I propose to take Questions Nos. 405 to 408, inclusive, together.
The Immigrant Investor Programme (IIP) was introduced by Government Decision in April 2012, to encourage inward investment and to create business and employment opportunities in the State. The Programme was introduced at a time when Ireland was going through a very significant economic downturn and Departments were tasked with initiating innovative programmes to attract investment and create employment as part of the Action Plan for Jobs 2012. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest.
The criteria applied when assessing applications under the IIP is set out in the guidance published on my Department's immigration website at: I want to invest in Ireland - Immigration Service Delivery (irishimmigration.ie).
Successful applicants under the 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.
Successful applicants granted a permission under the IIP must then apply for a D reside visa, if visa required, to travel to the State. This is a separate process to the IIP application and it should be noted that not all persons approved are visa required nationals. I can also confirm that no residence permission has been given to any IIP applicant in the absence of the approved investment being made.
Given the significant immigration benefits accruing to successful applicants under the programme all such persons are subject to rigorous screening by my Department as to their suitability during the application process. This screening includes due diligence and sanction checks in respect of applicants, and reputable international databases are accessed for this purpose, as and when required, to ensure that only reputable individuals are eligible for permission. These rigorous checks are aimed at protecting the integrity of the programme and the State’s interests.
All projects which IIP applicants are investing in are also examined in great detail by an Independent Evaluation Committee comprising key officials from my Department, the Department of Finance, the Department of Foreign Affairs, Enterprise Ireland and IDA Ireland who have appropriate corporate expertise in this area. This examination process involves an assessment of the commercial viability of the project; employment outcomes associated with the proposed investment; and the overall benefit to the Irish State. The Committee makes a determination as to whether a project is suitable for IIP investment and if deemed suitable, the individual application will be submitted to me for final approval.
In addition, IIP permissions are renewable at years two and five and specific monitoring mechanisms and reporting obligations apply in this regard. Where the specific criteria are not being met, renewal of permissions will be refused.
All immigration related programmes are kept under constant review to ensure their effectiveness and appropriateness, taking into consideration international and EU level developments. In 2019, an audit of the IIP identified a number actions to be undertaken, including a strategic review of the IIP. 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 at: www.irishimmigration.ie/coming-to-live-in-ireland/immigrant-investor-programme-external-review.
The second phase of the review has been completed and is being considered by my Department. In the meantime, applications under the IIP continue to be assessed by the independent evaluation committee and, where assessed positively, are accepted and processed.
My Department does not currently publish the details of individual approved IIP investments; however, this matter is currently under consideration. The tables below provides a breakdown of IIP applications received, approved and the value of investments since the inception of the programme to end 2021.
|
Year
|
Applications received
|
Approved applications
|
Value of Approved Investment
|
|
2012
|
5
|
2
|
1,500,000
|
|
2013
|
18
|
16
|
12,200,000
|
|
2014
|
30
|
8
|
4,450,000
|
|
2015
|
75
|
71
|
38,800,000
|
|
2016
|
334
|
33
|
18,750,000
|
|
2017
|
324
|
373
|
253,700,000
|
|
2018
|
423
|
156
|
139,750,000
|
|
2019
|
443
|
237
|
209,300,000
|
|
2020
|
339
|
270
|
188,000,000
|
|
2021
|
258
|
265
|
186,100,000
|
|
TOTAL
|
2,249
|
1,431
|
1,052,550,000
|
Approvals issued in any year may relate to applications which were received in previous years due to the time taken to process applications.
|
Investment Type
|
Total Applications Approved
|
Total Value of Investment
|
|
Enterprise
|
780
|
639,000,000
|
|
Investment Fund
|
214
|
196,000,000
|
|
REIT
|
6
|
12,000,000
|
|
Endowment
|
375
|
152,600,000
|
|
Bond & Mixed Investment
|
56
|
53,950,000
|
|
TOTAL
|
1,431
|
1,052,550,000
|
