Dáil Éireann Debate, Tuesday - 26 April 2022
1311. Deputy Ged Nash asked the Minister for Justice her views on whether the Government needs to take additional measures regarding the Immigrant Investor Programme in response to the European Commission recommendation of 28 March 2022 on immediate steps in the context of the Russian invasion of Ukraine in relation to investor citizenship schemes and investor residence schemes C 2022-2028 final; and if she will make a statement on the matter. [21126/22]
View answerAs I have recently confirmed to the Deputy, I am aware of the European Parliament report referred to.
Prior to this report being launched, I had 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, including in the context of developments and policy approaches at EU level.
