Immigrant investor scheme approvals down
The programme is for non-EU business people investing in Ireland in return for residency for themselves and their families.
A total of 450 applications have been made by investors, with applications spiking in the second half of last year when the minimum threshold for investment dropped from €1m to €500,000.
The 130 successful applicants have invested €65m into the Irish economy, the Department of Justice said. The number of jobs created by the scheme was not revealed.
Of the 450 applications overall, 273 applications - 40% overall - were submitted between July and November 2016. Because of the high number of applications in that period, the original €1m threshold was restored.
Despite 273 applications in that period, only 23 were approved for the whole of 2016, a sharp drop from 2015 when 65 were approved. In 2012, just five were approved, rising to 14 in 2013 and 23 in 2014.
Applications are decided by an independent evaluation committee made up of members from IDA, Enterprise Ireland, various Government Departments and the Irish Naturalisation and Immigration Service.
Key requirements by the evaluation committee is that applications are beneficial for Ireland, good for job creation, are in the public interest and that the funds invested are legally acquired and owned by the investor, not borrowed. It is also essential that applicants be of good character, the committee says.
Requirements include a €1m investment in an Irish enterprise for three years or €1m investment in an approved fund.
A minimum investment of €2m in any Irish Reit listed on the Irish Stock Exchange, or a €500,000 philanthropic donation by an individual is also considered.
In return the investor applicant and their immediate family members are granted rights of residence in the State which will allow them to enter on multi-entry visas and to remain here for an initial period of two years and renewal for a further three years.
In order to renew visas, the investment cannot be withdrawn, and applicants must continue to be law abiding and self-sufficient.
The figures were released to Fianna Fáil finance spokesperson Michael McGrath, who said incentives such as the Immigrant Investment Programme had potential but were poorly marketed.
“Programmes like these have potential but they have to be promoted internationally by the Department of Foreign Affairs and other agencies. We have seen little evidence it is being promoted in countries where investment possibilities would be high.
“Granting foreign nationals such a right is a privilege but this programme does offer for badly needed investment for Ireland,” he said.
Justice Minister Frances Fitzgerald said there had been a significant number of applicants wishing to invest in primary health care centres, nursing homes and social housing, causing a slowdown in approvals in 2016 compared to 2015.
The committee considered investment in these areas needed to be co-ordinated with the major state service providers responsible before approval, she added. More than 300 applications are due for decision shortly.
