Ireland’s IIP is Soon to Join Europe’s Billion Dollar Club

Ireland’s Immigrant Investment Program is one of Europe’s high performers. In fact, it’s projected to exceed the one billion euro mark this year (in terms of total investments)!

The milestone was long awaited by many Irish news outlets. Many even falsified the real numbers (such as the Irish Times), claiming that Ireland had already hit that point.

Just to clarify, Ireland did hit €863 million at the close of 2020 – which is a massive achievement.

That aside, Ireland’s golden visa is projected to hit 1 billion euros in 2021. Reaching that point puts Ireland in a club that only holds 5 members, those being:

  • Greece’s golden visa
  • Spain’s golden visa
  • Latvia’s golden visa
  • Portugal’s golden visa
  • UK’s Tier 1 investment visa

Ranking Europe’s Golden Visas

Of the current five, the UK’s Tier 1 visa has the largest investment total.

In 2012, it was the first to hit the billion euro point. This was quite the achievement, considering the program was only 4 years old by then.

Currently, the UK’s Tier 1 visa is the highest grossing of the five – reaching €7 billion at the start of 2020.

Next in Line – Portugal and Latvia

The next two competitors. Both hit the €1 billion mark in 2014, with Portugal pulling ahead in maintaining the attractiveness of its program.

As of early 2020, Portugal’s program reached the €5 billion mark. It was able to reach the 6 billion point recently this year.

The Latvian program had a good past year too. So far, the program has raised over €1.5 billion, most having come post 2016, turning it into a fast evolving program.

For perspective, Latvia’s immigrant investment program was launched in 2010. Throughout its first 6 years, it was only able to attract €97 million in investments.

However, Latvia’s program isn’t projected to hit the 2€ billion mark this decade, especially with a lack of competitive features required to convince investors.

Spain and Greece’s Performance

Spain’s visa program took 3 ½ years before reaching the billion euro point. It did so in 2016. It also hit two billion in 2018, three billion in 2019, and four billion in 2020.

This is unlike Greece, which had a slow start.

It took the program 6 years to reach one billion euros. But soon after, Greece would reach its second billion in the following year.

Greece was projected to hit its third in 2020, but the current pandemic seems to have reduced immigration into the country.

How Does Ireland Compare?

Ireland’s program needed at least 9 years to hit EUR 1 billion. The second slowest in comparison was Greece, requiring 6 years.

This makes Ireland’s program low-performing compared to other billion dollar visas. For example, Portugal only took 2 years, with the UK requiring four.

Regardless, Ireland is projected to raise its second billion in half the first’s time. After all, it’s always the first billion that’s difficult to raise, with the next being much easier to obtain!