The approval rate for applications for the government’s Investor Immigrant Programme (IIP) has slowed sharply with a total of €41 million projects approved so far this year. The Government announced the closure of the scheme in February but confirmed that applications on hand would be processed.
In a written reply to a parliamentary question, Minister for Justice Helen McEntee said her department had received 1,492 applications to date in 2023. This compared to 1,316 applications for the 12 months of 2022.
The programme allowed non-European Economic Area nationals to secure immigration permission to Ireland on the basis of a long-term investment in the country. A minimum of €1 million had to be invested in an Irish enterprise for a period of at least three years to qualify.
In a series of written Dáil replies to Sinn Féin’s Aengus Ó Snodaigh, Ms McEntee commented that “there are an exceptionally large number of applications on hand”.
She has confirmed for the near six-month period to June 19th this year, the State had approved 61 applications worth €41 million in investments. This compared to 306 applications approved last year worth a cumulative €205.9 million and 264 applications worth €185.7 million in 2021.
The figures show that since 2012, the value of investments approved under the IIP totals €1.293 billion after the approval of 1,788 applications showing an average investment of €723,154.
The bulk of the successful applicants are Chinese at 1,677, followed by 36 for the US, 14 for Vietnamese and 61 for “rest of world”.
In her reply Ms McEntee stated that EY has carried out a review of the IIP, and her department would shortly publish the review. She said she did not meet any applicant to the IIP regarding their application.
The Minister confirmed that the largest proportion of investment at €765.2 million came under the Enterprise category, followed by €229 million in Investment Fund; Endowment of €233.7 million; €53.95 million concerning Bond & Mixed Investment; and €12 million concerning REITs.
The IIP was introduced in April 2012 to encourage inward investment and create business and employment opportunities in the State. Successful non-EEA applicants get Stamp 4 immigration permission for themselves and their immediate family members for an initial two-year period.
Ms McEntee told Mr Ó Snodaigh “all projects in which IIP applicants are investing are examined in detail by an independent evaluation committee comprising officials from my department, the Department of Finance, the Department of Foreign Affairs, Enterprise Ireland and IDA Ireland, who have appropriate expertise in this area”.
