POST Online Media Lite Edition


Wealthy foreigners don't like Ireland

Staff writer |
Ireland started "visa for cash" program in which where wealthy foreigners may exhange their investment for residency. However, it seems nobody is interested.

Article continues below

Under the "visa for cash" program only 23 visas have been granteds in year and a half. The immigrant investor programme was launched in April last year but the programm is not successful.

The Government's start-up entrepreneur scheme, established to make it easier for foreign entrepreneurs to move to Ireland and set up a business, isn't very attractive too: only 14 people have obtained visas under it since April 2012.

A spokeswoman for the Department of Justice and Equality said that "no predictions were made on the level of interest" in the immigrant investor programme and start-up entrepreneur schemes when they were launched and that "This is new territory for Ireland, and it was not possible to predict the level of demand at that time."

Finance Minister Michael Noonan last week described as "attractive" a proposal that Ireland's multi-millionaire tax exiles would get an extra two months a year in the state in exchange for an annual investment of 1.5 million euros over 10 years.

What to read next

Immigrants in Germany reach record high of 1.1 million
One percent of world's population holds almost half its wealth
Real estate sales to foreign buyers up 81% in Turkey