Micheál Martin (Cork South Central, Fianna Fail)
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213. To ask the Tánaiste and Minister for Justice and Equality his views on reports (details supplied) of the INIS meeting with the Central Bank regarding concerns about an anomaly in the cash for visa scheme; and if he will make a statement on the matter. [28647/18]

Charles Flanagan (Laois, Fine Gael)
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The Immigrant Investor Programme (IIP) was introduced by the Government in April 2012 to encourage inward investment for the creation of business and employment opportunities in the State. The programme provides non-EEA national investors with options to invest in Ireland. The criteria for the programme are that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest.

The immigrant investor is required to make an investment of €1 million in Irish projects for a minimum of three years and on confirmation of receipt of the investment, they receive Stamp 4 residency permission for an initial period of two years and which may thereafter be renewed for 3 years following a review. Any investor who withdraws their investment from a Fund or any other approved investment loses any immigration permission granted under the programme.

I should point out that the Investment Fund Option under the IIP comprises around 10% of the overall Programme by which investors may invest in Ireland and obtain permission. All Fund applications submitted to the Evaluation Committee for consideration must, in the first instance, be in respect of a Fund approved and regulated by the Central Bank of Ireland and must meet the published guidelines of the IIP programme. Any Fund not meeting these requirements would not be considered as a suitable investment vehicle and would not be in compliance with the IIP.

The article referred to by the Deputy arises from the release of an internal note under the FOI Act by the Central Bank relating to a meeting between officials from the Central Bank and INIS in regard to the IIP. The meeting focussed on the role of the Central Bank in the regulation of Funds operating as part of the IIP. With regard to the apparent anomaly referred to, I understand that officials from INIS are scheduled to meet with colleagues from the Central Bank in the near future and are happy to clarify matters with them.

Separately, INIS has scheduled a review of the overall programme in the second half of this year taking into account, among other matters, the changing economic climate and will be consulting with a wide range of stakeholders in that regard.