The Republic of Ireland will end a program that granted visas to non-EU citizens in exchange for investments.
On Wednesday, the Immigrant Investor Program (IIP) will stop taking applications.
It was started in 2012, and in exchange for generating employment, it offers Irish residency.
The plan had been under review for "quite a while," according to Ireland's Minister of Justice Simon Harris.
According to him, he made the choice in light of reports from international organizations as well as internal and external reviews.
In exchange for investments, wealthy non-members of the European Economic Community (EEC) are given so-called "golden visas.".
A personal wealth of at least €2 million (£1 point 7 million) was required of applicants to the Irish program.
A comparable program for foreign investors in the UK came to an end last year.
For consideration in the IIP, candidates had to commit a minimum of €1m (£880,000) over a minimum of three years.
They could also contribute €500,000 (£440,000) as part of an endowment or €400,000 (£350,000) as part of a joint endowment to a project that benefits the arts, sports, health, culture, or education in the Republic of Ireland.
The applicant had to use their own money to make the investment.
According to RTÉ, China provided a significant portion of the program's submissions. is external.
According to Mr. Harris, the program was created in response to "unprecedented economic difficulty" in order to "stimulate investment in Ireland.".
Projects that have already been approved under the program and the roughly 1,500 applications currently in progress will not be impacted.
The Start-up Entrepreneur Programme (STEP), launched in 2012, is another program run by the Irish government that enables business owners with creative ideas to apply for a permit to live in Ireland.
It declared that this program would go on.