Malcolm Byrne (Wicklow-Wexford, Fianna Fail)
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711. To ask the Tánaiste and Minister for Justice and Equality the number of projects seeking funding through the International Investor Programme when the programme was discontinued; the approach of his Department to these projects; and if he will make a statement on the matter. [55192/25]

Malcolm Byrne (Wicklow-Wexford, Fianna Fail)
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712. To ask the Tánaiste and Minister for Justice and Equality for an update of the review of the management and oversight of the International Investor Programme within his Department; and if he will make a statement on the matter. [55193/25]

Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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I propose to take Questions Nos. 711 and 712 together.

As the Deputy will be aware, the Government agreed to close the Immigrant Investor Programme (IIP) to further applications from 15 February 2023. Since the closure of the programme, my Department has continued to process remaining applications for consideration and final decision.

When the programme closed, there were over 200 project proposals and more than 3,000 prospective investor applications on hand.

All projects which IIP applicants are investing in are examined in detail by an Independent Evaluation Committee, comprising of officials from my Department, the Department of Finance, the Department of Foreign Affairs and Trade, the Department of Housing, Local Government and Heritage, Enterprise Ireland and IDA Ireland. This examination process involves an assessment of the 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, as Minister, for final approval.

Where a project is approved for the first time, all individual investor applications associated with that project are then examined and approved in due course subject to meeting the IIP criteria, as well as immigration requirements. Should an individual investor applicant receive approval, they have 90 days to transfer funds to their nominated project.

All investor applicants are advised that the Irish Government has no responsibility for the performance of an investment. Investments are a private matter between the parties concerned and it is the responsibility of the investor, as in any business decision, to assess the potential success of their venture.

My Department has no role in relation to the administration of such investments and does not hold any funds at any stage. This is a private matter between a potential investor(s) and a potential project concerned.

In closing the IIP programme, the Government also committed to the ongoing monitoring of approved projects for delivery and compliance with IIP requirements The IIP Unit introduced a monitoring and compliance framework in August 2023 involving annual progress reports. Where issues of concern come to the attention of the IIP Unit it will take whatever appropriate action is necessary; this may include reporting the matter to the relevant authorities.

I can advise the Deputy that updated information in relation to the winding down of the Programme, the processing of applications and an FAQ document can be accessed on my Department's website at the following link: