The decline of the Golden Visa in Ireland

At the heart of Europe, Ireland emerges as a hub for international investors, attracted not only by its dynamic economy but also by programs that facilitate entry into the country.
Among these, the Immigrant Investor Program (IIP), known as «Golden Visa», played a crucial role.
However, recent developments have led to its closure, raising significant questions regarding the implications for the international legal and financial sector.
The root of the problem A review of the controversial Golden Visa scheme revealed that 90% of applicants were from China, with no identifiable connection to Ireland, and were recruited through specialist agents.
This situation has raised concerns regarding money laundering and tax evasion, highlighting the difficulty of carrying out adequate due diligence on applicants.
Confidential briefs from the Department of Justice highlighted a "high risk profile" associated with the program, signaling the risk that it could be used by individuals involved in illicit activities.
Consequences and perceptions The termination of the IIP program was influenced by reports from international bodies and external reviews, which highlighted the need for interventions.
Beyond Ireland, other European countries such as Bulgaria, Latvia and Portugal have taken similar measures, modifying or terminating their Golden Visa programs in response to similar concerns about money laundering and corruption.
Reflections on the future Ireland remains a key player in the global debate on sustainable development and continues to actively participate in crucial international discussions.
Despite the closure of the Golden Visa, the Irish government administers alternative programs such as the Start-up Entrepreneur Program (STEP), aimed at encouraging innovation and entrepreneurship.
Implications for the legal and financial sectors The closure of the Golden Visa program in Ireland and other European countries signals a significant shift in the investment-based immigration policy landscape.
For legal and financial professionals, this involves the need to stay up to date on evolving regulations, while ensuring investors are aware of legal options and the implications of such changes.
Understanding global dynamics becomes essential to navigate this complex environment, underscoring the importance of rigorous due diligence practices and informed advice.
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