Almost two years after Ireland abruptly shut the Immigrant Investor Programme (IIP), the Department of Justice has confirmed that a further 1,400 files—representing about €1 billion in potential inward investment—remain under review. The IIP, launched in 2012, granted residence rights to non-EEA nationals who made qualifying investments of €1 million or endowments of €500,000 in Irish projects. It officially closed on 15 February 2023 amid mounting concerns about due-diligence gaps and an over-reliance on applicants from China, who accounted for more than 90 % of approvals.
Officials say 1,164 late-stage files have already been processed, channelling €771.9 million into social-housing bonds, nursing-home developments and sports facilities. But the surge of last-minute submissions filed during the 24-hour grace period means the final tally could almost double the programme’s lifetime intake, which currently stands at €1.2 billion. Each application must still pass enhanced KYC and source-of-funds checks introduced after high-profile failures such as the Nuremore Hotel redevelopment and the probe into Chinese financier Kai Dai.
For multinational employers, the backlog means that senior executives who filed under the old rules may not receive Stamp 4 residence permission—or the accompanying right to work without a permit—until late 2026. Companies planning assignment budgets should therefore factor in possible delays to start dates and prepare contingency employment-permit applications. Private-client advisers also warn that any refusal will trigger a tight 30-day window to challenge decisions in the High Court.
![€1 billion worth of ‘cash-for-visa’ applications still in limbo after closure of Ireland’s Immigrant Investor Programme]()
Amid this uncertainty, specialist visa-services platforms such as VisaHQ can simplify the process. Their dedicated Ireland portal (https://www.visahq.com/ireland/) offers step-by-step guidance, document checks and real-time status tracking, helping investors, HR teams and advisers stay on top of legacy IIP files while exploring alternative residence or work-permit options.
In parallel, the Government is drafting a replacement investment-migration scheme with stronger regional-development targets and a cap on single-country dominance. Consultations suggest a mandatory independent fund structure (rather than direct company investments) and a two-step residence path tied to verifiable job-creation metrics. No launch date has been announced, but officials hint that a proposal could reach Cabinet before the summer recess.
Practical takeaway: investors already in the IIP pipeline should keep documentation updated and respond promptly to additional information requests, while employers should not treat pending IIP residence as a guaranteed start-date solution.
Officials say 1,164 late-stage files have already been processed, channelling €771.9 million into social-housing bonds, nursing-home developments and sports facilities. But the surge of last-minute submissions filed during the 24-hour grace period means the final tally could almost double the programme’s lifetime intake, which currently stands at €1.2 billion. Each application must still pass enhanced KYC and source-of-funds checks introduced after high-profile failures such as the Nuremore Hotel redevelopment and the probe into Chinese financier Kai Dai.
For multinational employers, the backlog means that senior executives who filed under the old rules may not receive Stamp 4 residence permission—or the accompanying right to work without a permit—until late 2026. Companies planning assignment budgets should therefore factor in possible delays to start dates and prepare contingency employment-permit applications. Private-client advisers also warn that any refusal will trigger a tight 30-day window to challenge decisions in the High Court.
Amid this uncertainty, specialist visa-services platforms such as VisaHQ can simplify the process. Their dedicated Ireland portal (https://www.visahq.com/ireland/) offers step-by-step guidance, document checks and real-time status tracking, helping investors, HR teams and advisers stay on top of legacy IIP files while exploring alternative residence or work-permit options.
In parallel, the Government is drafting a replacement investment-migration scheme with stronger regional-development targets and a cap on single-country dominance. Consultations suggest a mandatory independent fund structure (rather than direct company investments) and a two-step residence path tied to verifiable job-creation metrics. No launch date has been announced, but officials hint that a proposal could reach Cabinet before the summer recess.
Practical takeaway: investors already in the IIP pipeline should keep documentation updated and respond promptly to additional information requests, while employers should not treat pending IIP residence as a guaranteed start-date solution.
