Almost two years after Ireland shut its Immigrant Investor Programme (IIP), the Department of Justice has revealed that 1,400 applications—worth an estimated €1 billion in potential investment—remain under review. The scheme, which granted residence rights to non-EEA investors, closed abruptly on 15 February 2023 amid due-diligence concerns and over-reliance on applicants from China.
To date, 1,164 late-stage files have been processed, channelling €772 million into social-housing bonds, nursing-home projects and sports facilities. But the last-minute surge before the 2023 cut-off could see lifetime programme inflows almost double if every pending case is approved. Each file must now pass enhanced “source-of-funds” checks introduced after high-profile compliance failures such as the Nuremore Hotel redevelopment.
![€1 billion in ‘cash-for-visa’ files still pending after closure of Immigrant Investor Programme]()
For multinationals, the backlog means senior executives who applied under the old rules may not secure Stamp 4 residence—and the right to work without a permit—until late 2026. HR teams are therefore being urged to budget for contingency employment-permit applications and to prepare for potential refusal appeals, which must be lodged within 30 days.
Meanwhile, the Government is drafting a replacement investment-migration product with stronger regional-development targets and a cap on single-country dominance. Consultations point to a two-step residence process tied to verified job-creation metrics, but no launch date has been set.
Bottom line: legacy IIP applicants should keep documentation current and respond quickly to additional information requests, while companies should avoid treating pending IIP residence as a guaranteed start-date solution.
To date, 1,164 late-stage files have been processed, channelling €772 million into social-housing bonds, nursing-home projects and sports facilities. But the last-minute surge before the 2023 cut-off could see lifetime programme inflows almost double if every pending case is approved. Each file must now pass enhanced “source-of-funds” checks introduced after high-profile compliance failures such as the Nuremore Hotel redevelopment.
For multinationals, the backlog means senior executives who applied under the old rules may not secure Stamp 4 residence—and the right to work without a permit—until late 2026. HR teams are therefore being urged to budget for contingency employment-permit applications and to prepare for potential refusal appeals, which must be lodged within 30 days.
Meanwhile, the Government is drafting a replacement investment-migration product with stronger regional-development targets and a cap on single-country dominance. Consultations point to a two-step residence process tied to verified job-creation metrics, but no launch date has been set.
Bottom line: legacy IIP applicants should keep documentation current and respond quickly to additional information requests, while companies should avoid treating pending IIP residence as a guaranteed start-date solution.
Source: VisaHQ Global Mobility News
