The old Bing Crosby song might in part say, “When Irish eyes are smiling,” but a new initiative by the government in Ireland could have the eyes of people around the world smiling if they are wanting to partake in it.
The Irish government has launched an initiative called “Our Living Islands,” a 10-year plan that aims to revitalize more than a dozen islands off the country’s coast through increasing population, fixing up dilapidated or abandoned homes and other buildings, and providing better internet.
In order to achieve all that, the government is providing grants for as much as $92,000 to residents or foreigners who are interested in investing opportunities on the roughly 30 islands that are off Ireland’s coast and cut off from the mainland.
Grants can’t be used to purchase properties, but they can be used for refurbishing and ultimately flipping them.
Buyers or investors are solely responsible for coming up with the funds to purchase any property beforehand, but can be eligible for grants once a purchase is made.
The following criteria must be met in order to be eligible for the grants:
- Have proof that the property has been vacant for at least two years.
- Have proof of ownership or evidence of active negotiations to buy the property (that is, confirmation of engagement from the estate agent or owner of the property) where you are seeking approval in principle for a grant.
- Live in the property as your principal private residence or make it available for rent.
For Americans who are interested in buying property on the islands and moving there, there are a list of requirements from Ireland’s immigration policy.
Those who want to simply invest will have to meet guidelines under the country’s Immigrant Investor Programme.
For more information on the initiative, click or tap here.
Is this an opportunity that you would consider if you’re a foreigner? Let us know in the comments below