Ireland has scrapped its decade-old “Golden Visa” scheme that awarded over 1,500 Chinese millionaires residency.
Irish Minister for Justice Simon Harris made the announcement on Tuesday, stating that the Immigrant Investor Programme (IIP) had been under review “for some time.”
The move comes less than a year after a European Parliament report described the scheme as being excessively vulnerable to abuse, including tax avoidance.
The cash-for-visa-type programme allowed wealthy foreign investors outside the European Union (EU) to have residency in Ireland in return for making investments.
Applicants to the programme were required to have a personal wealth of at least €2 million, and were expected to donate at least €500,000 to philanthropic projects….