IIP Update

On 14th February 2023 the Irish Government announced the closure of the Irish Immigrant Investor Programme (IIP) with effect from 15th February 2023.

Is it too late for new investors to apply for the Irish IIP?

The short answer is no but the opportunities available are limited. There are some existing and new projects which are still eligible to source new investors (please see below). At Black Lion Ireland we are pleased to announce that we are in a strong position to provide our level of service as before and if appropriate to introduce you to some of these projects. Please contact us today for a free consultation and we will be happy to go through with you.

Existing Projects

The proposed closure of the IIP will not affect existing projects already approved under the programme. Existing approved projects will also continue to be able to source any new investors required to complete the funding of projects already approved. All existing (approved) projects will continue to be monitored by the Department of Justice in relation to delivery of the project and for compliance purposes. Projects approved by the Minister are expected to be completed as soon as possible, and no later than the timeframe set out in their business plan. Short extensions of the timeframe may be granted at the discretion of the Minister.

New Projects

In addition, the Minister is aware of a limited number of projects where an application has not been formally submitted but which have been significantly developed and where substantial engagement has taken place with the IIP unit. In the interest of fairness, it is proposed that such projects be given a 3 month period in which to finalise and submit their applications. The IIP unit will make individual contact with these projects to make them aware of this circumstance.

IIP Investment Funds

A number of investment funds approved and regulated by the Central Bank are also approved under the IIP. However a number of these funds may not have reached its minimum target size or be fully subscribed yet. In the interest of fairness, it is proposed that the managers of these funds be given until 31st December 2023 for any further IIP applications to be made in respect of these funds.

Last Updated: 25th July 2023