Dáil Éireann Debate, Tuesday - 3 October 2017
263. Deputy Jack Chambers asked the Minister for Justice and Equality the names and titles of the members of the immigrant investor programme committee; the criteria used by the committee for the sanctioning of investments; if enhancement of tourism is an official criterion for the committee; and if he will make a statement on the matter. [41875/17]
Amharc ar fhreagra264. Deputy Jack Chambers asked the Minister for Justice and Equality the countries of origin of investors under the immigrant investor programme that were issued visas in each of the past three years and to date in 2017; if the countries of origin of those applying have changed since the UK’s Brexit vote; and if he will make a statement on the matter. [41876/17]
Amharc ar fhreagra265. Deputy Jack Chambers asked the Minister for Justice and Equality the companies and the purpose of each of the businesses which were granted investors under the immigrant investor programme; the number invested in each one; and the number of issued visas per investment in the businesses in each of the past three years and to date in 2017. [41877/17]
Amharc ar fhreagra266. Deputy Jack Chambers asked the Minister for Justice and Equality if investments made under the immigrant investor programme have been withdrawn following the expiry of the three-year requirement for the capital injection to be valid for the visa; and if he has satisfied himself that the programme delivers value in view of the reputational risks that could be involved. [41878/17]
Amharc ar fhreagraI propose to take Questions Nos. 263 to 266, inclusive, together.
The Immigrant Investor Programme, IIP, was introduced by Irish Naturalisation and Immigration Service of my Department in April 2012 to encourage inward investment so as to create business and employment opportunities in the State.
Applications under the Immigrant Investor Programme are evaluated by an expert Independent Evaluation Committee, with representatives from the IDA; Enterprise Ireland; the Departments of Finance, Foreign Affairs and Trade, Business Enterprise and Innovation, and my Department, which also provides the administrative supports to the Committee. The independent committee is keenly aware, as are my officials, of the need to approve projects that are robust and of the highest possible standard. The membership of the Committee changes depending on the availability of personnel.
The programme provides investors with the opportunity to invest in Ireland and successful applicants are granted Stamp 4 permission for themselves and their family members (nuclear family only). Permission is granted for an initial two-year period and renewed thereafter for three years and then five years continuous, subject to the investment continuing for the required three years and normal visa and security checks completed. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest. In that context, where a tourism related project is submitted it is evaluated against these criteria and approval granted where the criteria are met.
I regret I am unable to provide the Deputy with a list of all projects approved in relation to the Immigrant Investor Programme due to the commercially sensitive nature of the information provided and which was received on the basis of strict confidentiality. A significant number of applications are received from China - approximately 90% of applications to date. The decision by the UK to leave the EU has not impacted on the programme.
A total of 716 IIP applications have been submitted since the inception of the programme in 2012. Since June 2016, a total of 506 applications have been submitted and 482 have been decided with 24 awaiting final decision. The Evaluation committee has recommended approval in respect of 405 of these applications for a total investment value of €285.45 million. To date, there has been no refusal to renew an Immigration permission where the investment is still active.
