I propose to take Questions Nos. 509 to 511, inclusive, together.
As the Deputy is aware, I obtained approval from the Government to close the Immigrant Investor Programme (IIP) to further applications from 15 February 2023.
The Immigrant Investor Programme was established over a decade ago during a time of unprecedented economic difficulty to stimulate investment in Ireland that would be of strategic and public benefit to the State. Since its inception, the Programme has brought significant investment to Ireland and has been operated by the Department of Justice to the highest professional standards.
However, it is important that we keep all programmes under review and having taking into account both internal and external reviews including implications for wider public policy, such as the continuing appropriateness and suitability of this programme for cultural, social and economic use, the Government agreed to close the Immigrant Investor Programme.
A number of reports and findings from international bodies such as the EU Commission, Council of Europe and OECD on similar investment schemes were taken on board.
All project applications submitted under the IIP are assessed by an Evaluation Committee, composed of senior civil and public servants from relevant Irish Government Departments and Agencies involved in enterprise development in the State. This structure ensures that the Programme benefits from expertise beyond that available in my Department.
The Committee makes a determination as to whether a project is suitable for IIP investment and if deemed suitable, the proposed project and individual’s investor application will be submitted to the Minister for final approval.
Given the significant immigration benefits accruing to successful applicants under the programme, all such persons are subject to rigorous screening by the IIP Unit as to their suitability during the application process. This screening includes due diligence and sanction checks in respect of applicants, and reputable international databases are accessed for this purpose, as and when required, to ensure that only reputable individuals are eligible for permission. These rigorous checks are aimed at protecting the integrity of the programme and the State’s interests.
The closure of the Programme will not affect existing projects or individuals already approved under the programme. My Department will continue to monitor existing approved projects in relation to the delivery and for compliance with the terms of the Programme. Current applications on hand at the time of closure will continue to be considered.
The IIP Unit has published a FAQ on my Department's website, which will be updated with any further arising questions from the closure, and is available here: www.irishimmigration.ie/faqs-closure-of-the-immigrant-investor-programme-iip/