With an unexpected move, the result of pressure from the EU, Ireland put an end to the so-called politics of yesterday “golden visa”a dubious measure of political correctness that has netted him €1.25 billion since its adoption in 2012. Dublin’s decision was announced yesterday by Ireland’s Attorney General Simon Harris, who, speaking on state radio station RTE, admitted he had received “strong recommendations”. , thus putting an end to the controversial measure. In addition, he added that despite the program’s success, the government had been reviewing it for some time and had finally taken into account “a number of reports and conclusions from international organizations such as the Commission, the Council of Europe and the OECD.” “.

Mr Harris recalled that the measure was introduced at an “extremely difficult economic time” against the backdrop of the euro debt crisis and was aimed at attracting investment for strategic purposes and in the interests of the Irish people. However, this has been the subject of criticism from the EU, which has repeatedly cited national security issues. After all, in March last year, about a month after the Russian invasion of Ukraine, the Commission called on member states to stop these measures, and with them the issuance of visas to Russians and Belarusians. At that time, he nevertheless expressed concern that, perhaps, among those Russians or Belarusians subject to sanctions, there may be holders of “golden visas” and “golden passports”. Pressured by the EU to escalate US relations with China following balloon shooting and allegations of espionage.

As highlighted in a related report by the Financial Times, the controversial measure has largely attracted the super-wealthy Chinese, who account for more than 90% of related applications approved in the country. The super-rich Chinese tycoons used it to ensure they could stay inside Europe and thus avoid the strict rules imposed by Beijing at various levels. Commenting on the specific issue, the Chinese head of the Irish Investment Fund, which invested in the hotel sector under the Golden Visa program, expressed his assessment that “recent developments in China’s relations with the West and what happened with spy balloons were decisive in making this decision from Dublin.

The Irish measure has largely attracted the super-rich Chinese and has netted the country €1.25 billion since 2012.

At the same time, the Irish program was open to those foreigners who were able to invest at least 2 million euros in the country. This gave them the opportunity to invest, over a period of at least three years, €1 million in an approved fund or €2 million in a real estate investment fund in Ireland.

Alternatively, those who wish can donate 500,000 euros or 400,000 euros if there are at least five consecutive applications in investment programs of artistic or sports content, health, education or culture. This last option has benefited many sports teams.

However, he did not offer passports to foreign investors, and all they had to do in order not to lose their Golden Visa was to spend one day a year in Ireland. Ireland was a tempting choice for many interested in the golden visa, as the corresponding programs in other countries presented certain difficulties and some problems. The UK, for example, was no longer an attractive destination after Brexit, long before London decided to wind down the program last February, again citing national security concerns. As for the corresponding US program, it was “frozen” for many months. Speaking to the Financial Times, Armand Arton, managing director of investment firm Arton Capital, which specializes in citizenship by investment schemes, said Ireland’s decision “fits right in with worsening East-West relations” while reflecting “legitimate concerns that increasing Chinese presence in European economies”. After all, he pointed out that the program in question has turned into a source of stable income for Ireland, and “it remains to be seen how the resulting gap will be filled.” He also stressed that the government should weigh the cost that the removal of the measure would have on the country’s economy in the current difficult situation, and balance it with any benefits that its removal will provide.