and wealthy Hongkongers are eyeing the investment scheme as the city reels from its worst political crisis.

Dublin offers four options under the Immigrant Investor Programme (IIP) for those seeking to live and work in Ireland. The first two options are investing in companies that build social housing or nursing homes, which require a minimum €1 million each for at least three years. The other two options are donations of €500,000 to a public project and a €2 million investment in any real estate investment trust listed on the Irish Stock Exchange.

The interest has been substantial enough for Irish developer Bartra Capital to set up shop in Hong Kong following record-high inquiries it received from Hongkongers about the immigration scheme when social unrest in the city started to escalate in July.

“In the last seven to eight weeks, I’d say I’ve met between 80 and 100 clients in Hong Kong,” said James Hartshorn, director of Asia at Bartra. “Prior to that we had signed two to three Hong Kong clients.”

Henry Chin, head of research for Asia-Pacific, Europe and the Middle East at CBRE, said that there is an opportunity for investors to specialise in the development of social and affordable housing considering that affordability is challenging in the Irish market.