This program is discontinued as of February 2023.
Ireland Immigrant Investor Programme is a residency program launched by the Irish government to help high-net-worth individuals acquire Irish residency. The program offers four investment options. The investment fund option allows investors to get Irish residency by investing €1 million in an approved investment fund for a minimum duration of three years.
The investment fund option provides a link between the investor and the investment. As foreign investors are usually unfamiliar with Ireland’s business environment, they might be unwilling to invest in the country directly. A managed fund is beneficial for the investors as the funds are required to be managed by professionals.
If you’re planning to opt for the investment fund to apply for an Ireland investor visa, here’s everything you need to know.
What Is Ireland Immigrant Investor Program Investment Fund
The primary focus of the IIP is to attract foreign investors to Ireland and create economic opportunities and employment. The investment fund option is one of the investment types the program offers. The eligible fund is required to be a private equity or venture capital fund. Another requirement is that all funds are invested in Ireland. They’re also required to represent equity stakes in Irish registered companies that aren’t quoted on any stock exchange.
If you’re a non-EEA national, planning to apply to IIP by investment fund option, you’ll be required to invest €1 million in an approved Investment Fund.
Here are some points to note if you decide to take this route of investment:
- The funds and fund managers are required to be regulated by the Central Bank to conduct business in Ireland.
- Fund managers who have an established record of managing regulated funds are eligible.
- The funds that are quoted on any stock exchange and represent equity stakes in an Irish registered company are not eligible.
- Funds are required to have a minimum target size of €20 million.
- You’re required to prove that you’re not going to take any loans to make this investment.
- You’re required to stay committed to the investment for at least three years.
Why Invest in the Fund Option in IIP
One significant benefit of choosing this option is that it allows you to take advantage of the services of approved professional investment intermediaries to make a profitable investment. Below we’ve listed some other benefits which motivate the investors to invest in the fund option in return for Irish residency.
Good for Investors Who Are Not Familiar with Irish Investment Structure
Being part of a managed fund is beneficial in many ways. With a managed fund, you’ll have experts that advise you on your investment. Professional fund managers will manage the investment fund on your behalf. This is favored by investors who aren’t familiar with the country’s investment funds.
Investment Is Made After the Approval
Most EU passvisa schemes require you to make the investment before you can proceed with your application. However, with the IIP, you’ll make the investment in the approved funds only after the pre-application has been approved by the INIS. This is a huge incentive for many investors.
No Minimum Stay Requirement
There is no stay requirement within the program. If you’re only looking for Irish residency and not planning to apply for citizenship in the future, visiting Ireland for one day every year will suffice to keep the investor visa.
Path to Ireland Citizenship
Once your fund investment has been approved for the Ireland residency by investment program, it opens the path to Irish citizenship in the future. If you meet the criteria, you can be eligible for an Irish passport after a certain period. For further reading on citizenship, please refer to our guide on How To Get Irish Passport.
Who Can Invest in the Fund Option
If you’re a high-net-worth individual with a personal wealth of a minimum of €2 million, you may be eligible for investing in this fund option. You can also add your spouse/partner and dependent children to the program. Unlike most passvisa schemes, you can add your children who are between 18 and 24 years old, if they’re still dependent on you.
Check our ultimate guide on Ireland Immigrant Investor Program for more information on eligibility criteria.
How To Invest in the Fund Option
Application
To apply for the program, fill an application to be approved under the Immigrant Investor Program Ireland, indicating the investment opportunity you wish to pursue. Complete the application and gather all requested documentation.
Your application is required to include:
- A detailed description of the proposed funding sources and their proportion of the total fund
- A comprehensive report of your investment strategy, the targeted commercial sectors, and the company profile you tend to invest in
- A description of how long investment funds will be committed to target investments
You can execute an investment fund manager as your representative in your dealings with the IIP application. Please note that you’ll be required to give specific authorization to that effect.
Supporting Documentation
You’re also required to provide some supporting documentation in your application for an Ireland investor visa.
Evidence of Net Worth
When you apply for the Immigrant Investor Program, you’ll be required to prove that you’ve legally accumulated a minimum net worth of €2 million. Please note that you may be eligible only if you’re independently wealthy and don’t rely on any other funds.
You’re also required to submit a detailed explanation of your financial activities for the last 12- month period.
This explanation should include:
- Your income: Specify your job title, duration of the employment, your monthly salary, dividends, annual income. If your income is through gifts or inheritances, explain the reason and the donor’s financial capacity.
- Your investments: Explain the nature and amount of the investment. You’re also required to add the origin of the funds that allowed this investment. Please also add the amounts of personal investments you’ve made during this period.
- Your loans: Submit proof of bank loans and when you’ve repaid them.
Please note that all applications for IIP are subject to high levels of due diligence processes. The authorities are liable to contact the source of these documents for confirmation.
Evidence of Character
You and your dependent family members over the age of 16 are required to submit a statement of character. You can obtain this document from the police authorities of each country in which you’ve resided for more than six months for the last 10 years. A due diligence report from a reputable international risk management and security screening organization is another requirement.
Application Fees
The non-refundable application fee of €1,500 is to be paid via bank transfer.
The Approval
Applications take three or four months. Please note that this period might be longer if the Evaluation Committee asks for more information from you.
When your application is approved, you’ll receive a pre-approval letter. Once you receive this letter, you can make your investment in 90 days.
For the final approval, submit the below documents:
- A letter that confirms that the funds have been invested in the investment fund. This letter is to be prepared by a solicitor in Ireland.
- A letter that states the financial value that has been invested in the fund. This letter will be prepared by the fund investment manager.
- A copy of your subscription certificate.
When the Minister is satisfied that the investment has been made, you’ll be granted a residence permit in Ireland under Stamp 4 conditions. With this permit, you can freely work, study, or start your own business in Ireland. The initial permit is valid for two years. You may be eligible to renew your visa if you meet the requirements. Note that fund performance is not a condition of renewal of your residence permit.
Get passvisa: Who We Are and How We Can Help You
At Get passvisa, we help individuals become global citizens by residency and citizenship by investment programs. If you’re interested in investing in the fund option under IIP, let us help you in the process.
