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€217m from passports’ sale in Development Fund

No money yet spent on national projects

The National Development and Social Fund has received €216.8 million from the Individual Investor Programme – better known as the ‘citizenship scheme’ although not a cent has yet been spent.

The National Development and Social Fund is the government agency established to manage and administer 70 per cent of the contributions received from IIP.

By October last year, over €310.3 million were generated by the programme directly, along with €44 million in property purchases and €24 million in leases, according to the government.

The government recently announced that it would extend the scheme once the 1,800 cap – set when it was originally launched – was reached.

The National Development and Social Fund should use the funds for major projects of national importance, and other projects of national interest, including improving public services.

 

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