After Programme Termination, 3,000 Irish Golden Visa Applications Await Examination

Following the government's termination of this programme earlier this year, about 3,000 applications for Golden Visas are currently awaiting review by Ireland's Department of Justice.

The Immigrant Investor Programme (IIP), also known as the Golden Visa Scheme, which allowed foreigners to get residency in this country if they invested a certain amount of money, was stopped in February of this year following claims of its involvement in illicit activities.

Simon Harris, Ireland's Minister of Justice, confirmed the judgement.

Oonagh McPhillips, secretary general of the Department of Justice, told the Dáil's Public Accounts Committee (PAC) that there were over 1,316 applications for the Golden Visa, emphasising that the number was "really going through the roof."

Furthermore, according to an Irish Times story, there were another 1,350 applications this year prior to the program's termination.

The IIP was implemented in 2012, and until its abolition, it contributed €1.17 billion to the country's GDP.

McPhillips stated that the plan had a "good impact," but she added that "the question is whether that positive benefit outweighs the high danger... That's what we had to examine, and our conclusion was that it no longer balanced that risk."

Despite its enormous contribution to the economy, the plan was frequently chastised for its involvement in a number of criminal activities, including tax evasion, money laundering, and corruption.

Department spokesman William O'Dwyer acknowledged that there are currently over 3,000 applications on file.

“It’ll take a few months to work through the issues and to examine the applications in detail”, he pointed out in this regard.

Last month, the European Parliament highlighted that Ireland's Golden Visa system was prone to abuse, as it enabled individuals who benefited from it to commit the crime of tax evasion.

Foreigners were required to have a minimum net worth of €2 million investment and above €1 million accessible for the acquisition of three years in order to benefit from the scheme, among other restrictions.

According to the study, the program's primary beneficiaries were Chinese citizens.

Authorities in Ireland stated in March of this year that approximately 100 persons were refused from Ireland's Golden Visa Programme after applying to the government's covert programme.

Furthermore, the numbers revealed that nearly 500 people who sought to get residency in Ireland through this scheme withdrew their applications before the Department of Justice could process them.

By fLEXI tEAM