Four Reasons You’ll Love Irish Permanent Residency

Four reasons you’ll love the Irish Permanent Residency Programme

Whether it’s the beautiful green hills of Donegal or the bustling metropolis of Dublin, Ireland is certainly a beautiful destination! Are you ready to take the step towards getting permanent residency in Ireland? You have two options: The Irish Permanent Residency Program or the Immigrant Investor Programme. The former is designed for foreign nationals who’ve been living in Ireland with a valid work authorization for 5 years, to gain an Ireland permanent residence permit with just a €500 fee. The latter is a pathway for non-EEA nationals to secure immigration permission to Ireland on the basis of long-term investment of a sum of money in a project in Ireland. 

Becoming a permanent resident of Ireland comes with 4 major benefits, which include: great business opportunities, outstanding educational opportunities for children, a safe and secure home, and great tax rates. We will also explain both the Permanent Residency Program and the Immigrant Investor Programme’s application process, benefits, and obligations.

Let this guide be your roadmap on your journey to becoming a proud resident of this charming land!

Becoming an Irish Resident via the Irish Permanent Residency Program

The Irish Permanent Residency Program is designed for foreign nationals who’ve been living in Ireland with a valid work authorization for five years, and want to gain an Ireland permanent residence permit. This program is also a stepping stone towards obtaining Irish citizenship and enjoying the full benefits of being an Irish national.

Eligibility

To be eligible for the Irish Permanent Residency Program you must meet all of these requirements:

  • Lived in Ireland legally for at least 5 years (60 months), with qualifying stamps in your passport
  • Have held a work authorization such as an Employment Permit, Critical Skills Permit issued by the Department or Enterprise, Trade, and Employment 
  • You have not been a burden on the State
  • You are of good character and have not had issues with the Irish police
  • You haven’t broken the terms of your current residency in Ireland
  • Have a valid Irish Residence Permit at the time of application
  • You are employed at the time of the application (and after). You may not be self-employed

Please note that Student Visas, Intra-Company Transferees, and those living in Ireland on humanitarian grounds do not qualify for eligibility. 

Permanent Residency Application

You must fill out the entire application form. You can find the application here.

Fees

If your application is approved, you will receive a letter from Immigration Service Delivery to let you know. You must then pay the €500 fee within 28 days.

Approval

If you are approved and pay your fee, you will be granted Long Term Residency in Ireland on a Stamp 4 for 5 years.

Becoming an Irish Resident via the Ireland Immigrant Investor Program

The Immigrant Investor Programme is open to non-EEA nationals and their families who commit to an approved investment in Ireland. Approved applicants and their qualifying family members will be granted rights of residence in Ireland and an employment permit to enter the State on multi-entry visas. Initially, the license for legal residence is granted for 2 years, and it can be renewed for a further 3 years. After the first 5-year period, the residence permit can be renewed again without having to maintain the investment. Under the IIP, you don’t have to physically reside in Ireland. Still, you do have to make one visit per calendar year.

Eligibility

To be eligible for the Ireland Immigrant Investor Programme (IIP) you must meet all of these requirements:

  • Evidence of net worth of €2 million
  • Evidence of funds covering an investment of €1 million (loans are not allowable)
  • Be a person of good character
  • A clean criminal record

Please note that the Immigration Service Delivery (ISD) will undertake a comprehensive examination of the proposed source of funds.

Investment Requirements

There are 4 different investment options for you to choose from, which include:

  1. Enterprise Investment: You must invest a minimum of €1 million in an Irish enterprise (and hold it for at least 3 years)
  2. Investment Fund: You must invest a minimum of €1 million in an approved investment fund (and hold it for at least 3 years). Such funds must be approved and regulated by the Central Bank.
  3. Real Estate Investment Trusts:  You must invest a minimum of €2 million in any Irish REIT that is listed on the Irish Stock Exchange (and hold it for at least 3 years)
  4. Endowment:  You must make a philanthropic donation of a minimum of €500,000 (or €400,000 where 5 or more applications are received) to a project that will benefit the arts, sports, health, culture, or education in Ireland.

Permanent Residency Application

You can find the application form on this website. When submitting the application form, you must outline the investment you wish to make, along with a business plan and executive summary of this investment. Additionally, you must attach evidence that you meet the eligibility requirements (listed above) including the source of your wealth and that you are of good character. Once you have compiled this information, email it to: IIP&STEPapplications@justice.ie

Fees

Once you submit your application, you must make an electronic transfer of €1,500 to the Department of Justice (non-refundable). The bank details are listed on this page.

Approval

If your application process is approved, you will receive a pre-approval letter from the Evaluation Committee and the Minister for Justice inviting you to make your investment. Once this is complete, you and your qualifying family members will be granted residency in Ireland for 5 years, as long as they meet these additional requirements:

  • Your investment must remain in place for the 3-year period
  • You mustn’t become a burden on the State (no social welfare)
  • You mustn’t be convicted of any criminal offenses in the jurisdiction

Please note if at any point you don’t meet these requirements, your residency under the IIP can be revoked.

Benefits of Becoming a Permanent Resident in Ireland

If you want to make more money in business, unlock better opportunities for your children, guarantee the safety of your own family members, or protect your wealth against excessive taxation, the benefits of permanent residency in Ireland will suit you perfectly. 

You can seize robust preferential trade conditions

As an Ireland permanent residence permit holder, you have the freedom to work in Ireland without the need for an employment permit. This broadens your job prospects and allows you the potential to start your own business.

When you think about global business, the likes of Germany, Japan, Singapore, and the US leap out ahead of Ireland. But Ireland beats them all, coming 8th on Forbes’ Best Countries for Business 2018.

Ireland is a hub for numerous multinational corporations, including tech behemoths like Apple, Facebook, and Google.

Ireland has lowered many of the prerequisites to business set up which have proved to be troublesome in other countries. A company incorporated in Ireland only needs to appoint one director (EEA resident). If you choose a director who is not an EEA resident, you can pay a €25,000 bond to the Irish government to enjoy the preferential conditions. There are also no requirements to have physical annual meetings, which can not be said for most European countries.

Additionally, the neighboring UK’s turbulent Brexit negotiations are worldwide news, but Ireland is still firmly in the EU. This is important as EU members enjoy the free movement of goods, services, money, and people amongst all 27 member states.

From a business perspective, it’s a huge opportunity because it means company owners in Ireland can trade freely across Europe. There are no restrictions so long as products meet EU standards. There won’t be any costly delays or frustrating bureaucracy.

And it also means Irish company owners enjoy preferential terms with the rest of the world. The EU has the weight of 27 members behind its negotiations, so it has been able to secure the best possible trade terms with many countries globally.

There are also opportunities in sectors such as hospitality, tourism, and healthcare. Gaining permanent residency in Ireland allows you the freedom of choice between these many business opportunities. 

Your children enjoy world-leading education opportunities

Holding an Irish permanent residence permit means your children can easily enroll in leading schools and universities in Ireland.

In Ireland, all children under 18 have access to free education through primary and high school. International students usually have to pay tuition fees, however, there’s a myriad of scholarships available.

Ireland has more than half a million expats, representing almost every country globally. That’s nearly 12% of the Irish population. One of the biggest reasons for that is the standard of Irish education. 

Ireland is also a world leader in higher education, investing more than EUR 782 million annually.

According to one study, Ireland ranks 5th in the world (3rd in Europe) for higher education worldwide.

Ireland has some of the best international universities worldwide, such as Trinity College Dublin.

If you secure an Ireland permanent residence permit, you and your family will have access to these world-class educational opportunities.

You’ll have a secure and peaceful second home

Holding an Ireland permanent residence permit gives you total peace of mind that you’ve got a refuge if you ever need it. You’ll feel safe and secure in Ireland.

You needn’t actually live in Ireland to maintain your residence – but you certainly can. And the number of expats in Ireland proves you’d be excellent company.

The thing is, political and economic turmoil is an unfortunate reality in many countries. If your new or current passport is restrictive, you might worry you won’t be able to quickly leave your home country if you need to. Your permanent residency in Ireland allows you the freedom to go to Ireland whenever you choose. 

Ireland ranked 3rd in the world for the Global Peace Index 2023

With the world in its current volatile state, it’s always nice to know you have a safe home to refuge in.

You’ll pay very little tax compared to elsewhere in Europe

Ireland ranks 4th globally for tax burden. Thanks to its desirable 12.5% corporate tax rate, Ireland is considered one of the world’s most significant tax destinations for business owners.

Additionally, the 2018 OCED Taxing Wages study showed that Irish average single (those not in a relationship or with families) and middle-married (both with and without children as families) wage-earners paid some of the lowest effective employment tax rates in the OECD, with average married wage-earners in Ireland paying an employee tax rate of 1.2%.

The country’s excellent tax landscape significantly contributes to Ireland’s growth. If you become an Irish permanent resident, you can set up a company in Ireland and take advantage of these preferential rates. This could be exponentially beneficial for businesspeople, hence why tech giants such as Google, Apple, and Facebook do business in Ireland.

Permanent residency in Ireland unlocks better trade and a brighter future – for you and your family. And securing your place in this peaceful, prosperous nation couldn’t be more straightforward than through the popular Irish Permanent Residency Program.

A photo of ireland's mountains and sea.

Wrapping Up: Ireland Permanent Residency

So whether gain your Irish permanent residency through the Permanent Residency Program or the Immigrant Investor Program, you can make this lush green countryside your home. Ireland provides great business opportunities, world-class educational opportunities, a safe and secure home, as well as low corporate tax rates.

FAQ’s

I have resided in Ireland for the last 5 years, am I eligible for permanent residency? 

No, simply residing in Ireland for the past 5 years doesn’t make you eligible for permanent residency. You must be registered with your local immigration office for a minimum of 60 months based on employment permits issued by the Department of Enterprise, Trade, and Employment.

Can my spouse or dependant apply for permanent residency as well?

Yes, the spouse or dependant/s of a person who holds long-term residency (stamp 4), can also apply for long-term residency. The application approval will largely depend on the type of employment permit you held initially in the State. For example, if you hold a critical skills employment permit, then you will be granted stamp 1G for 5 years. If you hold a general work permit for 5 years, you will be granted stamp 3 for 5 years. The spouse or dependant must also fall under the same eligibility requirements as the Irish permanent residence holder (must have also lived in Ireland legally for the past 60 months).

What does it mean to have a Stamp 4?

A Stamp 4 permission means you can legally live and work in Ireland without needing a valid employment permit.

How We Can Help

Next Generation Equity is a government-approved provider of second citizenship and residency programs tailored to the individual needs of discerning clients across the globe. To learn more about our programs, please sign up for a free consultation via the form below.

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Author:
Rihab Saad

Managing Director
Next Generation Equity

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