It has been nearly a year since the Irish Immigrant Investor Programme (IIP) was shut down, and the Irish Immigration Department has finalised the arrangements for the orderly closure of the programme.
1. Approved projects
- Projects that have been approved, but require additional investment due to increased construction costs
- Projects that have been approved, but have introduced additional elements in addition to their approved business plan and are therefore applying for additional investment
- Approved projects that have been stalled
2. Investment funds approved by the IIP
3. Existing project applications before the closure of the investment immigration program
4. Application for the project after the closure of the investment immigration program
- Projects submitted without an affiliated investor, including those that attempt to transfer an existing investor's application to a new project investor
- Projects submitted outside of the timeframe allowed after the program closure, including those that have not previously had substantial contact with the IIP sector
- Projects that do not appear to be within the scope of the IIP program
- Projects that require planning permission
- A valid project application that meets the scope of the IIP program and has no planning problems.
According to the arrangement, priority application categories are one (1), three, four (1), four (2) and four (3) in the coming months.
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After that, applications for categories one (1) and one (3) will be examined, and so on for the remaining classes.
Frequently Asked Questions
Q1: What is the impact of the closure of the IIP on existing approved projects?
The planned shutdown does not affect approved projects or individuals. The project can be continued in accordance with the business plan and funding quota previously approved by the Minister.
The project owner/sponsor is ultimately required to ensure that the approved project is completed within the time frame stipulated in their business plan.
However, the DOJ will continue to monitor the progress and compliance of all projects with the IIP, including ensuring that investment funds are used only for the implementation of core capital projects and not for operating expenses or investor agency fees.
For approved projects, all individual investor applications associated with the project will be reviewed and approved in accordance with the published IIP criteria.
Q2: When will a decision be made on my project application?
The existing applications have now been classified and placed into the relevant categories. Priority will be given to project applications submitted prior to the shutdown, such as one (2), three, four (1), four (2) and four (3).
Given the current large number of applications, it is expected that it will take some time for the remaining categories of applications to be processed and a final decision to be made.
Q3: My project has been approved, can I complete the project?
For investor applications from approved projects, the IIP Department is committed to working to expedite the processing.
The project owner/sponsor is ultimately required to ensure that the approved project is completed within the time frame stipulated in their business plan. However, the Ministry of Justice will continue to monitor the implementation of all projects and compliance with IIP requirements.
Once the project is approved, all individual investor applications associated with the project will be reviewed and approved in accordance with the published IIP criteria and immigration requirements.
Q4: I submitted an IIP application, but my financial situation has changed due to the long time it takes to process the application. Can I still apply?
Immigration permission will only be granted if the investor invests the agreed funds into the approved project to which their application is linked. If the funds are not invested, immigration permission will not be granted.
Q5: Will the closure of the program affect the immigration status of IIP (Investor/Donor) applicants who have been approved and completed their investment?
No, the applicant's immigration permission is still valid and can be renewed in the normal way as long as the applicant meets the requirements of the IIP.
Q6: I have received a pre-approval letter and have not completed the investment within the required 90 days, can I still complete the investment and obtain a residence permit?
Yes, you can complete the investment within 90 days. A formal approval letter will be issued once the proof of investment has been submitted to the IIP department. It should be noted that the 90-day period will not be extended.
Q7: I have received a pre-approval letter and I have not completed the investment if the 90-day investment period has expired. Can I still complete the investment and get a residence permit?
No, if you do not complete your investment within the required 90 days and this period is not extended, you will no longer be eligible for an IIP license.
Q8: If the project application is rejected, what are the options for investors related to the project?
If this happens, the investor will be allowed to transfer the project to the approved IIP within 4 weeks if they wish.
Otherwise, the application will be withdrawn or after the expiration of the four-week period.
At present, Weikai still has a small number of application projects, which are not affected by the new policy! Welcome to contact us by private message for details.