Dáil Éireann Debate, Wednesday - 6 April 2022
175. Deputy Ged Nash asked the Minister for Justice her views on the recent European Commission recommendation urging member states to immediately repeal existing investor citizenship schemes and to ensure that strong checks are in place to address the risks posed by investor residence schemes (details supplied); her plans to immediately repeal all existing Irish schemes in view of this recommendation; and if she will make a statement on the matter. [18470/22]
View answer177. Deputy Ged Nash asked the Minister for Justice her views on a recent report by the European Parliament (details supplied) which calls for the European Union to ban the sale of citizenship by investment schemes and to regulate residence by investment schemes; her plans to ban the sale of citizenship by investment schemes and to regulate residence by investment schemes; and if she will make a statement on the matter. [18499/22]
View answerI propose to take Questions Nos. 175 and 177 together.
I am aware of the recent European Parliament report referred to by the Deputy.
Prior to this report being launched, I had recently instructed that no further applications from Russian citizens will be accepted into the Immigrant Investor Programme (IIP). Since the Programme was introduced in 2012, there have only been three applications made by Russian nationals under the Programme and there are currently no Russian beneficiaries or applications to the scheme.
The 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. Over 1,400 applications have been successful under the IIP to date with the value of investments approved over €1bn.
The IIP is not a visa scheme or a citizenship scheme. It offers successful applicants a Stamp 4 Immigration permission for themselves and their immediate family members for an initial two year period and is renewed thereafter subject to the scheme’s criteria being met.
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.
All immigration schemes are kept under constant review.
