Navigating the Immigrant Investor Programme. Irish Immigration and Tax Services for Investors

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1 Navigating the Immigrant Investor Programme Irish Immigration and Tax Services for Investors

2 Overview What is the Immigrant Investor Programme? The Investor Programme provides a straight forward way for investors and their qualifying family members to come to live in Ireland. If you are a non-eea national wishing to reside and obtain long- term residency in Ireland, you may do so where you have a net worth of at least 2m and intend to invest the relevant amount in one of the specified investments available under the scheme. An application must be made to the Department of Justice. Successful applicants and their qualifying members will be granted continuous residence in Ireland under Stamp 4 conditions. This allows entry to Ireland on multi- entry visas and residency for up to 5 years. At present there is no application quota in respect of the scheme. The funds must be your own and cannot be loaned. You will need to apply for visas in your country of residence. The application is considered under the Immigrant Investor Programme and requires the applicant to be of good character and that the proposed investment is eligible. As an investor migrant, you are not required to reside in Ireland in order to maintain your immigration permission. The only requirement is that you visit Ireland at least once per calendar year. After five years an investor and qualifying family members can apply for naturalisation once all conditions have been met. What are permitted investments? Enterprise Investment Real Estate Investment Trusts Suitable for investors who wish to create a new enterprise or invest in an existing business in Ireland Minimum investment of 1m for a minimum of 3 years Provides an investor with a lower risk property investment model in which the investment is diversified into a pool of properties Minimum investment of 2m for a minimum of 3 years Investment Fund Endowment Allows investors to avail of the services of approved professional investment intermediaries to invest in the future potential of Ireland s Enterprise Sector Minimum investment of 1m for a minimum of 3 years Allows an investor to actively engage in philanthropy and who wishes to champion projects that benefit the public at large Minimum donation of 500k i Overseas investments are not permitted

3 Key services If you avail of the investor category we offer a combined immigration, and personal tax advisory services: Immigration services Strategic immigration advice covering pre- and postflight planning Helping to identify the most appropriate immigration category to meet long or short term requirements Assisting with entry clearance (visa) application and liaising with the Irish Government department in relation to managing the immigration process All aspects of Immigrant Investor Programme applications under the Investor route Assistance with long-term residency applications for Ireland Applications to naturalise as an Irish Citizen including subsequent Irish passport applications Handling discretionary applications for Irish Citizenship and liaising with contacts at the Immigration Office Assistance with immigration matters for dependant family members to include immigration options to cover schooling for children or options for over age dependants Taxation services Review of circumstances to determine date of arrival in Ireland for Irish residency purposes Consideration of domicile status for Irish taxation purposes and, if appropriate, a high level summary of the implications of being Irish resident but non-irish domiciled Analysis of residency for first year of arrival in Ireland Registration with Revenue for personal tax purposes (this does not include corporate registrations or registrations required for employees) Preparation and submission of Irish tax return for the first year of arrival Calculation of personal Irish tax liabilities for the year of arrival and advice in respect of payment dates We can provide bespoke tax and immigration advice as required for your individual circumstances. This will be the subject of a personalised scope and fee. How EY can help Our experienced professionals come from a combination of tax, legal, consulting and industry backgrounds ensuring our advice is tailored to your requirements. In addition to holding a strong network of contacts with the immigration authorities and consular posts abroad, we actively engage with the key Government agencies and industry bodies, meaning we are at the forefront of the development of immigration policy and practice. Alongside the services outlined, we can help in the following areas: Guidance and administration work involved in processing visa applications Assistance and support throughout the lifecycle of the application process Risk management within the immigration process Full technical advice in relation to support documents, bank statements, affidavits, funding letters, passports, birth certificates Streamlined and cost-effective processing of your bespoke application to ensure timely response and turnaround times Tax advice in respect of estate and gift tax planning, tax efficient structures for investment and remittance planning A comprehensive global tax advisory service and, with our genuinely integrated global network of private client advisors, we can advise on multiple jurisdictions from one point of contact

4 Our locations Over 700 offices In more than 150 countries Our global footprint Around the world, our global business immigration service professionals can advise on, and assist with, a wide range of immigration issues, combining our extensive global business immigration resources with local knowledge of language, culture, legal requirements and processing guidelines. With our regional coordination offering in four major centres around the world, we can effectively service any part of the globe in which you operate providing a fully integrated global network of country practices consistently delivering the highest quality service. We operate in more than 150 countries worldwide with over 700 offices. This enables us to provide tax services across the globe, covering all areas of domestic and international tax planning.

5 Why EY? We offer: An immigration team with a focus on high net worth individuals Strong relations with Government departments Global immigration teams with diverse backgrounds and multi lingual capabilities A full and comprehensive tax service to our clients and our genuinely integrated global network of private client tax advisers who have strong international leadership which differentiates us from our competitors For further information please contact: Private client tax advice Audrey Lydon Head of Private Client Services T: E: audrey.lydon@ie.ey.com Karen McGinley Manager Private Client Services T: E: karen.mcginley@ie.ey.com Immigration advice Sinead Langan Senior Manager People Advisory Services Dublin T: E: sinead.langan@ie.ey.com

6 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organisation and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com Ernst & Young. Published in Ireland. All Rights Reserved indd 02/17. Artwork by the BSC (Ireland). Image from Shutterstock. The Irish firm Ernst & Young is a member practice of Ernst & Young Global Limited. It is authorised by the Institute of Chartered Accountants in Ireland to carry on investment business in the Republic of Ireland. Ernst & Young, Harcourt Centre, Harcourt Street, Dublin 2, Ireland. Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Ernst & Young accepts no responsibility for any loss arising from any action taken or not taken by anyone using this material. ey.com