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Ireland has ended its golden visa program, which allowed wealthy immigrants to visit the country. This was told by the Minister of Justice Simon Harris, reports Reuters.
The Golden Visa guarantees a residence permit. To receive it, foreigners had to invest at least 1 million euros in the local economy. The Irish Immigrant Investor Program also granted visas to those who donated €500,000 to charitable causes. As a result, Ireland secured investments of more than €1.2 billion over the ten years of the program.
According to the minister, the decision to close the program was made taking into account the studies made by the European Commission. In 2022, the EC called on EU governments to stop the program to “sell” citizenship to investors, as this threatens security. Harris noted that there will be about 1,500 cases pending Irish visa approval, a scheme that is very popular with Chinese investors.
Earlier, Montenegro closed the program for obtaining citizenship by investment. It has been in operation since 2019.
Source: Rosbalt
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