Current cash-for-visa applications may be worth €2bn

Department of Justice says ‘rigorous checks’ are conducted on individual applicants to the contentious immigrant investor programme

Kai Dai: one of Ireland’s biggest cash-for-visa brokers.The high Court last week appointed a liquidator to his controversial Huawen Foundation

Investment in the state’s controversial cash-for-visa scheme could double as officials process over 2,000 applications, which may be worth up to €2 billion, currently on hand, figures released to the Business Post show.

The immigrant investor programme (IIP), which raised €1.25 billion during its 12 years in operation, provided a way for wealthy individuals to make investments in Ireland in exchange for visas.

The applications, which were received primarily from Chinese investors, were open to ...