Ireland has abruptly shut down its decade-old programme offering residency in exchange for investment from rich global — especially Chinese — citizens following criticism of such schemes from the EU and other bodies.The closure of the programme, from Wednesday, comes amid international scrutiny of China after the US shot down an alleged Chinese spy balloon and several aerial objects in North American air space in recent days.
Ireland’s Immigrant Investor Programme, which has netted almost €1.25bn since its inception in 2012, soared in popularity last year, with the number of Chinese applicants tripling.
Chinese millionaires have used the scheme to secure a residency option, given their home country’s uncertain economic outlook.
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