Wealthy Chinese scramble for ‘golden’ visas as Ireland’s invest-to-immigrate scheme abruptly ends, but risks abound

Consultants record a surge in enquiries after Ireland’s announcement it is ending the decade-old Immigrant Investor Programme

Lawyers advise those rushing to secure a ‘golden visa’ to avoid bad actors by watching out for warning signs

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A view of Dublin, capital city of Ireland, which is ending an invest-to-immigrate scheme that has been popular with wealthy Hongkongers and mainland Chinese. Photo: Shutterstock

Elise Makin BeijingandCheryl Arcibalin Hong Kong

Published: 12:33pm, 5 Mar 2023Updated: 7:15pm, 5 Mar 2023

Since Dublin abruptly announced the end of its decade-old golden visa programme on February 14, Janine Miu has been swamped with inquiries from wealthy Hongkongers and mainland Chinese keen to gain Irish residency by investment before the door closes.

“I’ve received dozens of inquiries within two weeks,” said Miu, founder of UK Immigration Specialist, a consultancy. “They no longer ask about their eligibility for the programme, but very specific questions about the projects, to help them decide which ones to invest in.”

A family of four, she said, had been mulling the move for a year. When they heard about the termination of the residency programme, the parents leapt into action.

The Immigrant Investor Programme (IIP), commonly known as the “cash-for-visa” or “golden visa” scheme, was implemented in 2012 to help Ireland get out of the financial crisis. After attracting almost €1.252 billion (US$1.33 billion) in investment, the government said “it is now timely” to end it, prompting wealthy investors to act fast.

A view of the Cork, Ireland city centre. Photo: Shutterstock

While the programme is ending for new developments, existing projects approved by the Irish government can continue to source new investors as required to complete their funding.