The Minister for Justice and Equality while addressing a question at the parliament has clarified the issues surrounding the endowment option for the Ireland immigrant investor program (IIP).
The Immigrant Investor Programme (IIP) was introduced in April 2012 to encourage inward investment so as to create business and employment opportunities in the State.
The minister addressed the following key issues such as
- Endowment option allowed jointly provided €400,000 where a group of 5 or more combine to make a large endowment or
- Single endowment of €500,000
- Any endowment proposed should be regarded as a philanthropic contribution with a clear public benefit and investors will receive no financial return or recoupment of the principal.
When considering endowment applications the independent evaluation committee examines the governance structure of the beneficiary of the funds and a key criteria is whether or not they are a recognised registered charity.
The Endowments can be made towards a project of public benefit in the arts, sports, health, cultural or educational field.
INIS hosted a stakeholder engagement meeting on 25 February. Over seventy representatives attached to the various projects attended this meeting.
