I thank Senator Mark Duffy for raising this important matter, which I am taking on behalf of the Minister for justice, Deputy Jim O'Callaghan.
As the Senator stated, the immigrant investor fund was introduced by the Government in 2012, when the struggling Irish economy needed investment to create business and employment opportunities across the State. During its operation, it generated over €1.2 billion in investment for projects right across the country.
The programme fulfilled its purpose and, as the Senator will be aware, the Government agreed to close the IIP to further applications on 15 February 2023. The decision to close the programme followed a comprehensive review and reflected wider policy considerations, including recommendations at European level regarding investor residence schemes. Appropriate arrangements in relation to the orderly winding down of the programme were also put in place.
The closing of the IIP did not affect already approved applicants and projects under the programme. The programme is fundamentally one for investors, not for projects or funders. The investor is the primary applicant and makes an application for an immigration permission, and nominates a proposed project as part of that application.
The Department of Justice, Home Affairs and Migration has continued to process applications for immigration permissions in respect of approved investments, that is, investments applied for prior to the closure of the programme that have been approved by the IIP evaluation committee. The IIP unit within the Department is committed to ensuring that all current applications will be examined on their merits and will endeavour to conclude all decisions in a timely manner.
The IIP unit also communicates with projects seeking to benefit from investments made in connection with an IIP application, more specifically in relation to how the terms of the programme apply to a particular project. The unit also engages with projects and monitors them for compliance with IIP requirements.
The Government remains committed to attracting foreign direct investment and supporting economic development right across the country. Ireland's approach, however, is focused on sustainable investment, job creation and enterprise development through a range of established channels, including the work of agencies such as IDA Ireland and Enterprise Ireland.
At present, there are no plans to reintroduce the IIP or to establish a scheme to replace it. That said, the Government continually reviews how best to support investment, innovation and economic growth. As part of that ongoing work, we remain open to examining measures that can encourage investment in Ireland while also ensuring that our immigration system retains its integrity.