Tuesday, 28 May 2019

Ceisteanna (182)

Jim O'Callaghan

Ceist:

182. Deputy Jim O'Callaghan asked the Minister for Justice and Equality the reason persons who have been approved by the Irish Naturalisation and Immigration Service under the immigrant investor programme for investments in small and medium enterprises and who have been advised not to invest in approved schemes are being prevented from transferring their investment to other approved schemes; and if he will make a statement on the matter. [22876/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Justice)

The Immigrant Investor Programme (IIP) provides non-EEA nationals with a number of options to invest in Ireland, and successful applicants are granted a permission to reside in Ireland for a fixed period.

Applications are assessed by an Evaluation Committee, composed of senior civil and public servants from relevant Irish Government Departments and State Agencies involved in enterprise development in Ireland. Applications are assessed on the basis of the profile of the applicant, the commercial viability of the project, employment outcomes associated with the proposed investment and the overall benefit to the Irish State.

Investors should note that the Department has no responsibility for the performance of an investment. Investments are a private matter between the parties concerned and it is the responsibility of the investor, as in any business decision, to assess the potential success of their venture. Approval of an application under the Immigrant Investor Programme is not an endorsement of a particular project. What it does mean is that the investor has been approved and the investment is of a nature that meets the objectives of the Immigrant Investor Programme. The programme does not provide for the transfer of investors between projects. However, it is, of course, open to applicants to submit a new application for a different project they wish to invest in.