Dáil Éireann Debate, Tuesday - 28 February 2023
486. Deputy Catherine Murphy asked the Minister for Justice the number of projects which IIP applicants proposed to invest in that were deemed not to meet IIP criteria by the independent evaluation committee since the scheme opened and closed. [9747/23]
Amharc ar fhreagra487. Deputy Catherine Murphy asked the Minister for Justice the totality of IIP permits that were granted since the scheme opened; if he will provide a breakdown of applications by country of origin; and if he will provide a schedule of all investments made under the IIP scheme. [9749/23]
Amharc ar fhreagraI propose to take Questions Nos. 486 and 487 together.
As the Deputy is aware, I obtained approval from the Government to close the Immigrant Investor Programme (IIP) to further applications from 15 February 2023.
The Immigrant Investor Programme was established over a decade ago during a time of unprecedented economic difficulty to stimulate investment in Ireland that would be of strategic and public benefit to the State. Since its inception, the Programme has brought significant investment to Ireland and has been operated by the Department of Justice to the highest professional standards.
Approximately 100 applicants were refused permission under the IIP in the period from 2012 – 2022. Applications may be refused for many reasons including the application being incomplete, the associated project not being in line with the IIP programme etc. In addition approximately 500 applicants withdrew their application from 2012 – 2022.
The closure of the Programme will not affect existing projects or individuals already approved under the programme. My Department will continue to monitor existing approved projects in relation to delivery of the approved project and for compliance with the terms of the Programme. The programme also allows for the review of the approved application at 2 and 5 years and where the programmes criteria are not being met consideration will be given to not renewing the immigration permission granted.
It should also be noted that there are still a significant number of new applications due for processing and the closing of the programme will not impact these applications.
My Department does not currently publish the details of individual approved IIP investments. The tables below provides a breakdown of IIP applications received, approved and the value of investments since the inception of the programme in 2012 to the end of 2022.
Applications received and approved and the value of investment approved.
|
Year |
Applications received |
Approved applications |
Value of Approved Investment |
|
2012 |
5 |
2 |
1,500,000 |
|
2013 |
18 |
16 |
12,200,000 |
|
2014 |
30 |
5 |
2,950,000 |
|
2015 |
75 |
70 |
38,300,000 |
|
2016 |
334 |
33 |
18,750,000 |
|
2017 |
324 |
369 |
250,700,000 |
|
2018 |
423 |
155 |
138,750,000 |
|
2019 |
443 |
237 |
209,300,000 |
|
2020 |
339 |
270 |
188,000,000 |
|
2021 |
258 |
264 |
185,700,000 |
|
2022 |
1316 |
306 |
205,900,000 |
|
TOTAL |
3565 |
1727 |
1,252,050,000* |
*Approvals issued in any year may relate to applications which were received in previous years due to the time taken to process applications.
Approved applications by Investment type and value.
|
Investment Type |
Total Applications Approved |
Total Value of Investment |
|
Enterprise |
876 |
740,200,000 |
|
Investment Fund |
243 |
225,000,000 |
|
REIT |
6 |
12,000,000 |
|
Endowment |
546 |
220,900,000 |
|
Bond & Mixed Investment* |
56 |
53,950,000 |
|
TOTAL |
1,727 |
1,252,050,000 |
* Government bond and Mixed investment options were suspended in 2016.
Nationality of approved applicants.
|
Nationality |
Applications approved |
|
China |
1,614 |
|
USA |
33 |
|
Vietnam |
18 |
|
Rest of the World |
62 |
|
TOTAL |
1,727 |
