The State's first Master of Fine Art (MFA) programme is to begin at the Burren College of Art in September with an intake of 15 students from the Republic and the EU.
A scholarship fund of up to €60,000 is available for exceptionally talented students from the Republic and the EU.
The Burren College of Art has also announced that it has become the only Irish member of the US Association of Independent Colleges of Art & Design (AICAD) .
It is associated with the Royal College of Art in London, the School of Art Institute of Chicago as well as NUI Galway.
MFA candidates will have the option of studying in loft studios in Greenwich Village, New York.
Prof Timothy Emlyn Jones, a painter and dean of the college, said the college was anxious to attract more Irish students than it has in the past.
Tuition for this unique international programme is €15,000 annually.
The Burren College of Art was established in 1994 by Michael Greene, a hotelier who died in 2001.
The college is set around the 16th century Newtown Castle, which Mr Greene restored to its former glory.
The college of art is his legacy and a scholarship fund in his name will make up a substantial portion of the funds available for talented artists with financial need.
NUI Galway, with which the college is affiliated, is offering €7,000 based on merit and financial need, while the college's President's Award will offer two annual scholarships of €10,000 each.
In addition, the best student will be awarded €5,000 at the end of the academic year.
The college is affiliated with the Royal College of Art London, whose rector, Prof Sir Christopher Frayling - one of the most important painters of his generation - is on the Burren College of Art's advisory council.
Also on the council are Johyn Baldessari, an American conceptual artist, and the British painter Richard Long.
Prof Emlyn Jones has previously directed masters and doctoral programmes at the Wimbledon and Glasgow schools of art.
The tuition fees do not include accommodation, which is in self-catering cottages in Ballyvaughan, Co Clare.
For information see www.burrencollege.com.