Dáil Éireann Debate, Tuesday - 8 March 2022
437. Deputy Ged Nash asked the Minister for Justice the number of applications made to the immigrant investor programme by Russian citizens in each of the years from 2019 to 2022; the number of Russian citizens who had their application successfully approved under the programme in the same period in tabular form; and if she will make a statement on the matter. [12381/22]
View answerThe 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 are 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, all applications are subject to enhanced levels of due diligence processes in respect of both personal and financial checks to protect the State's interests.
Only a very small number of applications under the IIP have been made by Russian citizens since the inception of the scheme in 2012 and none have been approved in recent years.
I have recently instructed that no further applications from Russian citizens will be accepted into the Immigrant Investor Programme.
