Dáil Éireann Debate, Thursday - 14 July 2022
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 fhreagraThe 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 |
