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Actus guide to entrepreneurial and investor visas

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Actus guide to entrepreneurial and investor visas

  1. 1. Guide to Irish Investor and Entrepreneurial Visas
  2. 2. There are four categories of vehicle used for the Irish Investor Visa Programme: Immigrant Investor Bonds Enterprise Investment Mechanism Mixed Investment Strategies Endowment Strategies
  3. 3.  A minimum investment of €2,000,000 in the immigrant investor bond issued by Ireland acting through the National Treasury Management Agency. The immigrant investor bond has a term of 5 years and an annual interest rate of 1% per annum. Please note that any bonds referred to in these guidelines have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, subject to certain exceptions, may not be offered or sold within the United States (as those terms are defined in Regulation S under the Securities Act).
  4. 4. A minimum investment of €1,000,000 in a single Irish enterprise or spread over a number ofenterprises for a minimum of 3 years. The enterprise may be a start-up established by the investor oran existing business registered in Ireland. The enterprise must be registered and headquartered inIreland. The investment must support the creation or maintenance of employment. An investment by acorporation, even where owned 100% by the applicant will not be acceptableThe investment must be made in the name of the individual seeking residence under the Programme.An investment by a corporation, even where owned 100% by the applicant will not be acceptableIn certain circumstances investment through a venture capital (VC) fund may be considered. Howeverit must be clearly demonstrated that the net effect of the investment is the same as if it were investeddirectly in Irish businesses. I would however ask you to note the following advice given by Justice.The two central elements of this are that the investor puts at least €1m to the benefit of Irishcompanies and that such companies receive investment of at least €1m that can be attributed to theinvestor. In other words the investors share of new VC funds invested in Ireland must be not less than€1m. Example: VC fund invests €50m in Ireland. Overall Fund is €200m. To satisfy the requirementfor contributing €1m to Irish business the investor would have to have €4m investment in the fund.
  5. 5. In certain cases an investment in property will be considered eligible for the programme. In order forthe property investment to be the basis for qualification for residence the property in question musteither; Be a residential property in which the applicant and their family intend to reside in Ireland (residential properties purchased for rental income will not be eligible). In such cases a minimum investment of €1,000,000 will apply and this investment must be diversified between residential property and immigrant investor. The investment must be diversified between each eligible investment category but not more than 50% can be in property. This may represent a mix of property and investor bond investments. In certain cases, a property investment of a minimum value of €1,000,000 in which the investor can demonstrate a clear economic or social benefit for Ireland or where the property investment is a critical part of an overall business development or enterprise plan.
  6. 6. A minimum endowment of €500,000 in a project of public benefit in the arts, sports, health, cultural oreducational field. The endowment should be regarded as a philanthropic contribution with a clearpublic benefit. Investors will receive no financial return or recoupment of the principal. Theendowment must not displace or supplement current or capital expenditure as voted by theOireachtas. It is important that the endowment is visible to the public and beneficial to the widercommunity.
  7. 7. Residence Permission granted to successful applicants: Successful applicants can expect to receiveresidence permission for 5 years. An initial permission will be granted for two years and following areview at that point to ensure the investor is continuing to meet the conditions of the scheme (i.e. theinvestment has not been withdrawn, they continue to be law abiding and self sufficient), a furtherperiod of 3 years will be granted. After this initial 5 years period, the investor will be free to apply forresidence in 5 year tranches.
  8. 8. Key Aspects For non-EEA nationals with a innovative business idea for a High Potential Start-up and funding of €75,000 The candidate can acquire residency in Ireland for the purposes of developing their business. No initial job creation targets will be set as it is recognized that such businesses can take some time to get off the ground. The Programme will facilitate participants in establishing a permanent relationship with Ireland, ultimately it may lead to Citizenship.
  9. 9.  An initial permission of two years and following a review a further 3 years will be granted. After this initial 5 years period, successful entrepreneurs will be free to apply for residence in 5 year tranches. As with Investor Visa types referred to above, if criteria associated with Irish Nationality and Citizenship Acts are met reckonable residence may ultimately lead to a grant of Citizenship. Note: Where a proposal has more than one principal, other than family members, seeking to avail of this programme then each principal will be required to demonstrate access to €75,000 funding.
  10. 10.  The intention of the Programme is to support High Potential Start-Ups (HPSUs). The Irish state agency Enterprise Ireland defines a HPSU as a start-up venture that is capable of the following: Introducing a new or innovative product or service to international markets. Creating 10 jobs in Ireland and realising €1 million in sales within three to four years of starting up. Led by an experienced management team. Headquartered and controlled in Ireland. Less than six years old.Note: The scheme is not intended for retail, personal services, catering or other businesses of thisnature the “Business Permission Scheme” remains available to this sort of proposal.Therefore it is our belief that qualifying applications will benefit from a targeted alignment with keyareas of Irish Industrial Development policy.
  11. 11. Software Development Healthcare ServicesData Processing and Electronic Commerce Construction Related ServicesTechnical and Consulting Services Environmental ServicesCommercial Laboratory Services Supply Chain Management and Logistics Management ServicesAdministrative / Service Centres, Co-ordination Commercial and International Standards Bodiesand headquartering servicesResearch and Development Services Technology Test CentresMedia, Multi media and Recording Services Prototype Laboratory ServicesEntertainment and Leisure Services Intellectual Property ServicesTraining Services Group ProcurementPublishing Services Shipping ServicesInternational Financial Services Education Services
  12. 12. Assessment of these applications is expected to be robust. Applications will be scrutinised by anevaluation committee with members coming from the Departments of Justice and Enterprise. Therewill also be members coming from Enterprise Ireland and the Industrial Development Agency (IDA) theState’s Foreign Direct Investment development agency. The visa assessment system is morestreamlined and targeted mirroring the assessment procedures associated with Enterprise Ireland’sassessment of identified HPSU’s already located in Ireland whether these are indigenous companiesor not
  13. 13. Tom Ryan / Ellis McKechnieActus Business Immigration Ltd.Tel: + 353 1 802 0468Fax: + 353 1 802 0455Email: tom@actus.ie / ellis@actus.ieBlog: actusvisa.wordpress.comWebsite: www.actus.ie