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Departmental Programmes

Dáil Éireann Debate, Thursday - 14 July 2022

Thursday, 14 July 2022

Ceisteanna (671)

Brendan Smith

Ceist:

671. Deputy Brendan Smith asked the Minister for Justice the number of applications that have been received and the number of approvals issued on an annual basis since 2012 in respect of the Immigrant Investor Programme under each particular investment fund; the total investment under each heading; and if she will make a statement on the matter. [39295/22]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Justice)

The Immigrant Investor Programme (IIP) was introduced by Government Decision in April 2012, to encourage inward investment and to create business and employment opportunities in the State. The Programme was introduced at a time when Ireland was going through a very significant economic downturn and Departments were tasked with initiating innovative programmes to attract investment and create employment as part of the Action Plan for Jobs 2012. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest.

The criteria applied when assessing applications under the IIP is set out in the guidance published on my Department's immigration website at: www.irishimmigration.ie/coming-to-live-in-ireland/i-want-to-invest-in-ireland/

All projects which IIP applicants are investing in are also examined in great detail by an Independent Evaluation Committee comprising key officials from my Department, the Department of Finance, the Department of Foreign Affairs, Enterprise Ireland and IDA Ireland who have appropriate corporate expertise in this area. This examination process involves an assessment of the commercial viability of the project; employment outcomes associated with the proposed investment; and the overall benefit to the Irish State. The Committee makes a determination as to whether a project is suitable for IIP investment and, if deemed suitable, the individual application will be submitted to me for final approval.

My Department does not currently publish the details of individual approved IIP investments; however, this matter is currently under consideration The tables below provide a breakdown of IIP applications received, approved and the value of investments since the inception of the programme up to the end of 2021.

Year

Applications received

Approved applications

Value of Approved Investment

2012

5

2

1,500,000

2013

18

16

12,200,000

2014

30

8

4,450,000

2015

75

71

38,800,000

2016

334

33

18,750,000

2017

324

373

253,700,000

2018

423

156

139,750,000

2019

443

237

209,300,000

2020

339

270

188,000,000

2021

258

265

186,100,000

TOTAL

2,249

1,431

1,052,550,000

Approvals issued in any year may relate to applications which were received in previous years due to the time taken to process applications.

Investment Type

Total Applications Approved

Total Value of Investment

Enterprise

780

639,000,000

Investment Fund

214

196,000,000

REIT

6

12,000,000

Endowment

375

152,600,000

Bond & Mixed Investment

56

53,950,000

TOTAL

1,431

1,052,550,000

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