Successful candidates are awarded permission to live in Ireland for a fixed duration and the benefits of residency are also apply to their family members. Appellants need to be high-net-worth individuals with an individual asset of a minimum of €2 million.
As of now, approximately 800 appeals have been accepted, with higher than 400 of the approvals having been done in the years 2017 and 2018, the Justice and Equality Department said.
The sharp increase in the number of appeals and an improved control mechanism launched in the last year to assure the program is running to the greatest standards that has delayed the processing of the appeals.
The individual and financial checks involve assuring that the funds utilized to avail the scheme but not borrowed. The huge number of the appeals to the scheme are arriving from wealthy Chinese.
Two of the opportunities to avail in this scheme is an investment of €1 million need to be made for a minimum tenure of three years, which may be renewable later a review. Alternatively, a 3-year, €2 million investment in a real estate investment trust, that is valued on the Dublin Stock Exchange, can enable an appellant quality.
The fourth method of qualification for the scheme is to create a €500,000 to an Ireland registered charity. More insignificant donations, of €400,000 each, can be done by groups of 5 or higher number of investors.
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