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.
Organizations and individual investors seeking guidance on Irish residence pathways can streamline paperwork, track status updates, and secure any required travel visas through VisaHQ’s dedicated Ireland portal (https://www.visahq.com/ireland/). Their specialists monitor regulatory changes and provide hands-on support, easing the administrative burden while applications move through the Department of Justice.
![€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.
Organizations and individual investors seeking guidance on Irish residence pathways can streamline paperwork, track status updates, and secure any required travel visas through VisaHQ’s dedicated Ireland portal (https://www.visahq.com/ireland/). Their specialists monitor regulatory changes and provide hands-on support, easing the administrative burden while applications move through the Department of Justice.
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.
