Over 1,000 Chinese citizens pay up to €1m for Irish residency

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Digital Desk Staff

1,088 Chinese citizens have paid up to €1 million to live in Ireland in a Government cash-for-residency scheme.

The money has gone into housing, nursing home and other projects.

The Irish Times reports that Department of Justice figures reveal that non-EU citizens have given €826.5 million to businesses and charities here in return for the right to live in the Republic since 2012.

Chinese citizens accounted for 1,088 of 1,166 investors since the start of the Immigrant Investor Programme (IIP).

The programme allows non-EU citizens and their families to get the right to live in the Republic in return for investing €1 million in companies operating in specified industries, or a six-figure donation to charity.

The Government launched the scheme during the recession in 2012 to lure investment into the country.

Of the cash raised: €249 million went to building social housing, €165 million to nursing homes and €108 million to hospitality and tourism businesses.

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