On Tuesday 14 February, the Irish government announced the closure of the Immigrant Investor Programme (IIP), which was first introduced in 2012. The Programme has approved investment totaling more than €1 billion, which has benefitted Ireland and many enterprises, both economic and social, including community and sporting organisations.
The Minister of Justice said the decision to close the scheme had taken into account studies by international bodies such as the European Commission, which last year called on EU governments to end national programmes to sell citizenship to investors, which it has long considered a security risk.
Bartra Wealth Advisors, the immigration arm of Ireland’s most successful real estate developer Bartra Group which specialises in providing independent Irish immigration investment advisory services on investment in Ireland’s much-needed, purpose-built social housing and nursing home IIP projects, reported receiving over 100 phone calls following the announcement from clients in China, Hong Kong SAR, Taiwan, Vietnam, Korea and the USA, asking about their applications and the impact of the IIP’s closure.
“The closure of the Programme will not affect existing projects that have been approved by the Government. For these, we can continue to source the investors required to complete funding and we will continue to be monitored by the Department of Justice in relation to the delivery of the projects and for compliance purposes,” said Daniel Hinds, COO of Bartra Wealth Advisors. “Investors who have already been approved by the Irish Naturalisation and Immigration Service (INIS) will not be affected by the closure of the Programme, and all future visa renewals will be granted as long as the requirements are fulfilled.”
James Hartshorn, CEO and Co-Founder of the company said: “Since last year, we have been advising our clients who were considering the IIP but had not yet made up their minds to take action and be proactive as policy changes could happen at any time. Ireland in particular offers a great quality of life and a strong economy, as well as world-class healthcare and educational systems making it an easy place for foreigners to immigrate to.”
“Since we established our business in China in 2016, we have been aggressively expanding our global footprint and offering IIP opportunities to more families looking for better education for their children as well as greater access to the EU and UK. As well as China, we have received approvals of applications for American, Vietnamese, Indian and Korean clients.
“Bartra’s IIP business is a win-win business. It brings capital from all over the world to fund much-needed local infrastructure, which was and remains undersupplied, and to support government initiatives such as the Housing for All policy. For Bartra, building new homes is a key part of our business. As well as providing much-needed housing, our construction programme helps to create jobs and training opportunities, regenerate neighbourhoods and support communities across Ireland. We plan to deliver at least 3,000 new homes between now and 2030, with our primary focus on the continued delivery of sustainable social housing.
“Bartra is also developing portfolios of nursing homes and care units to support this in-demand sector in Ireland. To ensure the success of the developments, we are one of few groups that integrate development, operation and management into our IIP projects.
“For our investors, their investment with us is very safe. Last year alone, we made repayments of nearly €100 million to about 100 IIP investors who had invested in our social housing and nursing home projects. Many of their repayments have also been reinvested in other development projects in Ireland and a large number of our clients are now living or plan to live in Ireland with their children who are or will be studying in Irish schools. We believe a diversified community with talent from around the world will only further strengthen Ireland’s future economic and social growth.”
Bartra Wealth Advisors also has been supporting Irish nationwide charities, sporting clubs and hospitals with significant investments into these sectors under the IIP Endowment option.
Organisations with IIP-approved projects are welcome to contact Bartra Wealth Advisors to leverage its global client base for raising funds.
Visit our website for interviews with some of our investors about their IIP investment journeys and their lives in Ireland.