China's wealthy increasingly apply for Irish residency under cash-for-visa scheme. What's driving them away?
China flag, plane
A substantial number of wealthy Chinese people are now reportedly seeking an Irish residency under Ireland's Immigrant Investor Programme (IIP).
Different narratives credit different reasons behind this rise in numbers. As per the Times, uncertainty about China's future under President Xi Jinping and his Chinese Communist Party (CCP) has caused this application jump.
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However, as per Irish Times, the applications surged amid a rumour that the so-called cash-for-visa was being scrapped.
As per the Irish times, the number of Chinese citizens applying under the scheme has gone up exponentially; between January and September, the number stood at 785, almost three times 243 applications.
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In September, companies that handle IIP applications on behalf of wealthy Chinese reported a 50 per cent rise in the applications. Times reports that a crackdown on the Chinese elite was the catalyst behind this.
IIP allows people outside European Economic Area (EEA) i.e., EU, Norway, Iceland and Liechtenstein to gain residency rights in lieu of investments worth €1 million ($1.05 million).
The said investment must be done for a period of three years in an approved Irish company or investment fund, borrowed money cannot be used. Additionally, the applicants must have at least €2 million ($2.1 million) in personal wealth.
Apart from the above-mentioned €1 million($1.05 million) investment, a minimum investment of €2 million($2.1 million) in Irish real estate investment trusts is allowed, as well as €500,000 endowments for education, arts, sport, health or culture.
(With inputs from agencies)
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