Michael McGrath (Cork South Central, Fianna Fail)
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59. To ask the Minister for Justice and Equality the number of persons who availed of the immigrant investor programme for each of the years 2012 to 2016; the amount invested; the reason the minimum investment has been doubled to €1 million; and if she will make a statement on the matter. [2271/17]

Frances Fitzgerald (Dublin Mid West, Fine Gael)
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The Immigrant Investor Programme, which was launched in April 2012, is open to non-EEA nationals who commit to an approved investment in Ireland. The programme is premised on the key requirement that applications are beneficial for Ireland, good for job creation, 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. In return the investor applicant and their immediate family members are 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of 2 years, renewal for a further 3 years, subject to certain criteria being met (i.e. the investment has not been withdrawn, they continue to be law abiding and self sufficient).

All applications under the Immigrant Investor Programme are considered on their merits by an independent Interdepartmental Evaluation Committee who have the requisite skills and experience to evaluate the applications. The membership comprises of officials from the IDA; Enterprise Ireland; Department of Finance; Department of Foreign Affairs & Trade; Department of Jobs Enterprise and Innovation, and the Irish Naturalisation and Immigration Service (which also provides the administrative assistance to the Committee).

I am advised by the Irish Naturalisation and Immigration Service of my Department that a total of 130 applications have been approved, resulting in an Investment of approximately €65 million at €500,000 per investor. A breakdown by year is as follows:

The Deputy may wish to note that the original level of investment required when the programme was introduced in 2012 was €1 million. This was reduced to €500,000 to stimulate interest in the programme. In total 450 IIP applications have been made since April 2012, with some 273 applications i.e. 40 % being submitted between July and November 2016. This upsurge in applications was considered by the independent Evaluation Committee who recommended the restoration of the minimum investment threshold to its original level. I approved this course of action having brought the matter to the attention of my Cabinet colleagues.

One notable trend associated with the surge in applications under the scheme has been the significant number of the applications received in the area of Primary Health Care Centres, nursing homes and social housing. The evaluation committee considered that investment in these areas needed to be co-ordinated with the major state service providers responsible. In that context, discussions have taken place, and will continue, with officials from the relevant Departments and where necessary other State agencies, to ensure that any possible investment options are appropriately aligned with the strategic priorities of the State's health and social housing strategies. The apparent slowdown in applications approved in 2016 is explained by this need to consult with these stakeholders. A final decision on some 306 applications (all made prior to the increase in the threshold), will be made in coming weeks.