On Tuesday 14 February, the Irish government announced the closure of the Immigrant Investor Programme (IIP). IIP applications via approved projects may be granted a grace period of three months to submit the finalised application. Any interest in IIP is the last chance and would have to apply on an urgent and immediate basis or the programme will no longer be available. Contact us now.

Irish Developer Bartra To Repay Over €90 Million To Immigration-By-Investment Clients – Projects Delivered on Time and on Budget and Sold to Institutional Investors

(Hong Kong, 30 September 2022) – Bartra, one of Ireland’s leading real estate developers, has announced the repayment in 2022 of €93 million to investors who invested in social housing and nursing home projects with Bartra via Ireland’s immigration investment programme. The repayment is being made following the successful completion and sale of a number of social housing and nursing home projects to institutional investors in line with the business plans for these projects.

The construction of Bartra’s social housing and nursing home schemes is funded by investors participating in the Irish Immigrant Investor Programme (IIP). The IIP was introduced by the Irish government in 2012 and uses the immigration system to incentivise foreign investment into critically needed infrastructure such as social housing and nursing homes. The programme is managed by the Immigration Service Delivery (ISD) Unit, a dedicated department within the Irish Department of Justice.

The key benefit of the IIP for many investors is the prospect of residency rights in Ireland within a short timeframe. It typically takes six months for approval and Ireland does not require investors to spend any more than one day per year in the country to maintain their residency. Due to Ireland’s strong and robust economy, high-quality education system, and excellent accessibility to its EU and UK neighbours, the IIP is currently growing at a fast pace, particularly in Asia. According to the Irish Ministry of Justice, from 2016 to 2021, there were 2,226 IIP applications with most investments made into the Enterprise option (61%).

Bartra provides social housing and nursing home IIP investment opportunities under the Enterprise investment route for high-net-worth families who are interested in emigrating to Ireland.

“Both of these asset classes are priority investment areas for the Irish State and Bartra has a strong track record of delivering projects in line with business plan and repaying investors. The total successful repayment amount of over €90 million to be made this year will mark one of the largest IIP repayments in history from a single Irish developer.” Daniel Hinds, Bartra Wealth Advisors Chief Operating Officer commented.

Daniel Hinds

Hinds added: “Bartra Wealth Advisors was established to provide one-stop-shop Irish immigration services. With our unique business model and the backing of our parent company, we are able to support clients throughout the investment and immigration process, from immigration consulting and applying for qualified IIP programmes to landing services and ensuring investments are repaid. To date, Bartra has maintained a 100% application approval rate, 100% renewal rate and 100% repayment rate.”

Bartra intends to continue to raise funds from the IIP to develop bundles of social housing and nursing home projects on sites it owns, providing full visibility to IIP investors on the nature of the projects that they are investing in.

Batra launched its social housing business to focus on the provision of much-needed family homes and has completed three projects to date, with three more under construction. The company has established a dedicated social housing team, which is tasked with identifying development sites suitable for social housing where Bartra can deliver attractive investment opportunities to investors. Andrew Ennis, Director of Investments and Structuring at Bartra, says, “Our plan is to deliver at least 3,000 new homes between now and 2030, with our primary focus on the continued delivery of sustainable social housing. We want to build more homes for social and affordable tenants and believe social housing – the right homes, in the right places – could play a bigger role in reducing the impact of the housing supply crisis.”

Social Housing Bartra

Bartra invited an IIP client who received his investment principal to visit a social housing project in Poplar Row, Dublin.

In the healthcare sector, Bartra builds, manages and operates projects from start to finish, providing premium clinical care services for residents. Led by Declan Carlyle, Bartra’s Healthcare division delivers a nursing home portfolio with superior elderly care facilities designed to meet the Irish government’s highest standards as imposed by the Health Information Quality Authority (HIQA). Bartra intends to build more much-needed healthcare homes in Ireland, in proximity to major hospitals and transport hubs, to service an ever growing elderly population cohort.

And as nursing homes qualify as essential infrastructure, institutional investors with long-term investment horizons are contributing to elderly care projects as part of their investment portfolios. Selling the healthcare developments to institutional investors is also part of Bartra’s development exit strategy to repay their IIP investors. Last month, Bartra sold a portfolio of nursing homes to Belgian Real Estate Investment Trust (REIT) Aedifica for approximately €161 million. The portfolio, which has capacity for 617 residents, consists of two brand new nursing homes located in Loughshinny (Skerries) and Northwood (Santry), an HSE transitional care unit in Beaumont (Artane), and the forward purchase of Clondalkin Lodge nursing home, which is currently in development.

Loughshinny Nursing Home repayment – client Luna Wu on her successful IIP journey

In March, Bartra proudly invited our clients in Ireland to visit Loughshinny Nursing Home, a project they invested in back in 2017 that is now complete and in operation. We are pleased to see that our clients are satisfied with their IIP investment journey with Bartra, not only because their principal amounts are secure with the agreed interest on the return on investment, but also having seen the project built to high specifications and now providing the highest quality of care to over 120 residents under Bartra’s successful management.

Ms Luna Wu is one of the investors. She invested in Bartra’s Loughshinny Nursing Home in 2017 and moved to Ireland with her family, including daughter Ellie, after receiving their Stamp 4 visa. She has now received the full repayment and interest from Bartra following the five-year investment term.

During the recent site visit, we spoke to Luna and Ellie. “I am glad to see my investment in Loughshinny has made a contribution to society,” says Luna. “The value of the investment is so meaningful beyond just the financial element. I am happy to see the project is well built, well managed, and that the people living in the care homes are happy.”

Luna’s family is planning to start a new business in Ireland using the repayment fund as capital. One of her ideas is to seed fund digital products related to cultural and lifestyle exchange between Ireland and China, while her husband plans to expand his retail business in Ireland. The couple enjoy their life in Ireland, and are keen to continue to explore all that the Emerald Isle has to offer.

Watch our interview with Luna to learn more about her journey to Ireland and her experience with the IIP and Bartra.

In a letter to investors, Mike Flannery, CEO of Bartra Group said, “In January, Bartra completed the repayment to all of our Loughshinny Nursing Home investors. The Executive Team is proud to repay all principal amounts and the agreed interest to investors. It is also with great delight that several investors have decided to re-invest in other non-IIP Bartra projects, showing their confidence in Bartra’s management team. It also demonstrates Bartra’s ability to continuously create investment opportunities for its clients and proves Bartra’s commitment to guiding investors along their IIP journey.”

Best-in-class Loughshinny Nursing Home

What makes this IIP project successful? At Bartra, we believe a great healthcare project requires three things: a great location, great specifications and great people. Our Loughshinny home ticks all those boxes.

Overlooking the Irish Sea, Loughshinny Nursing Home has been constructed on a panoramic 3.5-hectare site approximately 15km from Dublin City Centre in Blacklands, Skerries, Co. Dublin. The site is located within Fingal County Council (one of four local authorities in the Greater Dublin Area), which has a population of 555,000, of which 72,000 (13%) are aged 65 and over.

The construction of Loughshinny Nursing Home was completed in June 2019, and is now in operation, providing 123 world-class single occupancy private ensuite rooms within a state-of-the-art residential setting.

In addition, residents’ comfort and safety has always been our utmost priority. Loughshinny Nursing Home accommodates some of the most advanced equipment to ensure high-tech and intelligent nursing services. All beds can be easily raised and lowered, and the mattresses in each room are customised in consideration of body pressure distribution. Furthermore, every room is equipped with an alarm system for daily needs or emergency assistance.

Our highly skilled and experienced care team is inculcating a culture of quality caregiving in all our facilities, ensuring a standard of care that recognises our residents’ needs for independence, choice, dignity, respect, compassion and advocacy.

Additional project details:

  • Mid 2016: Fundraising began
  • November 2017: Construction started
  • As of 2019: All investors in the project and their family members had obtained Irish Stamp 4 visas
  • April 2019: The first investor in the Loughshinny Nursing Home Project successfully obtained the Stamp 4 renewal. He was also the first investor to enjoy the cancellation of the programme’s landing requirement
  • May 24, 2019: Loughshinny was completed and delivered
  • June 19, 2019: HIQA staff visited Loughshinny and confirmed that all facilities fully met HIQA standards.
  • July 1, 2019: The HIQA certification was officially effective
  • July 5, 2019: Bartra and the National Medical Purchasing Foundation of Ireland (NTPF) reached an agreement on the bed rate of the Nursing Home Support Scheme, and the NTPF agreement was signed for funding €1210/bed/week
  • July 17, 2019: Loughshinny welcomed its first occupant
  • July, 2020: During the pandemic, Loughshinny featured in the Irish Times; it has now resumed normal operations.
  • August 18-19, 2021, Manuela Cristea, inspector of the Irish HIQA visited Loughshinny for a two-day inspection. She spoke to residents, nursing home management and healthcare personnel, and assessed the overall capacity, quality and safety of the healthcare service. Loughshinny nursing home met the highest standards set by the HIQA and has been deemed fully compliant with all regulations. This is testament to Bartra’s successful management of the nursing home and all of its staff.

A successful IIP investment journey

Bartra is the only group that integrates development, operation and management in the IIP. The one-stop-shop services help investors mitigate risk during their investment journey. Successful applicants enjoy a fast approval time for the whole family with minimal residing requirements, and 100% capital repayment as well as a total of 20% interest for return on investment at maturity.

While investing in Bartra’s IIP nursing homes is a way to obtain Irish residency, it is also an amazing contribution to Irish society. Nursing care is an in-demand sector in Ireland. Due to years of under-investment in the country’s key infrastructure, the Irish nursing home sector is facing a major shortage of beds. Additionally, Ireland has an ageing population, which further increases the demand for nursing home facilities. By 2036, Ireland’s population aged over 80 is expected to rise from 170,000 in 2020 to more than double that at 343,000. Private sector investment in nursing home care plays an important role in supporting the sector in the medium to long term. It is also a safe investment funded by the government. More information is available about the benefits of investing in Bartra’s nursing homes here.

We are dedicated to providing our clients with the best IIP projects and services to ensure a straightforward and enjoyable journey to investing and living in Ireland.