An internal audit raised concern about weak controls in the €1.25 billion “golden visa” scheme for millionaire immigrants years before it was scrapped, saying the legality of funds behind 18 sample applications could not be verified.
The previously undisclosed Department of Justice report was finalised in 2019, almost four years before ministers closed the immigrant investor programme (IIP) because of anxiety about surging applications from China and difficulties validating requests.
The private report was released in full this week after The Irish Times challenged redactions from freedom-of-information (FOI) records by the department, which concealed conclusions about the extent of control weakness in the files under audit.
“The audit examined 18 applications to the IIP and indicated that in each of the 18 instances, the files reviewed did not have evidence to clearly verify the legality of source of funds provided by the applicant when the application was received,” said a previously redacted finding.
There was no department comment when asked about the audit conclusions. The IIP opened residency in the State to non-Europeans with “at least €2 million” in personal wealth. They…
