A total of €132 million has been approved in Immigrant Investor Programme (IIP) applications for the first nine months of this year.
That is according to new figures provided by the Minister for Justice, Helen McEntee TD (FG) amid record interest in the Government scheme this year.
The €132 million approved in 192 applications follows a total of €185 million approved in the IIP in 2021.
A total of €1.17 billion in investments has been approved since the scheme's introduction in 2012.
New figures provided by Minister McEntee in a written Dáil reply to Labour Finance spokesman, Ged Nash, show that for the first nine months of this year 812 IIP applications have been lodged with the Department of Justice.
The 812 represents a record amount for any year since 2012 - the second highest total for any 12 month period is the 443 applications received in 2019.
The 812 total to the end of September is also more than a three fold increase on the 258 applications for the twelve months of 2021 and more than twice the 339 total for 2020.
Minister McEntee has confirmed that the bulk of successful applicants since 2012 are made up of Chinese nationals accounting for 1,511 - or 94% - of 1,613 approved applications.
American citizens are the next highest cohort at 31 followed by Vietnam - 12, Saudi Arabia - 5 and South Africa - 4. 'Rest of World’ makes up the remaining 50 approved applications.
The bulk of successful applications have come under the ‘enterprise’ investment accounting for €703 million with ‘Investment Fund’ investments accounting for a further €217 million in investment.
In her reply to Deputy Nash, Minister McEntee stated that the IPP 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 Irelan," she said.
"Key to the programme is that the investments are beneficial for Ireland, generate or sustain employment and are generally in the public interest."
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.
The Department has stressed that the programme "is not a visa scheme or a citizenship scheme".
All projects which IIP applicants are investing in are also examined in detail by an Independent Evaluation Committee comprising key officials from the Department of Justice, the Department of Finance, the Department of Foreign Affairs, Enterprise Ireland and IDA Ireland who have appropriate corporate expertise in the area.
Minister McEntee stated: "This examination process involves an assessment of the commercial viability of the project; employment outcomes associated with the proposed investment; and the overall benefit to the Irish State."
She said: "The Committee makes a determination as to whether a project is suitable for IIP investment and if deemed suitable, the individual application will be submitted to me for final approval."
- reporting Gordon Deegan
