Concern about the escalating level of applications from China was a key driver of the decision to close ‘golden visas’ scheme for millionaire immigrants
There were 1,275 Chinese applications to the immigrant investor programme in 2022 alone, a rate close to 25 each week every week
The IIP opened residency in the State to non-Europeans with “at least €2 million” in personal wealth. They were, in return, required to invest €1 million in an Irish business or to make a big philanthropic donation. Some €1.25 billion was raised, but the scheme came to be dominated by Chinese millionaires. There were 1,275 Chinese applications in 2022 alone, a rate close to 25 each week every week that year.
“Our view of a sample of 18 applications identified that in each of the 18 instances applications were not recorded appropriately in accordance with the systems and controls outlined in the IIP guidelines,” the report said. Although issues raised by EY were clear enough, the scheme remained in place and applications surged.
“The review highlights a need for the programme to clarify the requirements in the IIP guidelines around ‘source of funds’ and ‘net worth requirements’ of applicants as both appear to be misinterpreted by applicants and IPP processing staff,” the internal audit report said.
Department-Of-Justice Information-Commissioner China
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