I propose to take Questions Nos. 1613 and 1614 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.
The IIP offers four investment options for potential investors.
- Enterprise Investment: A minimum of €1 million invested in an Irish enterprise for a period of at least three years;
- Investment Fund: A minimum of €1 million invested in an approved investment fund for a period of at least three years. Such funds must be approved and regulated by the Central Bank;
- Real Estate Investment Trusts: A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange, for a period of at least three years; and
- Endowment: A minimum €500,000 (or €400,000 where five or more applications are received) philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.
The criteria applied when assessing applications under the IIP is set out in the guidance published on my Department's immigration website at: www.irishimmigration.ie/coming-to-live-in-ireland/i-want-to-invest-in-ireland/
Over 1,400 applications have been successful under the IIP to date with the value of investments approved over €1bn.
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.
My Department does not currently publish the details of individual approved IIP investments. The tables below provide 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
|