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Immigration Policy

Dáil Éireann Debate, Tuesday - 26 July 2022

Tuesday, 26 July 2022

Ceisteanna (1613, 1614)

Róisín Shortall

Ceist:

1613. Deputy Róisín Shortall asked the Minister for Justice the approximate breakdown of the projects which applicants invested in through the Ireland Immigrant Investor Programme by category of project, investment type, year and value of investment in tabular form. [41714/22]

Amharc ar fhreagra

Róisín Shortall

Ceist:

1614. Deputy Róisín Shortall asked the Minister for Justice if Ireland Immigrant Investor Programme applicants are still required to make a minimum investment of €1 million under the enterprise investment and investment fund options, €2 million under the real estate investment trusts option and €500 million under the endowment option; if an applicant can only submit an application under one option; and if she will make a statement on the matter. [41715/22]

Amharc ar fhreagra

Freagraí scríofa

I propose to take Questions Nos. 1613 and 1614 together.

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 offers four investment options for potential investors.

- Enterprise Investment: A minimum of €1 million invested in an Irish enterprise for a period of at least three years;

- Investment Fund: A minimum of €1 million invested in an approved investment fund for a period of at least three years. Such funds must be approved and regulated by the Central Bank;

- Real Estate Investment Trusts: A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange, for a period of at least three years; and

- Endowment: A minimum €500,000 (or €400,000 where five or more applications are received) philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.

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/

Over 1,400 applications have been successful under the IIP to date with the value of investments approved over €1bn.

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. The tables below provide a breakdown of IIP applications received, approved and the value of investments since the inception of the programme to end 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

Question No. 1614 answered with Question No. 1613.
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