Ireland Citizenship by Investment
Ireland is a European country with a high quality of life a robust healthcare system and low crime rates. It also has a dynamic and entrepreneurial economy. These factors, along with Irish citizenship allowing the holder the freedom to live, work and travel throughout the EU with visa-free or visa-on-arrival access to approximately 190 countries, make Ireland an attractive location for citizenship.
Does Ireland Offer Citizenship by Investment?
The simple answer is no. What Ireland currently offers is the Start-Up Entrepreneur Programme (STEP) which allows for temporary residency in Ireland for founders (and participants) in new businesses. The previous golden visa programme known as the Irish Immigrant Investment Programme was discontinued in 2023.
Citizenship cannot be obtained by investment alone but can be obtained by a process of naturalisation after a residence period of nine years.
Residence under STEP gives the holder the right to incorporate and run their business in Ireland and for them and their family to live in the country.
As such, STEP is rather different to citizenship by investment programmes and golden visa programmes and can be seen instead as an alternative for entrepreneurs to obtaining residence and work permits through the more usual channels.
What is required to qualify under STEP?
To qualify as an applicant under STEP, a founder must demonstrate that they are a decision maker within the business and have:
- a creative new business idea
- raised a minimum of EUR 50,000 in start-up funding (plus EUR 30,000 for each additional applicant in relation to the same business)
- a clean criminal record and full cover health insurance.
What are the qualification requirements for the business?
The proposed project must qualify as a High Potential Start-Up (HPSU) venture which is evaluated by Enterprise Ireland’s Evaluation Committee using the following criteria:
- it is used to launch a new or inventive good or service on global markets;
- it is able to generate EUR 1,000,000 in revenue in 3 to 4 years after launch;
- it can create at least 10 jobs in Ireland;
- it is run by a group of experienced managers;
- its headquarters and main office are in Ireland;
- the company has no more than five years on the market.
To support an application, along with evidence of a clean criminal record (for each country in which the applicant has resided for more than six months during the prior ten years) and health insurance for the applicant(s), the Evaluation Committee require:
- the most recent audited financial statements for the applicant’s business, if it is an established enterprise that is moving to Ireland;
- a thorough business strategy in order for the Evaluation Committee to review it;
- a business plan that should list the location for the start-up idea, along with the number of employees;
- proof of the funds to be used for the start-up and their source;
- bank account statement to prove the applicant’s capacity to transfer the money to Ireland.
As the process is by its nature discretionary, there can be no certainty that residence under STEP will be granted.
How long does the process take?
As STEP is a relatively new programme (2023), it is not yet possible to give a firm view of how long the process will take. Given that the project is to be evaluated on a subjective basis, it can be expected that it will take at least several months.
Can family members also obtain residency under STEP?
Yes. Spouses, children under the age of 18 and dependent children under the age of 24 may also obtain residency.
How long is residency issued for?
Residency is issued for an initial period of two years which can then be extended for a further three years provided the business is continuing and meets the qualification criteria. After five years, permanent residency can be obtained.
How is citizenship of Ireland obtained?
Obtaining citizenship of Ireland is not related to STEP other than as part of compliance with the required residency periods. Applicants can obtain citizenship of Ireland through what can be considered standard paths such as birth, descent and marriage and also by naturalisation.
The main criteria for citizenship by naturalisation are as follows:
- Proof of residency in Ireland for the full previous year (with the exception of 70 days for travel) and residency for at least four of the eight years prior to such year.
- Intention to reside in Ireland after citizenship is granted.
- The applicant must be of good character and be willing to attend a citizenship ceremony and make a declaration of fidelity.
As such, citizenship by naturalisation is only available in practice to those who commit to a life in Ireland.
Is Dual Citizenship Allowed in Ireland?
Yes.
Caribbean Citizenship by Investment as the Best Alternative
As you can see from the above, obtaining citizenship in Ireland is a very long process (at least nine years) and requires a real commitment to being resident and starting and continuing to operate a business in Ireland. In comparison, the Caribbean citizenship by investment countries offer a faster and more certain alternative with a lower level of commitment from the applicant. Check out the details of these CBI programmes on our website.
Final Thoughts
Ireland’s STEP regime is not a citizenship by investment or golden visa programme. It is solely aimed at attracting new businesses to start up in Ireland and so can be seen as an alternative to the usual residency and work permit regime for employees. If this fits your situation, Ireland, as a leading financial hub with full EU status and a high quality of life, may be the right option but for investors looking for a passport for global mobility, wealth and tax planning and a speedy process, it is unlikely that Ireland is the right option for you.
FAQs
Does Ireland have a citizenship by investment or golden visa programme?
No. The IPP golden visa regime was discontinued in 2023.
Does participation in STEP lead to citizenship?
No. Its only relationship to citizenship is to provide an applicant for citizenship by naturalisation with the legal status to reside in the country to meet the residency requirements.
Can family members be included in the application for residency under STEP?
Yes, the spouse, children under the age of 18 and dependent children under the age of 24 can obtain residency along with the main applicant(s).