Ireland closing ‘golden visa’ path favoured by wealthy Chinese
- The Immigrant Investor Programme has been dominated by Chinese nationals, who accounted for 1,458 of the 1,547 applications approved through June 23
- The scheme, which targets non-EU nationals with a personal wealth of at least US$2.1 million, is being shut down after a review of its ‘appropriateness’
Ireland will close its so-called “golden visa” programme, dominated by wealthy applicants from China, following a review of its “appropriateness”.
Applications for the visas, introduced by the Irish government in 2012 for non-EU nationals with a personal wealth of at least €2 million (US$2.1 million), will no longer be accepted after February 15, the Department of Justice said on Tuesday in a statement.
“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,” Justice Minister Simon Harris said.
The Immigrant Investor Programme was set up as a pathway for non-EEA nationals to secure immigration permission on the basis of long-term investment in a range of options.
Since its inception the programme has approved about €1.25 billion in investment, according to the government.