Dáil Éireann Debate, Tuesday - 8 September 2020
936. Deputy Paul Kehoe asked the Minister for Justice if there is a mechanism by which organisations can make themselves visible to potential investors under the immigrant investor scheme; and if she will make a statement on the matter. [21884/20]
Amharc ar fhreagraThe Immigrant Investor Programme (IIP) was introduced by the Irish Government in 2012 to encourage inward investment for the creation of business and employment opportunities in the State. The IIP is designed to encourage investors and business professionals from outside the European Economic Area (EEA) to avail of opportunities of investing and locating their business interests in Ireland and acquire a secure residency status in Ireland.
In order for a person to make a successful application under the IIP, at the time of their application the investor must identify the investment opportunity that they wish to pursue. There are four investment options open to investors, which are Enterprise Investments, Investment Funds, Real Estate Investment Funds (REIT) and Endowments.
An applicant under the IIP cannot be approved unless the investment opportunity identified is in accordance with the objectives of the Programme. Consequently, there are no circumstances in which a person can be granted a permission under the IIP where they have yet to identify an investment opportunity and as such there is no register of pre-approved investors who are seeking investment opportunities.
I recognise the complexity of linking projects based here in Ireland with overseas investors. There is often a requirement for suitably experienced third parties to act as intermediaries in the process, through the facilitation of introductions between prospective investors and potentially suitable project sponsors. However, it would not be appropriate for me to actively facilitate this process as ultimately I will be required to make decisions on applications submitted. It is therefore essential that both I and my Department are not involved in the promotion of projects.
