Wednesday, 6 July 2022
Department of Justice and Equality
187. To ask the Tánaiste and Minister for Justice and Equality the enterprises, investment funds and real estate investment trusts which have received investment through the Ireland Immigrant Investor Programme since the programme was established by name, the number of investments and value of investment in tabular form. [36507/22]
188. To ask the Tánaiste and Minister for Justice and Equality further to Parliamentary Question No. 394 of 23 June 2022, if she will provide a breakdown of the number of Ireland Immigrant Investor Programme applicants who invested in social housing since the programme was established by year in tabular form; the names of the companies that were invested in; and the value of each investment. [36508/22]
189. To ask the Tánaiste and Minister for Justice and Equality further to Parliamentary Question No. 394 of 23 June 2022, if she will provide a breakdown of the number of Ireland Immigrant Investor Programme applicants who invested in healthcare since the programme was established by year in tabular form; the names of the companies that were invested in; and the value of each investment. [36509/22]
I propose to take Questions Nos. 187 to 189, inclusive, together.
The Immigrant Investor Programme (IIP) was introduced by Government Decision in April 2012, to encourage inward investment and to create business and employment opportunities in the State. The Programme was introduced at a time when Ireland was going through a very significant economic downturn and Departments were tasked with initiating innovative programmes to attract investment and create employment as part of the Action Plan for Jobs 2012. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest.
The criteria applied when assessing applications under the IIP is set out in the guidance published on my Department's immigration website at: www.irishimmigration.ie/coming-to-live-in-ireland/i-want-to-invest-in-ireland/
All projects which IIP applicants are investing in are also examined in great detail by an Independent Evaluation Committee comprising key officials from my Department, the Department of Finance, the Department of Foreign Affairs, Enterprise Ireland and IDA Ireland who have appropriate corporate expertise in this area. This examination process involves an assessment of the commercial viability of the project; employment outcomes associated with the proposed investment; and the overall benefit to the Irish State. The Committee makes a determination as to whether a project is suitable for IIP investment and, if deemed suitable, the individual application will be submitted to me for final approval.
My Department does not currently publish the details of individual approved IIP investments. This information is commercially sensitive and cannot be released as it would give rise to individual investors being identified. However, this matter is currently under consideration.
Investment in Social housing and Healthcare is facilitated through the Enterprise and Investment Fund options to the IIP scheme. I can confirm that almost 800 applications have been approved for Social Housing and Healthcare investment. IIP applications relating to Social Housing may include developers who are seeking to build and to either sell or rent units to County Councils or an Approved Housing Body or units owned and developed by an Approved Housing Body.
A total of six individuals have invested in the REIT option since the IIP commenced in 2012. A total of 56 individuals invested in the Mixed Investment and Bond options since the IIP commenced in 2012. Both of these options were suspended in 2016. A total of 228 applications have been approved under the Investment Fund option and some of these approved applications will be in the Social Housing and Healthcare sector.