I propose to take Questions Nos. 19 and 20 together.
I am informed by the Irish Naturalisation and Immigration Service (INIS) of my Department that the applications for the Immigrant Investor Programme are evaluated by an Independent Evaluation Committee, with experts from Government Departments and relevant State Agencies. To issue a formal pre-approval without the application having been considered by this committee would undermine the independence of the Evaluation Committee.
On approval of an application, the Immigrant Investor Programme provides for the granting of an Immigration Permission on Stamp 4 conditions to the investor and their family members for an initial two-year period. This permission is renewable, subject to certain conditions being met, for a further three years and thereafter for five year periods.
The threshold of €500,000 is the minimum amount that an investor can make when submitting an application for the Immigrant Investor Programme and any investment in excess of this minimum threshold, while welcome, does not confer any additional immigration benefits.