The State last year approved investments totalling €186m in its Immigrant Investor Programme (IIP) as Chinese nationals continued to dominate the numbers of those participating.
According to new figures provided by the Minister for Justice Helen McEntee, the total amount approved in IIP investments has now passed the €1 billion figure.
In a series of written Dáil replies to Independent TD Catherine Connolly, Minister McEntee has confirmed that €1.052 billion has been invested in the programme since 2012.
Minister McEntee confirmed that 265 applications were approved last year.
In order to qualify for the most popular investment option, participants must invest a minimum of €1m in an Irish enterprise for a period of at least three years.
A spokeswoman for the Department of Justice confirmed that, of the approval total last year, 254 (96%) were Chinese, while three were from the US.
In 2020 Chinese nationals made up 259 of the 270 people approved in the IIP.
The Minister confirmed that €639m of the money invested through the IIP since 2012 has gone on 'Enterprise' investments. A further €196m has been invested in ‘Investment Funds’.
Minister McEntee stated that a further 375 applicants were approved where €152.6m was invested in ‘Endowments’, while a further 56 approvals resulted in €54m worth of investments in ‘Bond & Mixed Investments’.
The Minister confirmed that a further six individuals were approved for REIT investments totalling €12m.
The €186 million invested under the IIP scheme last year followed €188m invested in 2020 and €209m invested in 2019. The level of investment reached a record level of €253.7m in 2017.
Figures provided by Minister McEntee show that, since 2012, there have been 2,249 applications with 1,431 approved.
Minister McEntee stated that her Department "does not currently publish the details of individual approved IIP investments, however, this matter is currently under consideration".
Minister McEntee stated that a second phase of a strategic review has been completed and is being considered by her Department.
Minister McEntee stated that "no residence permission has been given to any IIP applicant in the absence of the approved investment being made".
Minister McEntee stated that the IIP was introduced in 2012 at "a time when Ireland was going through a very significant economic downturn and Departments were tasked with initiating innovative programmes to attract investment"
She stated: "Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest."
The Department of Justice spokeswoman stated that the IIP offers successful non-EEA applicants a Stamp 4 Immigration permission for themselves and their immediate family members for an initial two year period.
She stressed: "The IIP is not a visa scheme or a citizenship scheme. Even if successful under the IIP, applicants would have to meet the normal criteria for naturalisation as set out in the Irish Nationality and Citizenship Act 1956 in the same way as any other non-national seeking citizenship."
