State may remove €2m Reit investment as option under cash-for-visas scheme

Inclusion of property funds as part of evaluation of Immigrant Investor Programme aimed at wealthy non-EU citizens is under review

Darragh O’Brien, Minister for Housing, and Paschal Donohoe, Minister for Finance, were questioned about the IIP in relation to Reits last month but said it came under the Department of Justice. Picture:

Wealthy foreign citizens could lose out on the option of investing millions in real estate investment trusts (Reits) in return for an Irish visa.

The Immigrant Investor Programme (IIP), which allows some non-EU nationals to apply for a visa in return for lucrative investments in Irish businesses, is currently under evaluation, a spokesman for the Department of Justice told the Business Post.

As part of this, the option of investing in a Reit as part ...