The Immigrant Investor Programme (IIP) was introduced in April 2012 to encourage inward investment and create business and employment opportunities in the State. The programme provides investors with the opportunity to invest in Ireland. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest.
Successful applicants under the Immigrant Investment Programme and their nominated family members may be granted a residence permission in Ireland under Stamp 4 conditions. Stamp 4 conditions permit non-EEA nationals to work, study or start their own businesses in Ireland. Therefore, given the significant immigration benefits accruing and to ensure the highest degree of transparency and accountability for the programme, it is essential that all applications are subject to a robust due diligence process in respect of both personal and financial checks to protect the State's interests, several enhanced control mechanisms have been introduced within the past 12 months.
Following a tender process, a contract to carry out the review was signed in June and work is underway. The Terms of Reference for the review have been published on the Immigration Service website on the "Investor & entrepreneur schemes" page (link provided) - the relevant document is the third one at the bottom of the page. The first phase of the review is scheduled to be presented to my Department by the end of September. In the meantime, applications continue to be assessed by a panel, accepted and processed.