Helen McEntee (Meath East, Fine Gael) | Oireachtas source

I thank the Deputy for raising this matter. He has raised a specific case with certain details on which, perhaps, I cannot respond directly to him now. However, it is important to outline what the process is in the immigrant investor programme, the type of investments and the role of the specific committee he referenced.

The immigrant investment programme, IIP, was introduced by the Government in 2012 to encourage inward investment from outside the EEA to avail of opportunities of investing and locating business interests in Ireland and acquiring a secure residency status for the investors and certain categories of family members in the State. Key to the programme is that the investments are beneficial to the State in pursuit of key strategic development objectives, that they generate or sustain employment and that they can demonstrate a clear public benefit.

The programme currently allows four different types of investment to be made by applicants, each with a minimum investment threshold: enterprise investments with a minimum threshold of €1 million; fund investments with a minimum threshold of €1 million; real estate investment trusts with a minimum investment threshold of €2 million; and endowments with a minimum threshold of €500,000. The immigration process that every applicant must go through is managed by the immigration service delivery function in my Department. The IIP team is multidisciplinary and includes experienced immigration officials and officials with a background in finance, which is extremely important in this area.

The applicant identifies the enterprise, fund or project that he or she wishes to invest in or to endow and submits an application to me as Minister for Justice and Equality for permission under the programme, without committing to any investment funding at that stage. The applicant is subject, when one is dealing with such sums of money, to rigorous screening by my Department as to the applicant's suitability for permission to enter into and reside in the State, to ensure only reputable individuals are eligible for permission. The enterprise, fund or project in which the applicant wishes to invest is subject to a detailed examination by an independent evaluation committee. The committee is chaired by the assistant secretary of the immigration service delivery function and comprises key officials from State agencies that have appropriate corporate experience in evaluating the nominated enterprise, fund or project. The agencies and bodies currently include Enterprise Ireland, the IDA, the Department of Foreign Affairs and Trade, the Department of Finance and my Department.

The evaluation committee convenes at least four times a year to assess the projects submitted for determination as suitable for IIP investment. Where necessary, and this is relevant to some of the Deputy's points, the evaluation committee will request policy input from the lead Department if that Department is not already represented on the committee. For example, there would be input from the Department of Housing, Planning and Local Government on social projects. More recently the IIP unit in the Department has also engaged proactively with other Departments such as the Department of Health, the Department of Communications, Climate Action and Environment, the Department of Culture, Heritage and the Gaeltacht and the Department of Agriculture, Food and the Marine to gain a full understanding of the projects in the wider context. Observations received from these Departments have aided the committee in its decision making. In addition, the evaluation committee has benefitted from briefing from Irish embassies in the key geographical areas.

If the committee deems the project suitable for funding under the programme a submission is made to me for final approval. If approved, the applicant makes the investment in accordance with his or her approved application and provides evidence of same. The applicant will then be issued with the IIP permission letter. The evaluation committee met in April and June this year by virtual meetings. While I cannot comment on this particular case, I can say there is a comprehensive system and structure in place. It has been established to ensure a proper appraisal and evaluation can be made in each case. That is why it has expanded out from my Department to seek the expertise and knowledge of the relevant Departments connected with the type of case.

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