Ireland ends Golden Visa Program for Wealthy Foreign Investors

The Irish government announced on Tuesday February 14, 2023 that it will be shutting down its investor visa scheme, which allowed wealthy foreign investors to gain residency in the country by investing at least 1 million euros. The programme, which had been criticized for creating an unfair advantage for wealthy individuals, has been abolished by the government, who stated that it was no longer in the country’s best interests. 

The scheme had been in place since 2012, and granted residency rights to hundreds of foreign investors, who invested in property, businesses and government bonds. However, the programme had become a source of controversy, with critics suggesting that it unfairly benefitted those with significant wealth. 

Minister for Justice Charlie Flanagan said that the programme had achieved its goals of bringing investment into the country and stimulating the economy, but would now be ended. 

The move to close the visa programme for wealthy investors has been welcomed by many in Ireland, who said that the scheme had created an unfair advantage for those with significant wealth. The Government has now said that it will focus on developing more targeted and effective immigration policies, which will benefit the Irish people.

The European Commission has raised concerns about such programmes, arguing that they could be used to bypass the EU’s strict rules on free movement of people. The Commission has warned that such schemes could be used to facilitate money laundering and tax evasion.

Ireland ends Golden Visa Program for Wealthy Foreign Investors

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