Whether you are seeking to move country for good, or get residency in a foreign country as a back-up, there are plenty of options open to you.
All over the world there are exciting options to choose from, with plenty of opportunities for fresh starts right at your doorstep.
One of the most attractive options, however, is residency through participating in the Irish Immigrant Investor Program (IIP) in Ireland. The Irish immigrant investor visa is an ideal route for high net worth individuals and their immediate families seeking to acquire permanent residency in Ireland.
Although by definition the IIP is seen as a residency program — after 5 years, if specific conditions are followed, there will be an option to apply to be an Irish permanent resident or apply for Irish citizenship.
In this blog post, we’ll outline why you should seek to get what is known as an Irish ‘golden’ visa!
Benefits of choosing residency by investment in Ireland through the IIP
An Irish passport would enable you to travel to over 185 countries in the world. Members of your family will also be able to apply for an Irish passport. What’s more, with an Irish passport, you’ll also be able to apply for dual citizenship.
Irish Tax System
One attractive feature of the Irish tax system is that there is no tax on worldwide income for nonresidents for tax purposes.
This can be very important if you decide you don’t want to live in Ireland during your residency.
What’s more, the corporate tax rate is as low as 12.5%.
This tax rate draws many Multinational corporations to the country, as well as bringing in workers looking to relocate.
Ireland has been chosen specifically by over 1000 MNC’s as their European base due to its low corporation tax rate.
This means that business opportunities in Ireland are tough to rival in many other places in the world.
Even though Ireland is largely dependent on international trade and markets, it is a stable and important member of the EU, so it can rely on the other member states for financial recovery even in economic hardship.
You can stay in Ireland after your investment ends
After the five year period is up and you claim your investment back (cash in), you can still reside in the country and work towards obtaining citizenship.
Citizenship by investment vs Residency by investment: What’s the difference?
Ireland’s standard of living
Ireland’s education, healthcare, and lifestyle quality rank among the best in Europe. The people of Ireland are known for their friendliness and hospitality. In fact, Ireland even ranks above the UK and US on the UN’s standard of living.
Political and economic situation
Ireland can offer political and economic stability for people coming from troubled countries in comparison. As well as this, it has been a member of the EU since 1973.
What are the downsides of investing in the IIP?
There are some important points to keep in mind if you intend to apply for Irish citizenship in the long-term.
Due to some of the tax laws in place, you will either pay regular tax rates and spend the majority of your time in Ireland, or spend less than six weeks a year in the country and not have to pay these taxes.
This means you will be classed as a non-domiciled resident for tax purposes in Ireland if you spend less than 140 days a year in the country. It’ll allow you a considerable chunk of time in the country without paying taxes. However, if you want to eventually apply for Irish citizenship, you will need to spend all but six weeks a year in Ireland to qualify.
I still have questions! What should I do?
If you are still confused about any aspect of the IIP scheme, the IDLF team are happy to help.