Fergus O'Dowd (Louth, Fine Gael)
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1079. To ask the Tánaiste and Minister for Justice and Equality if a replacement for the Immigrant Investor Programme is currently being considered; and if he will make a statement on the matter. [16779/23]

Simon Harris (Wicklow, Fine Gael)
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As the Deputy is aware, I obtained approval from the Government to close the Immigrant Investor Programme (IIP) to further applications from 15 February 2023.

The Immigrant Investor Programme was established over a decade ago during a time of unprecedented economic difficulty to stimulate investment in Ireland that would be of strategic and public benefit to the State. Since its inception, the Programme has brought significant investment to Ireland and has been operated by the Department of Justice to the highest professional standards.

However, it is important that we keep all programmes under review and having taking into account both internal and external reviews including implications for wider public policy, such as the continuing appropriateness and suitability of this programme for cultural, social and economic use, the Government agreed to close the Immigrant Investor Programme. 

My Department has no plans to replace the IIP with a similar scheme.

The closure of the Programme will not affect existing projects or individuals already approved under the programme. My Department will continue to monitor existing approved projects in relation to the delivery and for compliance with the terms of the Programme. Current applications on hand at the time of closure will continue to be considered.

The IIP Unit has published a FAQ on my Department's website, and is available here: www.irishimmigration.ie/faqs-closure-of-the-immigrant-investor-programme-iip/