Ireland to close visa scheme for wealthy investors

Approximately 1,500 cases are awaiting approval for the Irish scheme

Ireland is to close an investor visa scheme that provided immigration rights to wealthy foreigners investing at least 1 million euros ($1.08 million), a minister said on Tuesday following criticism of such schemes by the European Union.

Ireland's Immigrant Investor Programme, which also provided visas to those donating 500,000 euros to philanthropic causes, has overseen investments of over 1.2 billion euros over a decade, Justice Minister Simon Harris said in a statement.

While the scheme did not provide passports, investors and qualifying family members could apply for citizenship after five years of residency in Ireland. 

The minister said the decision to close the scheme had taken into account studies by international bodies such as the European Commission, which last year called on EU governments to end national programmes to sell citizenship to investors, which it has long considered a security risk. 

Approximately 1,500 cases that are awaiting approval for the Irish scheme, which has been popular with Chinese investors, will be considered, the statement said.