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Immigrant Investor Programme Explained

So, what is the Immigrant Investor Programme (IIP)?

 

The Immigrant Investor Programme (IIP) was introduced by the Irish Government in 2012 to encourage inward investment for the creation of business and employment opportunities in the State. The IIP is designed to encourage investors and business professionals from outside the European Economic Area (EEA) to avail of opportunities of investing and locating their business interests in Ireland and acquire a secure residency status in Ireland.

Applicants must be high net worth individuals with a personal wealth of at least €2 million. Applications are determined by an Evaluation Committee, composed of senior civil and public servants from relevant Irish Government Departments and Agencies. The programme offers four investment options for potential investors:

  • Enterprise Investment: A minimum of €1 million invested in an Irish enterprise for a period of at least 3 years.
  • Investment Fund: A minimum of €1 million invested in an approved investment fund for a period of at least 3 years. Such funds must be approved and regulated by the Central Bank.
  • Real Estate Investment Trusts (REIT): A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange, for a period of at least 3 years.
  • Endowment: A minimum €400,000 philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.

There are four steps to the IIP process:
1. Make an application, without committing any investment funding, on the basis of one of the above investment options.
2. Application approved by the Evaluation Committee.
3. Make the investment in accordance with your approved application.
4. Provide evidence that you have made the investment.

As part of the Irish Naturalisation and Immigration Service’s (INIS) on-going commitment to ensure the highest degree of transparency and accountability for the programme, all applications will be subject to enhanced levels of due diligence processes in respect of anti-money laundering, Know Your Client, Politically Exposed Persons and sanction checks.

When all the criteria are met the Minister for Justice and Equality will issue you and your nominated family members with permission to reside in the State. A non EEA national may apply under the IIP for permission for themselves and their spouse/civil partner and children under the age of 18 to reside in the State. Dependent children between the ages of 18 and 24 may also be considered if they are in full time education. These guidelines detail the terms for applying and maintaining a permission to reside in Ireland under the terms of the IIP. The process aims to establish that the applicant is a suitable candidate and their proposed investment is eligible for the programme.

The IIP was closed to new applications in February, 2023

Immigrant Investor Programme and how it applies to Terenure College RFC

So, how does the IIP apply to Terenure College RFC?
The Immigrant Investor Programme (IIP) was introduced by the Irish Government in 2012 to encourage inward investment for the creation of business and employment opportunities in the State. The IIP is designed to encourage investors and business professionals from outside the European Economic Area (EEA) to avail of
opportunities of investing and locating their business interests in Ireland and acquire a secure residency status in Ireland. Applicants must be high net worth individuals with a personal wealth of at least €2 million. Applications are determined by an Evaluation Committee, composed of senior civil and public servants from relevant Irish
Government Departments and Agencies.

There are four steps to the IIP process:
1. Make an application, without committing any investment funding, on the basis of one of the above investment options.
2. Application approved by the Evaluation Committee.
3. Make the investment in accordance with your approved application.
4. Provide evidence that you have made the investment.

 – Terenure College RFC submitted its Strategic Plan to the IIP programme and applied to be considered for the IIP in 2018. This was led by Paddy Fitzmaurice.
– In 2019 TCRFC was first sports club in Ireland to be approved to participate in the IIP for €2m in donations (5 Donors @ €400,000 each)
– In 2022 TCRFC successfully applied to have it’s IIP Project extended to €2.8m (7 Donors) due to Covid delays and Construction Inflation.
– Donors must be sourced outside of the EU and most international donors come from Asia and more particularly Hong Kong/China.
– In November 2023 the first €400,000 donation was received (€40,000 fee due on 31 Jan, 2024).
– In January/February 2024, donations 2, 3, 4 were received (€120,000 fee due by 31 March, 2024)
– Donation 5 is expected in April (€140,000 fee due by 31 May, 2024)
– Donations 6 & 7 are expected in Summer, 2024 (€120,000 fee due by September 30th)
– TCRFC does not have expertise in acquiring international donors and signed a partnership agreement with Elutong Group Limited. Payment terms were agreed at 15% of donations received (10% on receipt and the 5% balance on receipt of the 5 th donation). Total Donations €2.8m, Total fees €420,000. Please noteTCRFC must demonstrate that it has raised the fees separately and cannot use donations to settle fees.

All donations from PAYE tax payers qualify tax relief @ the marginal rate they pay tax at. A donation of €1,000 can result in TCRFC being able to reclaim up to €600 in tax back from the Revenue. Any questions on this please contact development@tcrfc.ie or John Cadell 087 6682145