Ireland Sets IIP Approval Record Two Years After Program Closes

Ireland approved 538 golden visa applications in 2024, more than double 2023’s total and a record for the program.

Ireland approved a record number of foreign investors for residency in 2024, accelerating efforts to clear a massive backlog that accumulated before officials suspended the country’s Immigrant Investor Program, according to The Irish Times.

The processing uptick represents a sharp departure from previous approval rates as the government works through thousands of pending applications.

Officials formally closed the IIP on February 15, 2023, but left behind 3,127 pending applications representing over €2 billion in potential investments. Department of Justice figures reveal that 2024 became the most successful year in the program’s 12-year history, surpassing all previous annual totals for both approvals and investment values.

Officials had warned that clearing the backlog would require years of processing. In February 2024, Justice Department Secretary General Oonagh McPhillips informed legislators that the department had approved only 251 applications in 2023, leaving it with approximately 2,700 pending files.

At the historical approval rate of 266 applications annually since 2017, officials estimated the backlog would not clear until 2034.

The accelerated processing changed that timeline. The department approved 538 applications in 2024, more than double the 2023 total and exceeding any previous year since the program launched in 2012.

The department approved 208 applications in the first half of 2025, suggesting annual approvals could reach approximately 416 for the full year.

Investment values reached €314.3 million in 2024 alone, followed by €146.3 million in the first six months of 2025. These totals represent actual approved investments flowing into Irish businesses and charitable organizations.

Between 2023 and the first half of 2025, the department approved 1,002 applications while rejecting 890 others or accepting applicant withdrawals. The approval acceleration continued despite administrative challenges, including legal disputes over application handling procedures.

Post-Closure Complications Continue

The program required that non-EU participants demonstrate “at least €2 million” in personal wealth. Successful applicants then invested €1 million in Irish enterprises or donated €500,000 to approved charitable causes.

Legal complications emerged around the ongoing application process. In April 2025, Dublin lawyer Jonathan Cosgrove secured a High Court injunction requiring the Department of Justice to continue processing applications after officials had suspended handling his firm’s submissions during a regulatory investigation.

Justice Anthony Barr characterized the department’s decision as “draconian” since it effectively suspended processing based on unproven allegations.

Earlier in January 2025, a separate dispute surfaced involving nine investors who lost €9 million in a Meath-based housing project, prompting them to take control of Trinity Homes Limited to recover their funds.

Justice Minister Jim O’Callaghan indicated in July that the department is reviewing approximately 1,600 investor applications. The department noted that approved applications do not guarantee that investors actually relocate to Ireland, and the figures exclude family members who may accompany primary applicants.

Internal government reviews had raised concerns about the program’s oversight mechanisms. A 2019 departmental audit called for stronger background verification procedures and more rigorous funding source reviews.

External consultants EY reportedly warned that private due diligence providers faced pressure to deliver favorable applicant assessments.

The government has never disclosed the complete list of investment recipients, maintaining that individual application details remain confidential. However, the government confirmed that the majority of applicants were Chinese nationals, according to The Irish Times.