Maureen O'Sullivan (Dublin Central, Independent)
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83. To ask the Minister for Justice and Equality the opportunities available through the Irish immigrant investor programme; and if she will make a statement on the matter. [36951/16]

Frances Fitzgerald (Dublin Mid West, Fine Gael)
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I am informed by the Irish Naturalisation and Immigration Service (INIS) of my Department that the Immigrant Investor Programme was launched in April 2012. Key to the programme is that applications are good for Ireland, good for jobs and are in the public interest and that the funds invested are legally acquired and owned by the investor (i.e. not borrowed). It is also essential that applicants be of good character.

The Programme is open to non-EEA nationals who commit to an approved investment in Ireland. The benefit to the applicant is that they and their immediate family members will be granted rights of residence in the State which will allow them to enter the State on multi-entry visas and to remain here for an initial period of 2 years and renewed for 3 years subject to certain criteria being met (i.e. the investment has not been withdrawn, they continue to be law abiding and self sufficient).

The following options are available under the programme:

- Enterprise Investment: €500k invested in an Irish Enterprise for 3 years,

- Investment Funds: €500k invested in an approved fund,

- Endowment: €500k philanthropic donation by an individual,

- Real Estate Investment Trusts: Minimum €2m. investment in any Irish REIT listed in the Irish Stock Exchange,

- Immigrant Investor Bond:*€1m invested in the bond at 0% interest rate,

- Mixed Investment:*Minimum Investment of €450k in a residential property & €500k into the immigrant investor bond.

*The Immigrant Investor Bond and the Mixed Investment were both suspended in July 2016 as they no longer provided value.

All applications under the Immigrant Investor Programme are considered on their merits in a qualitative examination by an independent interdepartmental Evaluation Committee, established under the programme, comprising of appropriate officials from the IDA; Enterprise Ireland; Dept of Finance; Dept of Foreign Affairs & Trade; Dept of Jobs Enterprise and Innovation, and the Irish Naturalisation and Immigration Service (which also provides the administrative assistance to the Committee) who have the required skills and experience to evaluate the applications.