Catherine Murphy (Kildare North, Social Democrats)
Link to this: Individually | In context | Oireachtas source

256. To ask the Tánaiste and Minister for Justice and Equality the number of immigrant investor programme visas her Department has cancelled and revoked since the scheme was introduced to date in 2022. [21555/22]

Helen McEntee (Meath East, Fine Gael)
Link to this: Individually | In context | Oireachtas source

My Department has not revoked or cancelled any Immigrant Investor Programme (IIP) permissions to date.

However, the Deputy may be interested to know that there are significant withdrawal rates during the application process, with over 350 applications withdrawn to date. Some of these prospective investors may have withdrawn their application because they are no longer interested in the programme, because of the rigorous screening involved, or because they may have applied for similar schemes in other countries. 

The 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. To date, more than 1,400 IIP applications have been approved for investment with a value of over €1 Billion.  

Successful applicants under the IIP and their nominated family members are granted a residence permission in Ireland under Stamp 4 conditions. Stamp 4 conditions permit non-EEA nationals to work, study or start their own business in Ireland.

Given the significant immigration benefits accruing to successful applicants under the programme all such persons are subject to rigorous screening by my Department as to their suitability during the application process. This screening includes due diligence and sanction checks in respect of applicants, and reputable international databases are accessed for this purpose, as and when required, to ensure that only reputable individuals are eligible for permission. These rigorous checks are aimed at protecting the integrity of the programme and the State’s interests. Ireland was singled out in a 2019 EU Commission Report on immigrant investor schemes as being one of a very limited number of Member States where specific monitoring mechanisms and reporting obligations in relation to investor programmes exist. A copy of this report can be found at:

ec.europa.eu/info/sites/default/files/com_2019_12_final_report.pdf.

All projects which IIP applicants are investing in are also examined in great detail by an independent Evaluation Committee comprising key officials from a number of Government Departments and State Agencies with an appropriate corporate expertise in this area. In addition, IIP permissions are renewable at years two and five and specific monitoring mechanisms and reporting obligations apply in this regard.