With Brexit on the horizon, much is still unknown of what the final outcome will mean for citizens of Britain and the rest of the EU. However, at least some certainty has now set in with regards to rights and privileges offered under the Common Travel Area (CTA) between both the UK and Ireland.
The Irish and British governments have signed a Memorandum of Understanding that formally recognises the reciprocal rights that UK and Irish citizens have benefitted under the CTA for almost 100 years and will continue to enjoy after Brexit.
The expectation is that the UK will leave the EU in the very near future. This MoU ensures that Irish citizens in Ireland who may want to go to Britain to study, live, retire, work, or develop a career can do so as if it was their own country. British citizens will be able to do the same in Ireland.
Reciprocal rights will include access to social security benefits, health services, and even voting in local and national elections.
No matter what the terms of the UK’s exit from the EU, both the UK and Irish governments have committed to taking all necessary measures to ensure that the agreed CTA rights and privileges continue and are protected in all outcomes.
Ireland will likely be the only EU country whose citizens may live and work freely and without restrictions in the UK. That right of establishment combined with the fact that the Ireland Immigrant Investor Programme (IIIP) is less than half the cost of the UK Tier 1 Investor Programme means we will likely see an increase in demand for the IIIP.
One of the more popular options of the IIIP is the Approved Investment Fund option. This involves an investment of €1 million. It provides a return for investors and is authorized by the Central Bank of Ireland.
After five years of physical residence in Ireland, it is possible to apply for citizenship. What is most interesting and appealing is Irish citizenship will afford the right of establishment and provide unlimited access to all European Union countries. Thanks to this MoU, that will include the UK as well – making it the only country in the world with such rights.
If you are interested in learning more about the IIIP, don’t delay and contact Eric Major today.