Dáil Éireann Debate, Tuesday - 21 March 2023
1056. Deputy Matt Carthy asked the Minister for Justice the amount of income derived to the Exchequer from the Immigrant Investor Programme, by year, in tabular form; and if he will make a statement on the matter. [12557/23]
Amharc ar fhreagraAs 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.
The programme was introduced in 2012 to encourage inward investment and create business and employment opportunities in the State and has approved 1727 applicants with a total approved investment of €1.252 billion. 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 was created to allow foreign investors make financial investments in Irish enterprises that provided both social and economic benefit to Ireland, not to generate direct income to the Exchequer. The only direct income derived to the Exchequer from the IIP arises from the application fee. From the start of the scheme to December 2016 a fee of €750 applied in respect of each application. This was increased to €1500 from January 2017. In excess of 4200 IIP applications have been made over the lifetime of the programme which would generate c.€5.9 million in direct income to the Exchequer.
However, the projects which are invested in are subject to the normal taxation of the State. Additionally, any non-national residing in the State would also be subject to Ireland's taxation laws.
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/
