As of Wednesday, 15 February 2023, the Irish government will not accept any further applications to the popular Irish Golden Visa path for wealthy Chinese investors. This decision was made in response to an overall review of the program’s benefits to the country.
The Golden Visa program in Ireland allowed foreign investors to obtain residency by investing at least €1 million in Irish businesses or property. The program was highly popular with Chinese investors, who accounted for over 80% of all applications. However, the Irish government has decided to end the program, stating that it was not in the country’s best interest.
Impact on wealthy Chinese investors
The closure of the Golden Visa program in Ireland has left many wealthy Chinese investors scrambling to find alternative routes to obtain residency in Europe. With other popular European countries such as Portugal and Greece also making changes to their Golden Visa programs, the options for wealthy Chinese investors are becoming limited.
On the other hand, Malta stands out for enhancing its offering through the Malta Permanent Residence Program. This program offers a no-investment option, only requiring an initial minimum commitment of €100,000, and offers permanent residency from the start, eliminating the need to renew the permit every few years.
The benefits of Golden Visa programs
Golden Visa programs offer several benefits to foreign investors, such as access to the European Union and the ability to travel freely within the Schengen area. They also provide an attractive alternative to traditional immigration routes, which can be lengthy and bureaucratic.
The closure of the Golden Visa program in Ireland has sent shockwaves through the world of wealthy Chinese investors. As the options for obtaining residency in Europe become limited, it highlights the need to quickly lock in a residency option from one of the reputable countries and to take caution on the ever-changing requirements when investing in these programs.