Tuesday, 12 November 2019

Ceisteanna (249)

Marcella Corcoran Kennedy

Ceist:

249. Deputy Marcella Corcoran Kennedy asked the Minister for Justice and Equality the details of the immigrant investor programme application process; and if he will make a statement on the matter. [46325/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Justice)

The Immigrant Investor Programme (IIP) was introduced in April 2012 to encourage inward investment and create business and employment opportunities in the State. The programme provides investors with the opportunity to invest in Ireland. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest.

The 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. An investment of €1 million in projects must be made for a minimum of three years and may be renewable following a review.

There are four steps to the IIP process–

1. The applicant makes an application, without committing any investment funding, on the basis of one of the investment options.

2. The application is assessed by the Evaluation Committee.

3. The applicant makes the investment in accordance with the approved application.

4. The applicant provides evidence that the investment has been made.

Successful applicants under the Immigrant Investment Programme and their nominated family members may be granted a residence permission in Ireland under Stamp 4 conditions. Stamp 4 conditions permit non-EEA nationals to work, study or start their own businesses in Ireland. Therefore, given the significant immigration benefits accruing and to ensure the highest degree of transparency and accountability for the programme, all applications are subject to enhanced levels of due diligence processes in respect of both personal and financial checks, to protect the State's interests.

It is important to note that applications are assessed by an evaluation committee, composed of senior civil and public servants from relevant Irish government departments and Irish 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. The Evaluation Committee makes recommendations to me on those applications that it decides should be accepted and approved under the Programme.

Comprehensive information and guidelines on the IIP is available on my Department's Immigration Service website -

www.inis.gov.ie/en/INIS/Pages/New%20Programmes%20for%20Investors%20and%20Entrepreneurs.

A major external review of the IIP is underway. It is expected that the initial report on Phase 1 will be finalised in the coming weeks.