Matt Carthy
Question:25. Deputy Matt Carthy asked the Minister for Justice if he will establish a comprehensive review of the outworking of the immigrant investor programme. [25188/23]
View answerThursday, 25 May 2023
Questions (25)
Written answers
The Immigrant Investor Programme was established over a decade ago during a time of unprecedented economic difficulty to stimulate investment in Ireland that would be of strategic and public benefit to the State.
Since its inception, the Programme has brought significant investment to Ireland and has been operated by my Department to the highest professional standards.
However, it is important that we keep all programmes under review including any implications for wider public policy, such as the continuing appropriateness and suitability of this programme for cultural, social and economic use.
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.
To assist in the task of ensuring that the closure of the Programme is carried out in a manner that is consistent and fair to all applicants the Programme’s Independent Evaluation Committee has requested that an analysis of certain issues be undertaken.
In addition the Committee has committed to more frequent and intense engagement to progress these matters and the patience of stakeholders is requested over the coming months while this work is being completed. The closure of the Programme will not affect existing projects or individuals already approved under the programme.
Since its inception, the IIP has approved investment of almost €1.252b that has benefitted many enterprises both economic and social, including community and sporting organisations. The managed wind-down of the programme will ensure that the applications on hand, if approved, will continue to benefit our communities and enterprises.
Detailed communications including an updated FAQ document will continue to be provided through the Immigration Service Delivery website, www.irishimmigration.ie on the arrangements applicable to the closure and winding down of the programme.