The Irish Government has four investment options available for non-European Economic Area investors and business professionals that are reportedly attracting the attention of high net worths from Hong Kong.
It is no secret that the special administrative region (SAR) is going through a turbulent time, with protestors galvanised against what they view as unwanted pressure and influence from China.
As reported by International Adviser, Hong Kong’s wealthy have already been flocking to Portugal, Australia and the UK to secure residency rights in other jurisdictions.
Ireland calling
According to reports by local newspaper South China Morning Post, Ireland has become another destination.
As an English-speaking country that will remain part of the European Union it is an understandably attractive option.
Dublin-based property developer Bartra Capital said it set up shop in the SAR following record-high inquiries.
“In the last seven-to-eight weeks, I’d say I’ve met between 80 and 100 clients in Hong Kong,” James Hartshorn, director of Asia at the firm, told the newspaper.
“Prior to that we had signed two to three Hong Kong clients.”
The firm’s website is available in Chinese.
Eligibility criteria
The Irish scheme was introduced in 2012 to “encourage inward investment for the creation of business and employment opportunities” in the country.
Applicants must have a personal wealth of at least €2m (£1.78m, $2.18m).
The four schemes on offer are:
- Enterprise investment – a minimum €1m invested in an Irish enterprise for a period of at least three years.
- Investment fund – a minimum of €1m invested in an approved investment fund for at least three years. The fund must be regulated by the Central Bank.
- Real estate investment trusts – a minimum investment of €2m in any Irish Reit that is listed on the Irish Stock Exchange for a period of at least three years.
- Endowment – a minimum €500,000 philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.
Applicants are not required to live in Ireland once they are approved for residency, but they must visit at least once a year.
After the initial two-year period, they can apply for an extension of three years. A further five years can be requested after that.
