Dáil Éireann Debate, Tuesday - 4 October 2022
532. Deputy Jim O'Callaghan asked the Minister for Justice if restrictions have been imposed upon the application of the immigrant investor programme for persons resident in the Russian Federation; and if she will make a statement on the matter. [47982/22]
View answer536. Deputy Seán Haughey asked the Minister for Justice if the immigrant investor programme is available to Russian citizens at this time; and if she will make a statement on the matter. [48090/22]
View answerI propose to take Questions Nos. 532 and 536 together.
On 8 March 2022 I instructed my Department officials that no further applications from Russian citizens were to be accepted for the Immigrant Investor Programme (IIP).
Since the Programme was introduced in 2012, there have only been three applications made by Russian nationals 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.
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.
