619. Deputy Ged Nash asked the Minister for Justice if investment into sporting clubs (details supplied) is eligible under the immigrant investment programme; and if she will make a statement on the matter. [23645/21]
Minister of State at the Department of Justice (Deputy James Browne): The Immigrant Investor Programme (IIP) was introduced in April 2012, to encourage inward investment so as to create business and employment opportunities in the State. There are currently four options for investing, one of which is the endowment of €500,000 (or €400,000 where a group of five or more combine to make a large endowment) towards a project of public benefit in the arts, sports, health, cultural or educational field. A number of sporting clubs have been approved for IIP investment under the scheme to date.
Projects seeking funding under the IIP are assessed by an Independent Evaluation Committee, comprised of senior civil and public servants from relevant Government Departments and State Agencies involved in enterprise development in Ireland. The Evaluation Committee convenes at least four times a year to assess projects submitted for consideration under the Programme.
The Evaluation Committee makes a determination as to whether a project is suitable for IIP investment and if deemed suitable, the application will be submitted to me for final approval. Any endowment proposed should be regarded as a philanthropic contribution with a clear public benefit and investors will receive no financial return or recoupment of the principal sum invested. Any successful endowment project must provide a benefit to the public that is enduring and not one that is no longer sustainable once the endowment funding ceases. In addition, the IIP is focused on supporting projects that are investment ready. A criteria for establishing same is that planning permission, where required, has been granted.
Successful applicants under the IIP and their nominated family members may be granted a residence permission in Ireland under Stamp 4 conditions. Stamp 4 conditions permit non-EEA nationals to work, study or start their own businesses in Ireland.