Last government approved three passports in return for investment

Three passports were approved by the last government in return for investment a fortnight before leaving office - contrary to…

Three passports were approved by the last government in return for investment a fortnight before leaving office - contrary to an earlier Cabinet decision. It is understood two were issued to wealthy non-European investors prior to polling day, June 6th, and it is understood the processing of the third was completed under the present administration as a contractual arrangement was in place.

The rainbow government had decided in September 1996 - and reiterated the decision last March - that no new applications under the passports-for-investment scheme should be taken until it was placed on a statutory footing.

However, it was decided at Cabinet last May that three new passports should be approved in return for an investment of £1 million in each of three locations - Kerry, Mayo and Dublin. The names of the recipients have not yet been published in Iris Oifigiuil.

Meanwhile, the Taoiseach, Mr Ahern, told the Dail yesterday that he was "not convinced" the passports-for-investment scheme should be continued in any form - legislative or otherwise.

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"Many of the most senior deputies on the Opposition side of this House have lobbied for particular applicants to help firms in their constituencies. Are they certain that their role in these matters can stand the same critical scrutiny to which Deputy Burke has been subjected?" he asked.

However, arguments against the scheme also existed, he added, asking if wealthy foreigners as a matter of principle should be entitled to purchase citizenship rights to which they would not otherwise be entitled.

"The Government will await the report of the Minister for Justice, Equality and Law Reform before it decides what action should be taken," the Taoiseach added.

The Tanaiste, Ms Harney, said she was opposed to the scheme and it should not be continued for the benefit of a select few wealthy individuals.

A total of 143 passports have been granted since the inception of the scheme at the end of 1988, involving an overall investment of £90 million. Fifty of those naturalisations have been allowed for the spouses and children of investors.

Up to 1994, when the Masri affair during the Fianna Fail/Labour coalition led to a review of the scheme, the families of investors were entitled to qualify for passports.

After 1994, only one naturalisation per investment of £1 million was allowed.