Justice, Equality & Defence Minister Alan Shatter has announced plans for two schemes aimed at people from outside Europe who wish to invest in Ireland.
Minister Shatter said he had received Cabinet approval for the Immigrant Investor Programme and the Start-up Entrepreneur Programme.
These are aimed at facilitating entrepreneurs and investors who, in return for permission to live in the State, are prepared to invest in Ireland in order to save or create jobs.
The schemes cover people from outside the European Economic Area (EEA).
Under the Immigrant Investor Programme, those approved and their immediate family members will be allowed to enter the State on multi-entry visas and to remain here for a defined period - usually five years.
This scheme is expected to cover investments in a specially-created low interest Government bond, or capital investment in an Irish business. In some case, the purchase of property - including assets held by NAMA - will be covered. "Endowments in the cultural, sporting educational or health areas will also be considered," a statement from the department said.
The level of investment needed to qualify for this scheme will range from €400,000 to €2m. The new bond in the scheme is to be devised by the National Treasury Management Agency in conjunction with the Immigration authorities.
Under the Start-up Entrepreneur Programme, migrants with a good business idea "in the innovation economy" and funding of €70,000 can be given residency in this State in order to develop their business.
No initial job creation targets will be set as the department says it recognises that such businesses can take some time to get off the ground. Projects will be evaluated by an Evaluation Committee, which will include representatives of IDA Ireland and Enterprise Ireland.
Minister Shatter said the current business permission scheme lacked the sort of flexibility needed to attract start-ups. He hopes to have the new schemes launched by mid-March. He said no new legislation was required.
