Credit: Irish Examiner
More than 1,400 international millionaires have bought Irish residency over the past ten years.
The Government’s Immigrant Investor Programme grants residency to the super-wealthy in exchange for an investment in the State.
Since it was set up in 2012, 1,431 applications for residency have been granted to millionaires from across the world.
To apply, candidates must have a net worth of more than €2 million and invest significantly in an Irish enterprise, an investment fund, a real estate fund, or a donation to a project of public benefit.
To date, more than €1bn has been invested through the scheme, according to Newstalk.
The most recent example is Louth GAA which has managed to raise €14.8m from foreign investors to put their stadium project back on track.
David Hall, CEO of iCare Housing, says he has used the scheme to raise millions for social housing.
“When the applicant makes a donation and is approved after the rigorous scheme, they give a donation to us of €400,000,” Mr Hall said.
The applicant will see no return on the donation which must be given to a registered and regulated charity.
Almost 94% of those granted Irish residency have been Chinese nationals.
There were 25 requests granted to Americans, nine to people from Vietnam, and five Saudis have been approved.
Only three applications were made for Irish residency by Russian millionaires, and all were denied.
The programme has been closed to Russian citizens since March of this year.
Each candidate is screened by the Department with their residency reviewed after two years.