Jim O'Callaghan (Dublin Bay South, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

159. To ask the Minister for Justice and Equality the basis for the increase in the amount required by applicants to avail of the immigrant investor programme and which increase was announced on 20 December 2016; and if she will make a statement on the matter. [4817/17]

Frances Fitzgerald (Dublin Mid West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have been informed by the Irish Naturalisation and Immigration Service of my Department that the recent changes to the Immigrant Investor Programme (IIP), published on the INIS website on the 20 December 2016, followed a recommendation of the Expert Independent Evaluation Committee who review and evaluate all applications. The Evaluation Committee recommended that the investment requirement under the IIP be restored to its original level of €1.0m. This recommendation was with the knowledge of the very significant increase, 500%, in applications received in 2016 compared to 2015 and the expected numbers for 2017.

The Deputy may also wish to note that for the next evaluation process the value of applications received, since the restoration of the investment requirement to €1.0m, has exceeded the investments committed in any previous call for applications to the Programme. This clearly indicates that the IIP remains an attractive investment option.