Dáil Éireann Debate, Wednesday - 29 March 2023
160. Deputy Catherine Murphy asked the Minister for Justice if he will provide a schedule of brokers and or companies who acted as brokers for the immigrant investor programme, IIP, scheme to allow persons to invest in projects for visas, and the number outstanding to be processed. [15615/23]
View answer161. Deputy Catherine Murphy asked the Minister for Justice the number of IPP applicants that donated to GAA-related projects over the course of the IIP scheme; and the number outstanding to be processed. [15616/23]
View answer162. Deputy Catherine Murphy asked the Minister for Justice if he will set out the controls that are in place to ensure that all IIP applications are verified. [15617/23]
View answerI propose to take Questions Nos. 160, 161 and 162 together.
As the Deputy is aware, I obtained approval from the Government to close the Immigrant Investor Programme (IIP) to further applications from 15 February 2023.
The closure of the Programme will not affect existing projects or individuals already approved under the programme. My Department will continue to monitor existing approved projects in relation to the delivery and for compliance with the terms of the Programme. Current applications on hand at the time of closure will continue to be considered.
Due to the volume and current triaging, it is not possible at this time to provide a specific number of applications awaiting processing.
The IIP Unit has published a FAQ on my Department's website, which will be updated with any further arising questions from the closure, and is available here: www.irishimmigration.ie/faqs-closure-of-the-immigrant-investor-programme-iip/
My Department has no role in how investors are matched with specific projects or recommending any project. The matching of potential investors with projects are matters for the relevant project owners. Investments approved under the IIP are made directly to the projects concerned and not through the Department of Justice.
The Department is aware that there are a number of agents operating in the IIP field but does not maintain a register of those who assist matching investors to projects. This is a commercial transaction between two parties and any arrangements between them are a matter for those parties. Agent fees are not covered under the IIP programme. As part of the assessment process, the IIP unit routinely seek confirmation from projects that agent fees are not included in their proposal.
As I outlined to the Deputy in PQ 509 on 28 February 2023, all project applications submitted under the IIP are assessed by an Evaluation Committee, composed of senior civil and public servants from relevant Irish Government Departments and Agencies involved in enterprise development in the State. This structure ensures that the Programme benefits from expertise beyond that available in my Department.
The Committee makes a determination as to whether a project is suitable for IIP investment and if deemed suitable, the proposed project and individual’s investor application will be submitted to the Minister for final approval.
Given the significant immigration benefits accruing to successful applicants under the programme, all such persons are subject to rigorous screening by the IIP Unit 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. These rigorous checks are aimed at protecting the integrity of the programme and the State’s interests.
My Department does not currently publish the details of individual approved IIP investments. However, any projects associated with GAA would be captured under the Endowment fund.
Approved applications by Investment type and value.
|
Investment Type |
Total Applications Approved |
Total Value of Investment |
|
Enterprise |
876 |
740,200,000 |
|
Investment Fund |
243 |
225,000,000 |
|
REIT |
6 |
12,000,000 |
|
Endowment |
546 |
220,900,000 |
|
Bond & Mixed Investment* |
56 |
53,950,000 |
|
TOTAL |
1,727 |
1,252,050,000 |
* Government bond and Mixed investment options were suspended in 2016.
