Seamus Brennan
Ceist:83 Mr. S. Brennan asked the Minister for Justice if golf-related tourism projects are specifically included or excluded from the passport for investment scheme. [10644/96]
Written Answers. - Passport for Investment Scheme.
The terms of reference of the advisory group which assesses applications for naturalisation on foot of investments in the State do not specify the sectoral areas where investments may or may not be made.
I attach a copy of the terms of reference for information.
Terms of Reference of Advisory Group on Investment-Linked Naturalisation
1. To consider applications for naturalisation based on investment in the State received by the Minister for Justice and referred to the Group and to make recommendations to the Minister based on the Group's assessment of the job-maintenance capacity of the investment.
2. The Group will examine each application for naturalisation based on investment, with the assistance of evaluation/advice from relevant agencies where necessary and, in making their recommendations, will apply the following criteria:—
(a) Substantial residence must be purchased and retained in ownership for a period of at least 5 years with an undertaking to reside in the State for a minimum of 60 days in the 2 years following naturalisation.
(b) The level of investment must involve a net contribution of at least £1 million per applicant.
(c) Where the investment is in the form of a loan it shall be for a duration of at least 7 years at an interest rate not greater than 1 per cent below the representative Government bond yield on the secondary market, or not greater than 1 per cent below DIBOR, whichever is lower. The loan shall be made by the applicant direct to the firm concerned, without involvement by any intermediary.
The loan arrangement shall be transparent and open to scrutiny and shall be such as to prevent the loan being factored or sold on. The loan shall not be secured by the assets of the company in which the investment is to be made.
(d) As ordinarily naturalisation would be for life, the duration of the investment should be for a significant period: at the very least 5 years.
(e) The number of jobs created or maintained must be readily quantifiable and arise from the investment only.
(f) Audited and certified confirmation of the investment to be available to the Group from an established auditing firm of accountants to the effect that the investment has taken place in accordance with the rules of the scheme for naturalisation.
(g) The investment will be monitored by Forfás to ensure that the conditions of the investment are being maintained and, in the event that they are not, will inform the Group who, in turn, will inform the Minister for Justice with a view to revocation of citizenship.
(h) Police certificate of character must be provided by authorities in country of origin (and, if required, from the Police in any country where the applicant has resided or carried on business or maintained substantial investments) together with express permission to the authorities in Ireland to enquire behind it.
(i) Annual certification by the established auditing firm of accountants to Forfás that the investment is being maintained for the appropriate period.
Department of Justice,
October, 1994.