Brexit could push Chinese ‘cash for visa’ investors to Ireland

Brexit brings in Chinese investors

Under the Government’s Immigrant Investor Programme (IIP), which raised €826 million between 2012 and 2019, non-EU citizens and their families can secure the right to live in the Republic in return for investing €1 million in companies operating in specified industries, or donating six-figure sums to charity.

Asian property-dealing giant Juwai IQI says Brexit could prompt increasing numbers of Chinese citizens seeking EU residency to apply for Irish visas under the programme, generating an extra €65 million under the scheme this year.

The IIP is most popular with Chinese citizens. According to official figures, by the end of 2019, 1,088 Chinese citizens had put up to €1 million each into social housing, nursing homes, healthcare, and other projects.

“Under our best case, Ireland would see more than 90 additional applicants,” Juwai IQI executive chairman Georg Chmiel said. The organisation calculates that as translating into an extra €65 million in investment and charitable donations this year over 2020.

“Chinese investors who want an English-speaking gateway to the EU can no longer obtain that in the UK,” Mr Chmiel said.

Furthermore, he adds that should their children get Irish citizenship – although the IIP scheme only guarantees residency rights – they could also live and work in the UK.

In addition, Juwai believes that the IIP has boosted the number of rich people living in the State. Hence, a report from the company quotes real estate player Knight Frank’s calculation that the number of high-net-worth individuals living here grew 22 per cent to 239,466 from 195,554 in the five years to 2020.

Read more: The Irish Times

Source: The Irish Times

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