The Department of Justice and Equality recently issued new guidelines on the application process for the Immigrant Investor Programme (the IIP).
In a recent alert we provided details of the background to the scheme and an overview of the type of investment vehicles open to applicants. Click here to recap on this.
Click here for the 2019 guidelines.
Click here for the application form.
The new guidelines provide detailed assistance to those making applications during the following windows open for applications in 2019:
- Window 1: 4 March -8 March 2019
- Window 2: 8 April – 12 April 2019
- Window 3: 20 May – 24 May 2019
- Window 4: 19 August -23 August 2019
- Window 5: 21 October – 25 October 2019
The guidelines take into account requirements of the recently enacted Criminal Justice (Money Laundering and Terrorist Financing (Amendment) Act 2018. Investors should note that the source of funds for investment will be subject to greater scrutiny " all applications will be subject to further enhanced levels of due diligence processes in respect of anti-money laundering, know your client, politically exposed person (PEPs) and sanction checks." These enhanced procedures form part of a package of measures which will include future sharing of information with Irish and international tax authorities. Applicants need to be aware of these new more stringent checks over their funding source.
In relation to the categories of investment under the heading of "Enterprise Investment" it now provides a new additional category eligible for consideration - investment in social housing and primary care centres. The addition of this category is designed to provide an additional means of investment to tackle the current housing crises.