George grins broadly as he sips his pint of Guinness in a cosy Dublin pub, basking in the famous warmth of the land of céad míle fáilte (100,000 welcomes). As one of a fast-rising number of Chinese citizens investing in Ireland in exchange for residency, he has every reason to feel at home.
George, who asked not to give his real name, has invested €1mn in Ireland and said China’s uncertain economic outlook has spurred wealthy individuals like him to look for additional residency options abroad. “I’m worried about the future in China,” he said.
Ireland’s decade-old immigrant investor programme (IIP) soared in popularity in 2022, with the number of would-be investors from China more than tripling to 785 in the nine months to September, from 243 in the whole of 2021. Applications from all countries hit a record 812, nearly twice the annual record set in 2019.