Ireland’s Department of Justice has formally verified the completion of the arrangements that will take place once the Irish Golden Visa, also known as the Immigrant Investor Programme (IIP), closes on February 14, 2023.

As per the newly suggested plans, the following application categories will receive priority processing in the upcoming months, either because of how long their pending status has been open or because there’s a chance for a quick decision:

1. Approved projects that ask for more money and include new components not included in the original approved business plan.

2. Project Applications that were submitted prior to program termination.

3. Projects that are presented without a connected investor, including those that try to sponsor a new project by transferring an investor application that already exists.

4. Projects that are filed after the Golden Visa Program has closed and that do not have a history of significant interaction with the IIP Unit.

5. Projects that appear to be outside the Golden Visa program’s purview.

Subsequent reviews, according to the Department of Justice, would look into approved project applications asking for more financing due to rising construction costs, approved projects that are delayed, and the decisions made about these requests.

The statement made clear that applications and projects under the IIP that had already been accepted were unaffected by the scheme’s closure. The compliance of these initiatives with Golden Visa requirements will be continuously monitored, and approved candidates will need to fulfill certain requirements in order for their immigration authorization to be renewed.

The Immigrant Investor Programme (IIP), which was introduced in 2012, was terminated in February of the preceding year subsequent to a review conducted by Minister of Justice Simon Harris. The program had a number of anomalies, including problems with corruption and money laundering.

The IIP required wealthy foreigners to invest a minimum of €1 million for a minimum of three years, much like the Golden Visa scheme. An alternative would be for them to donate €500,000 (or £440,000) or a combined €400,000 (or £350,000) to a project that supports public benefits in Ireland related to the arts, culture, education, sports, health, etc.

According to data released by Minister for Justice Helen McEntee in June of last year, 1,788 applications totaling approximately €723,154 in approved investments under the plan since 2012 have been approved. The total amount of allowed investments under the system has been €1.293 billion. Vietnamese, American, and Chinese citizens were the scheme’s main beneficiaries.