Closure of immigrant investor programme may hit some philanthropic projects
The Government decision to terminate the Immigrant Investor Programme followed a surge in applications from China, of which there were 1,275 in 2022 compared with only 41 from the rest of the world. Photograph: Wu HaoThe demise of the “golden visa” scheme for millionaire immigrants was a long time coming but abrupt in the end. The door slammed shut only one day after the Cabinet resolved the scheme should not go on.
The Government decision followed a surge in applications from China, of which there were 1,275 in 2022 compared with only 41 from the rest of the world. Be they from the Chinese mainland or the Hong Kong financial centre, more than 100 millionaires sought Irish residency every single month last year. That fuelled anxiety in justice circles in Dublin that scheme benefits had tilted disproportionately in favour of people from one place. That Ministers opted to scrap the scheme rather than suspend it speaks volumes. Due diligence was a challenge, there were worries too about the appropriateness of passive donor money being used for social endowments and concern about another flood of applications coming in if closure was delayed.
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