Paul Kehoe
Ceist:935. Deputy Paul Kehoe asked the Minister for Justice if the immigrant investor programme is being reviewed; if so, when an update is expected; and if she will make a statement on the matter. [21883/20]
Amharc ar fhreagraTuesday, 8 September 2020
Ceisteanna (935)
Freagraí scríofa
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.
Successful applicants under the IIP 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, it is essential that all applications are subject to a robust due diligence process in respect of both personal and financial checks to protect the State's interests. Several enhanced control mechanisms have been introduced within the past 12 months.
Following a tender process, a contract to carry out a review was signed in June 2019 and work is underway. The Terms of Reference for the review have been published on the Immigration Service Delivery website on the "Investor & entrepreneur schemes" and may be found at: www.inis.gov.ie/en/INIS/Pages/New%20Programmes%20for%20Investors%20and%20Entrepreneurs.
The second phase of the review is ongoing, and is scheduled to be presented to my Department during quarter four of this year. In the meantime, applications continue to be assessed by a panel and, where assessed positively, are accepted and processed.