What is the Common Travel Area between Ireland and the UK?
The UK and Ireland have a Common Travel Area (CTA) agreement that allows their citizens to freely travel, work and reside in either country with all associated rights and entitlements. Both countries also generally recognize each other’s professional and academic qualifications. The CTA essentially acts a Schengen zone that exists only between Ireland and the UK ( England, Scotland, Wales, Northern Ireland, the Isle of Man and the Channel Islands).
Irish and UK citizens can live in either country and enjoy access to rights and privileges including:
- social welfare benefits
- start a business
- vote in certain elections
Brexit’s Impact on the Common Travel Area
While there is plenty of uncertainty about the full implications of Brexit, the CTA between Ireland and the UK will not be affected. The two countries recently signed a Memorandum of Understanding to cement the Common Travel Area agreement as well as the rights and privileges that go along with it. This makes Ireland the only EU country whose citizens may live and work without restrictions in the UK once Brexit goes into effect.
Ireland Investor Visa
The Ireland Investor Visa Program is becoming increasingly popular, and understandably so. The Common Travel Area agreement for Irish citizens provides an advantageous channel for joint Irish/UK residency. Plus, it certainly helps that the Ireland residency program is less than half the cost of the UK Tier 1 Investor Visa Program.
The Ireland Investor Visa offers high net worth investors and their families four different investment pathways to secure a Stamp 4 residency visa. One of the most secure options is the The Irish Diaspora Loan Fund (IDLF), which requires an investment of €1 million and is authorized by the Central Bank of Ireland.
After 5 years of residence, investors can apply for citizenship. And once they become an Irish citizen, they’re then eligible for permanent residency in both Ireland and the UK due to the CTA agreement.
For more information about the Ireland Residency and Citizenship by Investment Program or if you have any questions about the CTA, please don’t hesitate to contact us.