South Africans seeking Irish residency still have a window of opportunity to apply for permanent residency despite the Irish Government announcing the closure of its popular Ireland Immigrant Investor Programme (IIP) in February 2023.
According to Sable International’s Investment Migration Manager, Sarah Young, the Irish Diaspora Loan Fund (IDLF) is still currently able to submit applications at this time.
Young said Ireland’s residency-by-investment programme offers families the chance to secure Irish permanent residency (a Stamp 4 permission) in exchange for an approved investment in the country’s rapidly-growing economy.
“For those not looking to emigrate from their home country, the Ireland IIP offers a second residency solution and a ‘plan B’, with very minimal stay requirements.
“This creates optionality for those wanting to stay in their current country but with the knowledge that they have a safety net or back-up plan and full residency rights to move to Ireland immediately should they ever choose to do so,” she said.
The Investment Migration Manager said this plan B can therefore easily be converted into a plan A, a full relocation to Ireland, once the Stamp 4 visa permission is granted. Then the investor and included family members have the rights to live, work, study and or retire in Ireland.
Young also revealed that there are 6 benefits of obtaining residency through the Irish Immigrant Investor Programme.
Firstly, there is no need to relocate to Ireland, as Irish permanent residency can be maintained indefinitely, provided you visit Ireland once a year for at least a day for the first 5 years whilst the country’s standard of living regularly ranks ahead of Canada, the United States and the UK.
She also revealed that Ireland is one of the fastest growing economies in the EU and is home to the world’s most successful technology companies and has the fastest-growing economy in the Eurozone with the sixth most competitive economy globally.
“It is known for its world-class education system and has a reputation for academic excellence. Irish universities are ranked in the top 1% of research producing institutions in the world,” said Young.
She also revealed that It is known for its world-class education system and has a reputation for academic excellence with Irish universities ranked in the top 1% of research producing institutions in the world and that the country is the only first language English speaking country in Europe.
In order for residency seekers to qualify for the Irish Immigrant Investor Programme, she said that Applicants need to be able to meet the minimum net wealth requirement of EUR 2 million and make a qualifying investment of EUR 1 million into an approved fund for at least three years.
“The approved fund option is now the only investment path available, and for a limited period only,” said Young.
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