Helen McEntee (Meath East, Fine Gael)
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The Immigrant Investor Programme (IIP) was introduced in April 2012 to encourage inward investment and 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.

My Department does not currently publish the details of individual approved IIP investments, however, this matter is currently under consideration. The following information may, however, be of assistance to the Deputy. Over 1,400 applications have been successful under the IIP to date with the value of investments approved over €1bn. Social housing (€324m), nursing homes (€176m) and the hospitality/tourism sector (€115m) account for almost two thirds of the overall investment value.

There are currently four options for investing, one of which is the endowment of €500,000 (or €400,000 where a group of five or more combine to make a large endowment) towards a project of public benefit in the arts, sports, health, cultural or educational field. A number of such community projects have been approved for IIP investment under the scheme to date.

Projects seeking funding under the IIP are assessed by an independent Evaluation Committee, comprised of senior civil and public servants from relevant Government Departments and State Agencies involved in enterprise development in Ireland. The Evaluation Committee convenes at least four times a year to assess projects submitted for consideration under the Programme.

The Evaluation Committee makes a determination as to whether a project is suitable for IIP investment and if deemed suitable, the application will be submitted to me for final approval.