Immigrant Investor Programme

Dáil Éireann Debate, Thursday - 25 February 2021

Thursday, 25 February 2021

Questions (231, 232, 233, 234)

Alan Kelly

Question:

231. Deputy Alan Kelly asked the Minister for Justice the status of the review of the immigrant investor programme; and if she will make a statement on the matter. [10912/21]

Alan Kelly

Question:

232. Deputy Alan Kelly asked the Minister for Justice the number of applicants to the immigrant investor programme from 2012 to date; the number of those applicants who have been successful since 2012 to date in tabular form; and if she will make a statement on the matter. [10913/21]

Alan Kelly

Question:

233. Deputy Alan Kelly asked the Minister for Justice the number of applications that have been made for the immigrant investor programme via the enterprise, investment, REIT and endowment options up to the end of January 2021; the breakdown for each of those options in each period for 2020, in tabular form; the number of applications in 2018 and 2019; and if she will make a statement on the matter. [10914/21]

Alan Kelly

Question:

234. Deputy Alan Kelly asked the Minister for Justice the number of applications for the immigrant investor programme via the enterprise, investment, REIT and endowment options that have been approved up to the end of January 2021 for 2019 and 2020; and if she will make a statement on the matter. [10915/21]

Written answers

Minister for Justice

I propose to take Questions Nos. 231 to 234, inclusive, together.

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 IIP 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 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. In this regard, a number of enhanced control mechanisms have been introduced to the Programme within the past 12 months.

The IIP has been subject to a number of reviews, both internal and external, in recent years. Following a tender process, a contract to carry out an external review was signed in June 2019. This review was to be carried out in two phases. The Terms of Reference for the review are published on the Immigration Service website at: http://www.inis.gov.ie/en/INIS/Pages/New%20Programmes%20for%20Investors%20and%20Entrepreneurs.

The second phase of the review has recently been completed and is being considered by my Department. In the meantime, applications under the IIP continue to be assessed by an independent evaluation committee and, where assessed positively, are accepted and processed.

The table below provides details of the applications received and the numbers of approvals issued since 2012.

Year	Applications received	Applications approved
2012	5	2
2013	18	16
2014	30	8
2015	75	71
2016	333	32
2017	324	373
2018	423	156
2019	442	237
2020	340	267
2021 to date	26	18
TOTAL	2016	1,197

*Note: Applications received includes applications received under the IIP Bond and Mixed Investment Bond Options, which were suspended in July 2016, by the Evaluation

Committee on the basis that they no longer provided value for money.

I have set out in the table below details of the applications that have been made for the immigrant investor programme via the enterprise investment, investment fund, REIT and endowment options up to the end of January 2021; the breakdown for each of those options in each period for 2020 2019 and 2018.

Investment Type	Applications received to date	Applications received in 2020	Applications received in 2019	Applications received in 2018
Enterprise Investment	1120	103	145	318
Investment Fund	286	61	74	30
REIT	8	1	4	1
Endowment	533	175	219	74

The following table provides details of the applications approved and issued from 2019 to date under the enterprise investment, investment fund, REIT and endowment options.

Investment Type	Approved 2019	Approved 2020	Approved January 2021
Enterprise Investment	168	76	5
Investment Fund	19	45	6
REIT	1	3	0
Endowment	49	143	7

It is important to note that approvals issued in any year may relate to applications which were received in previous years due to the time taken to process applications and carry out the necessary due diligence checks on applications.