Dáil Éireann Debate, Tuesday - 8 November 2022
833. Deputy Richard Boyd Barrett asked the Minister for Justice if she will request information from the Revenue Commissioners on the total amount remitted by investors of the immigrant investor programme to Ireland before they became resident in Ireland since 2012; the total amounts remitted each year since the inception of the scheme; and the total amount of tax collected from visa holders under the immigrant investor programme. [55087/22]
View answer872. Deputy Richard Boyd Barrett asked the Minister for Justice the total amount remitted by investors of the immigrant investor programme to Ireland before they became resident in Ireland since 2012; the total amounts remitted each year since the inception of the scheme; and the total amount of tax collected from visa holders under the programme. [55084/22]
View answer873. Deputy Richard Boyd Barrett asked the Minister for Justice if she will provide details and a copy of the second phase of an external completed review report into the immigrant investors programme (details supplied). [55085/22]
View answerI propose to take Questions Nos. 833, 872 and 873 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.
Applicants who are successful are issued with a pre-approval notification informing them that they have 90 days to invest their money in the State. On receipt of evidence that the funds have been invested, a final approval letter is issued advising the applicant that they have permission to reside in the State and that they should apply for the appropriate visa, if required, to facilitate travel to the State. Total investments approved from 2012 to end September 2022 is €1.178bn.
The tables below provides a breakdown of IIP applications received, approved and the value of investments since the inception of the programme to the end of September 2022.
|
Year |
Applications received |
Approved applications |
Value of Approved Investment |
|
2012 |
5 |
2 |
€1,500,000 |
|
2013 |
18 |
16 |
€12,200,000 |
|
2014 |
30 |
5 |
€2,950,000 |
|
2015 |
75 |
70 |
€38,300,000 |
|
2016 |
334 |
33 |
€18,750,000 |
|
2017 |
324 |
369 |
€250,700,000 |
|
2018 |
423 |
155 |
€138,750,000 |
|
2019 |
443 |
237 |
€209,300,000 |
|
2020 |
339 |
270 |
€188,000,000 |
|
2021 |
258 |
264 |
€185,700,000 |
|
2022* End September |
812 |
192 |
€132,100,000 |
|
TOTAL |
3061 |
1613 |
€1,178,250,000 |
Taxation is a matter for the individual and the Revenue Commissioners. It is a matter for the Revenue to assess and collect any tax due from individuals.
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 of 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 and it would not be appropriate to release the Report while still being considered.
In the meantime, applications to the IIP continue to be accepted and examined by an independent Evaluation Committee and, where assessed positively, are submitted to me for approval.
