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Breaking News! Minister announced closure of the Ireland Immigrant Investor Programme!

Simon Harris, Ireland Minister

Image from Independent i.e.

 

In one day, Ireland changed its policy, as well as this week, there are also rumors that Portugal will also introduce a heavy policy. The market was in a state of flux for a while. We interviewed Henry Fan, the CEO of Globevisa, immediately.

 

Q: What is the reason for this change of policy in Ireland?

HF: From the perspective of industry practitioners, it is definitely regrettable. But for an immigration policy change, we must analyze from many angles. What benefits this project brings to Ireland? From the perspective of the government, the general public, the overall regulation of Europe, including the EU Commission, Council of Europe and OECD, as well as the impact of past scandals on individual projects, the composition of past applicants, and many other angles to understand the change.

 

Q: What are the specific details of the change of policy?

HF: The current official stance can be seen on the website. The current debate is how to deal with the issue of having a case but not gathering the full project quota, and at the moment it looks like letting the quota of these projects recruit full at a certain time is the most likely outcome.

 

Screen capture from: https://www.gov.ie/en/press-release/a4170-minister-harris-announces-closure-of-the-immigrant-investor-programme/

 

Q: That means no new projects will be approved?

HF: This will not happen. Old ones that haven’t recruited any spots yet will also be canceled.

 
 

Q: Will cases that have already been submitted be affected?

HF: No. The published policy clearly states: The closure of the Programme will not affect existing projects or individuals already approved under the programme.

 
 

Q: Can I still submit in the future?

HF: According to the current published policy, it is possible for the next 3 months, but there are only a limited number of places available. The policy clearly states that: In addition, there are a number of projects where an application has not been formally submitted but which have been significantly developed following contact with the IIP Unit of the Department of Justice. It is proposed that such projects be given a period of three months in which to finalize and submit their applications.

 
 

Q: How is Globevisa’s Irish business? Has it been affected much by this change of policy?

HF: Very much, unfortunately. As we all know, Chinese applicants have a surprisingly high percentage of Irish applications. This is also rumored to be one of the reasons why the program was shut down. As the market leader in China, I believe Globevisa’s Irish business is one of the most affected companies in the world. Also affected was the fact that Globevisa’s newly launched global marketing program for Ireland, which was very popular in Globevisa’s Vietnamese, Thai, and Turkish markets, had to be temporarily halted. The business of Globevisa’s local offices in these regions will be affected.

 
 

Q: How does Globevisa respond to this situation in the short term?

HF: The same way Globevisa has always handled the situation, focusing on professional consulting, client communication, and partner collaboration during the regime change phase. We also contacted all our partners in Ireland, including lawyers, funds and charitable organizations, to exchange information and next step cooperation with our partners to avoid fears caused by the lack of uniform information. At the same time, all universal clients were notified immediately so that they would be the first to know what was happening with their projects. During the change phase, Globevisa’s approach has always been to put the client first, the partner’s benefit second, and Globevisa’s benefit third, to ensure smooth information and communication.

 
 

Q: What is the long-term impact of this change in Ireland’s politics on Globevisa?

HF: We are sorry that certain options for Irish immigration are closed to many potential clients, however, there are many other programs in Ireland and we will continue to work with Irish Bureau of Immigration to promote these programs. In the long run, there is no impact on Globevisa. This is because Globevisa’s business model is similar to a supermarket model in that all programs are laid out on the shelves for customers to choose from, rather than being force-sold to customers. We are currently promoting over 150 immigration projects worldwide at the same time, and the Irish project is just one of the 150 projects. Moreover, the Irish business affects mainly Chinese clients, especially those in mainland China, and has minimal impact on clients from other parts of the world.

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