“Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!”
Part of the inscription on the Statue of Liberty
“Approved participants in the Investor Programmes and their immediate family members will be allowed enter the State on multi-entry visas and to remain here for a defined period. Ordinarily this will be for a period of 5 years – reviewable after 2 years. The sort of investments envisaged will include a specially created low interest Government Bond, capital investment in an Irish business – which may need it for the protection or creation of jobs, or in some cases the purchase of property – including that held by NAMA.”
Minister Shatter’s press release announcing details of two Irish visa schemes
Yesterday, the embattled Minister for Justice, Equality and Defence, Alan Shatter published details of two new visa schemes aimed at those outside the EU. In essence, the visas are for five years and in return, an investment is required. And whilst the above quotations might poke fun at the idealistic notion of theUSA, in practice it too tries to attract individual investment and provides rewards including visas. So nothing unusual about that at all, and many, perhaps most, will support the new schemes.
What was of note was that investment needn’t necessarily be in productive industry. If my interpretation of “endowment” is correct, then a gift to sporting, cultural, health and educational organizations might be sufficient to earn an Irish visa. Again, nothing untoward about that at all – give a large financial gift that benefits these institutions and come to live here; what was curious was that investment might also be in property, and NAMA’s property is specifically referenced.
Now investing in non-productive property might also be welcomed. It will lead to more transactions, more stamp duty and the simple economics would indicate more demand with existing supply, would tend to raise prices, all other factors remaining constant. And there are strong economic arguments to stabilize house prices, as long as the stabilization is at sustainable levels. Of course if the visa is for five years, then it might mean the stimulus is temporary, and there will be a disposal when the visitor leaves. So there might be concerns of an artificial, temporary stimulus for property.
Of particular note was the reference to NAMA. Despite the official protestations, NAMA is intrinsically tied to the State, but it does compete with non-State companies eg Ulster Bank, Certus, both of which are actively disposing of property loans and foreclosed property. To see NAMA promoted in this way is good news for NAMA – if you’re in the target audience for these visa schemes and you read the press release yesterday, you might be getting in touch with NAMA today; it might mean more money comes a-knocking at NAMA’s door for assets which ultimately we all own as a nation, but competition concerns should mean NAMA and its competitors are on an even playing field.
The Department of Justice has not commented on the reference to property or NAMA in the Minister’s press release.
NAMA Wine Lake 
‘wretched refuse’ is it ?
I’ll give ye wretched refuse…the cheek…
this immigrant called Irish politicians ‘liars’ to an international audience today
http://wp.me/28tG9
Why “embattled” Minister for Justice? I agree with one of the comments on a recent post. Namawinelake has proved to be an excellent resource in keeping track of developments at NAMA and still is but for the past few months the posts have become increasingly emotive and/or political in nature to the detriment of the site. Regain the objectivity and let the facts speak for themselves.
You’re the second commenter in the last few days that has raised the issue of NWL being too “emotive” in his posts. Out of curiosity, are you part of a campaign to try to get him to back off the government and Nama? Do you work for either.
As to the point itself, as I’ve said before this blog is about Nama and all matters relating to it; and government business relates to Nama. Oh boy does it relate to Nama. Almost every decision of the Departments of Finance, Justice, Enviornment, Foreign Affairs, and Transport relates to Nama and the Irish property and jobs markets.
As to “emotive” concerns, it’s impossible to read and comment on the continuing debacles of Ireland without become as you would call it “emotive”. I choose to call it “frank”. In the era where “facts” are more often chaff thrown up to mask the real data,
NWL is one of the few sources of informed investigation in this country and long may he remain so. If you disagree, you can go back to reading the Irish Times. If you feel strongly, you can even write a letter to the editor about it.
Ethos, logos, pathos.
In the works of man, as in nature, it is the intention which is chiefly worth studying. – Goethe
@ mark
my own personal view here, but, the emotion, the lies, the manipulation are as much a part of economics as the numbers, and maybe not realizing this is part of the original problem.
Without a broader view, it will be business as usual, in fact, rumor has it there is poetry at the next Financial Symposium
Wow. The Government is being really direct about “selling the country isn’t it”.
Though, as much as I’d like to give the government flack over this, at least they are trying to correct the national finances.
Personally, I think we need a Minister for Caps in Hand, whose job it would be to go abroad, to the US and UK, and sell government bonds to people of Irish descent. I’m being serious. We should have people cycling the streets of foreign lands, going door to door to sell Irish Government bonds in the national interest. Micheal Collins did this, out first minister for finance; and everyone who gave to the national loan got a receipt.
Of course, this will be a lot easier right after we stop paying our senior civil servants more than the US president.
Collect 10 Visa’s and get your Passport from Dunnes Stores absolutely FREE!!!
@Mark,@jj. I’m struck by the naivete in your posts. It may surprise you to know just how political NAMA is. The arms of the Minister for Finance and several of his cabinet colleagues regularly reach into NAMA. And, believe me, the inmates of that agency jump to attention and action when it happens.
The problem is that the public are oblivious to it. The facts that you speak of are “spun” by the government. That is not an emotive statement, it is the truth. And I know that NWL could actually document many occasions when it has happened, but has actually refrained from doing so. Now, if I was writing this blog it would not be half as balanced!
Ireland is, and always has been, political. And in relation to NAMA nothing, I’ll repeat – nothing – has changed.
A close friend counseled me, when I was asked to “donate” some gelignite that we were using to break up granite on a site, that the forces of darkness fear light. I lived by that maxim then and ever since. It is what this blog does. It shines light on the impenetrable darkness that is NAMA. To some, that is emotive. To others it is noble.