Written answers
Tuesday, 28 November 2023
Department of Justice and Equality
Departmental Funding
Michael Ring (Mayo, Fine Gael)
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431. To ask the Tánaiste and Minister for Justice and Equality to detail in tabular form the amount of funding that has been given out since the closure of the immigrant investment programme, and the successful organisations that have received same; and if she will make a statement on the matter. [52576/23]
Helen McEntee (Meath East, Fine Gael)
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As the Deputy will be aware, the Government agreed to close the Immigrant Investor Programme (IIP) to further applications from 15 February 2023.
All projects which IIP applicants are investing in are 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 project and individual application(s) associated with it will be submitted to me for final approval.
My Department does not currently publish the details of individual approved IIP investments.
The tables below provides a breakdown of IIP applications received, approved and the value of investments since the inception of the programme to the end of September 2023. A breakdown of figures relating to applications pre and post closure of the programme are not available.
| Year | Applications received | Approved applications | Value of Approved Investment |
|---|---|---|---|
| 2012 | 5 | 2 | 1,500,000 |
| 2013 | 18 | 16 | 12,200,000 |
| 2014 | 30 | 5 | 2,950,000 |
| 2015 | 75 | 70 | 38,300,000 |
| 2016 | 334 | 33 | 18,750,000 |
| 2017 | 324 | 369 | 250,700,000 |
| 2018 | 423 | 155 | 138,750,000 |
| 2019 | 443 | 237 | 209,300,000 |
| 2020 | 339 | 270 | 188,000,000 |
| 2021 | 258 | 264 | 185,700,000 |
| 2022 | 1316 | 306 | 205,900,000 |
| 2023 (30/09) | 1763 | 152 | 107,000,000 |
| Total | 5328 | 1879 | 1,359,050,000 |
*Approvals issued in any year may relate to applications which were received in previous years due to the time taken to process applications.
| Investment Type | Total Applications Approved | Total Value of Investment |
|---|---|---|
| Enterprise | 928 | 792,200,000 |
| Investment Fund | 268 | 250,000,000 |
| REIT | 6 | 12,000,000 |
| Endowment | 621 | 250,900,000 |
| Bond & Mixed Investment | 56 | 53,950,000 |
| TOTAL | 1879 | 1,359,050,000 |
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