The Ireland golden visa is becoming one of the most looked at golden visa programs in Europe for investors seeking the path of investment of long-term residency and citizenship.
For a minimum of €1 million invested in Ireland, you and your family can access the benefits of the Schengen area to secure second citizenship.
If you’ve been wondering which golden visa program is the right for you, this article will help you sort that out. We’ll compare the Ireland golden visa vs. Portugal golden visa, the benefits, advantages, and disadvantages of the Ireland golden visa.
Irish golden visa overview:
As to the Portugal golden visa, the Ireland Immigrant investor program (IIP) is designed to attract non-EU investors and business professionals to get a residence permit in exchange for a qualified investment.
The Ireland golden visa is a residency by investment program created in 2012.
It gives investors and their families a five-year residence permit in Ireland, with the possibility to apply for citizenship at the end of that period.
If you’ve done part of the research by yourself – you’ll notice that the Portugal golden visa also offers five years to apply for Portuguese citizenship, and even the application process of the Ireland golden visa is faster than Portugal’s.
The differences between these two programs are the options, the minimum investment, and the benefits each country offers you.
Benefits of the Ireland golden visa
Ireland and Portugal’s golden visas offer similar fantastic benefits and advantages for non-EU residents.
Here are some of the benefits you’ll get with the Ireland residency by investment program:
One of Europe’s fastest-growing economies.
Stable, secure, and competitive.
Politically neutral country.
Low corporate tax rate at 12.5%
Gain the right to live, work, study, and do business.
Now that we’ve talked about the Irish immigrant investor program – let’s weigh up the pros and cons of the Ireland golden visa, especially in terms of your pathway to EU citizenship.
Advantages of the Ireland golden visa
Maximum stay flexibility: No need to relocate to Ireland to maintain your residency status – just visit one day per year.
Visa-free travel: Go anywhere in the Schengen area without additional visas or permits.
Education and healthcare: Access these with the same rights as Irish citizens.
Investment options: Choose from investment funds, endowments, or investing in an Irish enterprise.
Disadvantages of the Irish golden visa program
Higher minimum investment threshold: The minimum investment for the Irish residence program is €500,000, which is available by the endowment option (No return on investment).
Living in Ireland required for citizenship: Ireland lets you maintain your residency rights in the country without living there, BUT if you want to eventually apply for citizenship, you’ll have to move to Ireland.
Option to buy a real estate property is not available, you’ll be able to invest in real estate trusts (REIT)listed on the Irish Stock exchange.
Who can apply for the Ireland Immigrant investor program ?
To be eligible for the Ireland golden visa you must meet the following requirements:
Be aged 18 or over.
Be a third-country national (Not an EU/ EEA/ Swiss citizen).
Have a clean criminal record.
Invest a minimum of €1 million in Ireland.
Have a provable personal wealth of at least €2 million.
Have full medical insurance covering yourself and any dependents.
Pass a due diligence check on the source of funds, in line with international KYC and anti-money laundering regulations.
Taxation in Ireland
The Irish tax system is based on your residence and domicile status, and corporate tax is currently charged at a 12.5% rate. If you don’t plan on living in Ireland during your Golden Visa term, you won’t need to register for Irish tax residency.
However, you will be subject to taxation on all income received and earned in Ireland, including income from your investment.
Which golden visa program should I pick?
We’ve prepared this comparison table to help you sort out which golden visa works best for you. Take your time looking at the differences between Ireland and Portugal’s golden visas to make an informed decision.
Having two passports is better than one because you always have a Plan B in the event and current state of the world. Portugal and Ireland recognize dual citizenship.
Ireland vs. Portugal golden visa overview
The Portugal golden visa is the most popular European residency by investment program. Both programs are good choices for those who want to be eligible for EU citizenship after five years, and both countries recognize dual citizenship, so you can keep your original passport.
Ireland has a big advantage over Portugal with the passport power rank – the Irish passport offers you full access to the UK, the whole EU, EEA, and Switzerland. It is the only country in the entire EU that can offer this huge benefit.
If you meet all the requirements for the Ireland golden visa and the investment options where the ones you were looking for – then, Ireland’s golden visa will work best for you.
The Portugal golden visa offers more affordable investment options than the Ireland golden visa. If you’re looking for a more reasonable investment option with a special tax program, then the Portuguese residence program is for you.
In short: If you want an affordable yet fast-tracked pathway to EU citizenship, Portugal is the Plan B for you and your family.
Contact us to schedule a free consultation call or send us an email to know more about the Portugal residency program by real estate investment.