Dáil Éireann Debate, Wednesday - 31 January 2024
111. Deputy Matt Carthy asked the Minister for Justice if there has been a specific review of the oversight of the Immigrant Investor Programme in respect of premises (details supplied); and if she will make a statement on the matter. [4525/24]
View answerAs the Deputy will be aware, the Government agreed to close the Immigrant Investor Programme (IIP) to further applications from 15 February 2023.
As Minister, it would not be appropriate for me to comment on individual IIP applications.
All project proposals which are the subject of investment by IIP applicants are 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 proposed project; employment outcomes associated with the proposed investment; and the anticipated overall benefit to the State. The Committee makes a determination as to whether a project is suitable for IIP investment and if deemed suitable, the project and individual application(s) associated with it will be submitted to me for final approval.
I have to emphasise to the Deputy that my Department has no responsibility for the performance of any investment which is clearly a private matter between the parties concerned.
I can also inform the Deputy that the IIP has been subject to a number of reviews over the past number of years, including by the Irish Government’s Economic and Evaluation Service (IGEES), my Department’s Internal Audit function and a substantial report, undertaken by EY and delivered in two parts (2019-2021) which was published on the Department’s website. I am informed that no specific review has been carried out in relation to the investment referenced by the Deputy or indeed in relation to any other investment project for the reasons stated above.
