Immigrant investor programme closure
Deputy Carthy criticised the abrupt closure of the immigrant investor programme and linked it to concerns about the Nuremore Hotel investment. The Taoiseach said the scheme had drifted from its original purpose, that new applications are now closed with a short grace period, and he would check on publication of the review.
After months of worrying reports regarding the immigrant investor programme, the Government yesterday abruptly closed the scheme. The so-called cash for visas programme allowed wealthy people to receive Irish residency in exchange for investments in business or a charitable contribution. There have been serious concerns surrounding the operation of some of the investments made. For instance, last week I raised the situation of the Nuremore Hotel and Country Club in Carrickmacross where staff have not received their salaries owed and where unpaid bills have resulted in the services being disconnected. This has created concerns for the future of the hotel and a potential substantial cost to the State if insolvency follows. We are told the Government decision to close the immigrant investor programme was informed by both internal and external reviews. Will those reviews be published and will the Taoiseach and the Government commit to a full examination of the operation of this programme?
Comment on this
I thank the Deputy and I am aware of the hotel he mentioned in Monaghan. The Minister, Deputy Humphreys, told me about it the other day. The issues there probably relate more to the investor than the programme itself. The programme itself has produced some really good dividends around the country, both in economic investments and investments supporting community facilities as well.
Comment on this
The investor is the biggest broker in the scheme.
Comment on this
The programme was originally set up, a long time ago now, with the view to encouraging the diaspora to invest back in Ireland and create jobs here. Over time, it has morphed into something else and not what was intended. For that reason, the Minister, Deputy Harris, on advice, has taken the decision to close entry to new applicants, I think as of close of business today. Having said that, where there has been engagement with the Department already, there will be a grace period of up to three months for applications that either have come in already or have not come in yet.