PQ: Immigrant Investor Programme Data

Wed, February 8, 2017

99. Deputy Jonathan O’Brien asked the Tánaiste and Minister for Justice and Equality the investment funds for which applications under the immigrant investor programme have been approved to date; the investment funds for which such applications have been refused; and if she will make a statement on the matter.

 

Tánaiste and Minister for Justice and Equality (Deputy Frances Fitzgerald): I have been informed by the Irish Naturalisation and Immigration Service of my Department that currently there are three Funds approved by the Central Bank from which applications will be accepted to the Immigrant Investor Programme (IIP). The Funds are the Kylin Investment Fund, the Irish Diaspora Loan Fund and the Bartra Capital Property ICAV. All applications received from these three Funds to date have been accepted and approved by the independent evaluation committee.

The Deputy may wish to note that a minimum investment of €1.0 million in an Approved Investment Fund is required for an application to the IIP. The money invested in the fund must be committed for a minimum of three years and must be invested in a manner consistent with the IIP Programme objectives, in other words relating to investments that would, if made by an individual applicant on their own behalf, be likely to qualify under the programme.

All funds have to be invested in Ireland and must represent equity stakes in Irish registered companies that are not quoted on any stock exchange. The funds and fund managers must be regulated by the Central Bank to conduct business in Ireland.

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