The Irish Ministry of Justice announced: this kind of investment immigration program will be prioritized!
On 18 January 2024, the Department of Justice of Ireland released its first update on the trial arrangements following the closure of the Irish Immigrant Investor Programme (IIP). The Ministry of Justice has conducted a preliminary analysis of all applications internally, divided them into different processing categories, and officially issued guidelines for categorical processing, and some projects will be prioritized.
Check out if your project is in the priority category?
The official announcement of the Ministry of Justice: Classified trial!
The Notice of Classification of Investment Immigration (IIP) issued by the Ministry of Justice of Ireland is divided into 4 categories, namely:
1. Approved projects
a) The project has been approved, and additional funding is requested due to the increase in construction costs.
b) Approved projects, applying for additional funding and adding new project elements to their approved business plans.
c) The project has been approved, but the project has stalled.
2. Investment funds approved by IIP
3. Project applications submitted before the end of the IIP policy
4. Newly submitted project application after the end of the IIP policy
a) The submitted project does not have an associated investor, including an attempt to activate the project by transferring an application from an existing investor to a new project.
b) Projects submitted outside the time frame allowed after the end of the IIP policy (including projects that have not previously had substantial contact with the IIP sector).
c) Projects that are not covered by the IIP policy.
d) Projects requiring planning permission.
e) A valid project application within the scope of the IIP policy and there are no planning problems.
Under the above arrangement, priority applications will be processed in categories 1(b), 3, 4(a), 4(b), and 4(c) in the coming months, as these applications have been processed for a longer period of time or decisions can be made quickly.
Second, Categories 1(a) and 1(c) will be examined and decisions will be made on these applications.
Finally, the remaining categories of applications will be examined.
It should be noted that the content involved in this priority approval is only related to the project, and the Ministry of Justice also called at the end of the article to "do not contact us about individual applications in the remaining categories", hoping that everyone can wait patiently.
Priority pass or rejected?
Ireland's Immigrant Investor Program (IIP) has been officially shut down on February 14, 2023!
According to the official data released by Ireland: as of June 19, 2023, the total number of Irish immigration applications over the years is 5,057, and the total number of approvals over the years is 1,788, of which 1,677 families have been approved in China, accounting for 94%, overwhelmingly first!
Chinese investors have always been the largest group of applicants for investment immigration in Ireland, and it is believed that they are also the group of people who are most concerned about the approval process.
Not necessarily, because the priority application also includes the possibility of direct rejection.
In the Department of Justice's updated Immigrant Investor Program (IIP) FAQs, the Department of Justice lists a number of possible rejections, such as:
My project was approved, but I submitted an application for additional investment and made changes to the approved business plan. Will my existing approved projects be affected and will my application for additional investment be considered?
The planned shutdown will not affect approved projects or individuals. The project can be continued in accordance with a business plan previously approved by the Minister of Justice.
Any approved project that requests additional investment in additional elements of the project that go beyond the previously approved business plan will be denied.
Such requests require a full re-evaluation of previously approved projects and will be treated as brand new. Therefore, especially since the program is now closed, and in the interest of fairness to all other programs and applicants, requests of this nature will not be considered and will be denied.
I submitted the project application within the timeframe allowed by the planned shutdown, but I have not found an investor yet. What's next?
The Immigrant Investor Program is fundamentally an investor-based program, not a project-specific program. In order for an application to be accepted in line with the IIP criteria, the application must have at least one investor and a relevant project business plan in order to be considered a qualified application.
Therefore, any project application without investors is invalid and will be rejected as a result.
While investors are allowed to transfer between projects if certain conditions are met, they are only allowed if another project already has investors. Any attempt to transfer an investor to another project that does not yet have an investor is not allowed and will be rejected.
I submitted an IIP application, but my financial situation changed due to the long time it took to process the application. Can I still proceed with my application?
Immigration permission will only be granted if the investor invests the approved funds in an approved project related to his or her application.
If the funds are not invested, immigration permission will not be granted.
In other words, applicants in the priority approval category will only be granted immigration permission if both the applicant and the program meet all the requirements of the IIP, otherwise they may face direct rejection!
All projects are strictly controlled and carefully selected, all of which comply with the project specifications issued by the Department of Justice of Ireland, and all of them belong to the priority project category.
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