Written answers

Thursday, 16 February 2017

Department of Justice and Equality

Immigrant Investor Programme Data

Photo of Hildegarde NaughtonHildegarde Naughton (Galway West, Fine Gael)
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45. To ask the Minister for Justice and Equality the number of successful applications under the immigrant investor programme since its inception; the value of the associated investment; the number of jobs created by that investment; the reason it was necessary recently to change the qualifying criteria; and if she will make a statement on the matter. [7719/17]

Photo of Frances FitzgeraldFrances 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years, renewal for a further 3 years, subject to certain criteria being met (i.e. that (i) the investment has not been withdrawn, (ii) they continue to be law abiding and self sufficient).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, since the programme commenced, a total of 380 applications have been approved, resulting in an Investment of approximately €142 million. A breakdown by year is as follows:

YearApplications Approved
20125
201314
201423
201565
2016273

The Deputy may wish to note that significant take-up of the programme commenced in 2015, with a greatly accelerated pace in 2016, when some 273 applications or 72% of all applications were approved in that year alone. It is not possible to identify with any degree of certainty the number of jobs created, as not all projects create jobs directly; this was particularly the case in the early years of the programme, where funds were for mixed investments or for investment bonds (these options were suspended in July 2016). The Deputy might also note that some 250 of the 273 projects approved in 2016, have only received that approval very recently.

When the programme was introduced in 2012, the original level of investment required 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 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. This change has had no adverse effect to date on the value of applications received in respect of the 2017 application process. An economic evaluation of the programme has commenced.

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