Dáil Éireann Debate, Wednesday - 1 February 2012
138 Deputy Jonathan O’Brien asked the Minister for Justice and Equality his views on whether his new immigrant investor visa scheme will allow persons to enter the State and remain here as a result of purchasing National Asset Management Agency properties without creating any employment. [5708/12]
Amharc ar fhreagra139 Deputy Jonathan O’Brien asked the Minister for Justice and Equality the criteria that will be applied for the sale of the National Asset Management Agency properties to participants in the immigrant investor programme. [5709/12]
Amharc ar fhreagra140 Deputy Jonathan O’Brien asked the Minister for Justice and Equality if the interpretation of “endowment” in the context of the immigrant investor scheme includes a gift to sporting, cultural, health or educational organisations; the level of endowment required to participate in the scheme; and if he will make a statement on the matter. [5710/12]
Amharc ar fhreagraI propose to take Questions Nos. 138 to 140, inclusive, together.
The Immigrant Investor Programme, which has been approved by the Government, will provide a portfolio of investment options for potential migrant investors. Details of these together with the broad outline on how the scheme will operate are set out in the press release issued by me on 24 January, 2012. The level of investment required in each of the options is also clearly stated in that press statement.
I also indicated in my press release that the scheme will be formally launched in March when the rules, procedures, application details and so forth will be published. In advance of this, I do not propose to comment in detail on specific elements of the programme.
I will say, however, that the primary purpose of this very innovative programme is either job creation or job maintenance and I am completely satisfied that it is appropriately structured with these key national objectives in focus. In that regard, I do not agree that investment in property will not have an impact on employment. The CSO's Quarterly National Household Surveys have reported that the construction sector accounted for the largest declines in employment from Quarter 2 in 2008 through to Quarter 2 in 2011. The sector experienced a reduction in numbers employed of 43,000 people in the period between Quarter 3 of 2009 and Quarter 3 of 2011. During this period, the Construction Sector accounted for 56% of the overall employment drop and for more than 70% of the drop in male employment. This has very significant economic and social consequences and in framing the Immigrant Investor Programme, I specifically stipulated that the programme should contribute to the response to the crisis in construction employment and associated professions as well as injecting some much needed funding into the sector. Measures that stimulate demand for property, including that overhanging the market, can only be of benefit in terms of job creation.
