COLUMN: Boherlahan projects safe despite Government U-turn on scheme

Applications are no longer being accepted under the Immigrant Investor Programme (IIP) since the close of business on Wednesday, February 15.

The “Golden Visa” programme has been scrapped by Government and is now closed to “new applications” which is a crucial point for one Tipperary village.

When I read the news, I was concerned that it could place the Boherlahan projects in jeopardy.

There are proposals to redevelop the Parish Hall and the development of a car park area - which has already begun - and for the most part these projects are dependent on IIP funding.

Boherlahan currently has an application before the Department of Justice.

The scheme required applicants to invest a minimum of €1 million for a minimum of three years. Alternatively they could offer €500,000 as part of an endowment, or €400,000 as part of joint endowment, to a project of public benefit to the arts, sports, health, culture or education in Ireland.

The funds used for an investment had to be provided directly from the applicant’s own resources.

In recent years, a large number of submissions to the programme have come from China. Established in 2012, the IIP offers Irish residence in return for investment in the State to create jobs. Applicants had to be high net worth individuals with a personal wealth of at least €2m.

Last March 2022, a revised development submission was made by Boherlahan Community Association to the Department of Justice IIP programme in light of additional costs around the hall and car park projects.

Some additional investors were identified and these are undergoing the necessary approval process in the Department. The Boherlahan Community Association anticipates a successful outcome to this in summer 2023 followed by a three month timeline for receipt of funding.

But the sudden scrapping of the programme is likely to have caused some concern.

However, when asked if the termination of the programme would affect the Boherlahan projects the Community Association confirmed that its projects are “approved and the investors are currently in the approval process”.

Minister for Justice, Simon Harris, has also confirmed that current applications will still be processed, while other applications that are in the process of being formally made will also be considered.

This means the Boherlahan projects remain in the pipeline all going well and the much-needed funding is still on its way for the village.