Barry Cowen (Offaly, Fianna Fail)
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262. To ask the Tánaiste and Minister for Justice and Equality the number and value of immigrant investor programme applications for social housing investment and nursing home investment in 2017; his plans to review thresholds to the scheme; and if he will make a statement on the matter. [3112/18]

Barry Cowen (Offaly, Fianna Fail)
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263. To ask the Tánaiste and Minister for Justice and Equality the number and value of immigrant investor programme applications per annum since 2012 under each investment option; his plans to review thresholds to the scheme; and if he will make a statement on the matter. [3113/18]

Charles Flanagan (Laois, Fine Gael)
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I propose to take Questions Nos. 262 and 263 together.

The Immigrant Investor Programme (IIP) was introduced by the Government in April 2012 to encourage inward investment so as to create business and employment opportunities in the State.

The programme provides investors with the opportunity to invest in Ireland. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest. In that context, where applications for social housing investment or nursing home investment related projects are submitted they are evaluated against these criteria and approval granted where the criteria are met.

In 2017, applications to the value of €45 million have been received in respect of social housing projects while applications valued at €95 million have been received in respect of nursing home developments. These applications are at various stages of processing.

Overall, in 2015, the number of applications received was 67, this increased to 317 in 2016, an almost 500% increase. This rate of applications continued in 2017, with 334 applications received, despite the investment threshold being returned to the original level of €1 million. Given this fact, I have no plans to review the thresholds to the programme at this time; however, I am keeping the programme under review.

A breakdown of the number and value of immigrant investor programme applications per annum under each investment option is as follows: