The bulk of this money went to charity, the development of enterprises and the construction of social housing.
According to official data, last year 267 wealthy applicants who are not EU citizens invested €185.6 million in the Irish economy under the government’s cash for Visas program. The authorities approved the applications, allowing these foreigners to live in the republic together with their families, The Irish Times reports.
Citizens of non-EU countries and their families can obtain the right to live in Ireland in exchange for investing at least €1 million in social housing or other activities or by donating six-figure sums to charity under the Immigrant Investor Program (IIP).
The permit is issued for five years with the right to extend. But after the first two years, representatives of the authorities check the compliance of the criteria with the original ones. The candidates’ own capital should be at least €2 million. Participants of the program cannot apply for citizenship.
This program has already raised more than €1 billion since its launch in 2012. By the end of 2019, it had raised €826 million.