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Departmental Schemes

Dáil Éireann Debate, Tuesday - 22 March 2022

Tuesday, 22 March 2022

Questions (776, 781)

Catherine Murphy

Question:

776. Deputy Catherine Murphy asked the Minister for Justice if she will provide a schedule of the overall applications that have been made by Russian nationals under the Immigrant Investor Programme historically. [14806/22]

View answer

Mairéad Farrell

Question:

781. Deputy Mairéad Farrell asked the Minister for Justice the number of applications from and visas awarded to Russian investors applying through the Immigrant Investor Programme, disaggregated by IIP investment option Enterprise Investment, Investment Fund, Real Estate Investment Trusts and Endowment with the amounts invested in each option in each of the years 2016 to 2021, in tabular form; and if she will make a statement on the matter. [14997/22]

View answer

Written answers

I propose to take Questions Nos. 776 and 781 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 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.

Question No. 777 answered with Question No. 773.
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