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Investor passports. Why?

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  • 27-04-2023 11:11am
    #1
    Sam Russell
    Moderators, Science, Health & Environment Moderators Posts: 19,632 Mod ✭✭✭✭


    Why did the Irish Gov ever allow Investor Passports to exist at all?

    The deal was that an investor could put money into an Irish company and then avail of an Irish passport for the investor and perhaps all members of the family.

    Now if ever there was a scheme that screams corruption, this is it.

    If the investment was for Gov Bonds with a ticket of zero %, or even -%, with a 30 year maturity time frame, then maybe, if the amount was sufficient large. But into a private company with no oversight? But of course, such arrangements are only entered into by honest people - everyone knows that.

    Did not the C&D Foods benefit from this scheme back in the day when Reynolds was the Taoiseach. Now I doubt that he had anything to with C&D Foods, as he had passed it onto his son, so that was OK.

    Currently, most participants are very rich Chinese investors, so that is OK.

    https://www.irelandinvestorvisa.com/

    The scheme closed in Feb 2023.



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    #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,297 CMod ✭✭✭✭Nody


    It's a common scheme, USA has it as well as does many other countries.

    To receive this visa, you must invest at least $800,000 in a US enterprise and create at least 10 American jobs. If you are eligible for the EB-5 Visa, you receive a Green Card and you are allowed to live in the US. You can include your dependent family members in the application.

    The idea is to drive investments into your country and to enable said investor to stay there and put in the effort and pay taxes basically.



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    #3
    Sam Russell
    Moderators, Science, Health & Environment Moderators Posts: 19,632 Mod ✭✭✭✭Sam Russell


    The fact that other countries are open to such schemes does not make it risk free.

    In our political system, where there is close relationships in business and politics, such a system is open to abuse.



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    #4
    Dav010
    Registered Users Posts: 14,440 ✭✭✭✭Dav010


    https://www.boards.ie/discussion/comment/120527377#Comment_120527377

    You don’t have to be a foreigner to abuse investment schemes, in this case, the Government considered the benefits outweighed the risks, particularly when foreign investment was needed. It probably went on to long though, and I’m not sure what conditions were attached to it.



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    #5
    Sam Russell
    Moderators, Science, Health & Environment Moderators Posts: 19,632 Mod ✭✭✭✭Sam Russell


    It was scrapped in Feb 2023, so hung around for a while.

    Report in IT of some folk lobbying for it to continue. Why wouldn't they - free money.



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    #6
    Dav010
    Registered Users Posts: 14,440 ✭✭✭✭Dav010


    https://www.boards.ie/discussion/comment/120528027#Comment_120528027

    I suspect the attention on Russia and China was foremost in their mind when bringing it to an end.



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