Filter

Question

527. Deputy Sean Fleming asked the Minister for Justice and Equality the number of applications received and approvals granted in each of the past five years in respect of the immigrant investor programme under the heading enterprise investment; the amount received under this heading in each year; the average time taken to process applications; and if he will make a statement on the matter. [19615/19]

528. Deputy Sean Fleming asked the Minister for Justice and Equality the number of applications received and approvals granted in each of the past five years in respect of the immigrant investor programme under the heading investment fund; the amount received under this heading in each year; the average time taken to process applications; and if he will make a statement on the matter. [19628/19]

531. Deputy Sean Fleming asked the Minister for Justice and Equality the number of applications received and granted in each of the past five years in respect of the immigrant investor programme under the heading endowment; the amount received under this heading in each year; the average time taken to process applications; and if he will make a statement on the matter. [19649/19]

532. Deputy Sean Fleming asked the Minister for Justice and Equality the number of applications received and approvals granted in each of the past five years in respect of the Immigrant Investor Programme under the heading real estate investment trusts; the amount received under this heading in each year; the average time taken to process applications; and if he will make a statement on the matter. [19653/19]

Answer

Minister for Justice and Equality (Deputy Charles Flanagan): I propose to take Questions Nos. 527, 528, 531 and 532 together.
The Immigrant Investor Programme (IIP) was introduced in April 2012 to encourage inward investment and create business and employment opportunities in the State. The programme provides investors with the opportunity to invest in Ireland. Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest.
The table below provides details of the applications received and the numbers of approvals for each of the four options currently covered by the scheme over the past 5 years.

Enterprise Investment Endowment Investment Fund REIT
2019
Applications 20 10 0 0
Approvals 0 0 0 0
2018
Applications 315 75 31 1
Approvals 27 12 15 0
Value of Approvals € 26,000,000 4,800,000 15,000,000 0
2017
Applications 228 46 50 1
Approvals 197 42 49 0
Value of Approvals € 197,000,000 18,700,000 49,000,000 0
2016
Applications 253 5 32 1
Approvals 197 5 31 1
Value of Approvals € 101,500,000 2,400,000 15,500,000 500,000
2015
Applications 55 1 3 0
Approvals 55 1 2 0
Value of Approvals € 27,500,000 500,000 150,000 0

With regard to processing times, these are generally within 6-9 months from date of application. This compares very favourably to international peers, some of whom decide on applications between 12-24 months.
During 2018, the Irish Naturalisation and Immigration Service (INIS) introduced a number of enhanced control mechanisms to ensure the programme operates to the highest standards including personal and financial checks. While this has led to a temporary increase in processing times in this calendar year, I expect that decisions on a significant number of 2018 applications will be made in the coming weeks.
An independent external review of the IIP is under way and it is expected that the review will be concluded in the second half of 2019.