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The coalition Government says it’s modernising visa settings to incentivise migrants to invest in New Zealand.
“Foreign investment has the potential to provide jobs for Kiwis, lift incomes by delivering new businesses and investing in existing ones,” Economic Growth Minister Nicola Willis says.
“We should be rolling out the welcome mat and encouraging investor migrants to choose New Zealand as a destination for their capital.
“Unfortunately, changes made to the Active Investor Plus (AIP) visa category by the previous Government had the effect of discouraging potential investors from seeking New Zealand residence.
“Since 2022, migrants entering New Zealand under the AIP category have invested just $70 million.
“By contrast, in the two years prior to Covid-19 migrants invested $2.2 billion.
“Rather than turning potential investors away, this Government is intent on welcoming people who want to contribute to New Zealand.”
Immigration Minister Eric Stanford says the Government is making the investor visa simpler and more flexible to incentivise investors to choose New Zealand as a destination not just for their capital, skills and international connections, but to build a life for themselves and their family here.
From April 1, the current complex weighting system for the AIP will be replaced with two simplified investment categories:
The Growth category will focus on higher-risk investments, including direct investments in New Zealand businesses.
It will require a minimum investment of $5 million for a minimum period of three years.
The Balanced category will focus on mixed investments, with the ability to choose ones that are lower risk.
There will be a minimum investment of $10 million over five years.
Other changes include expanding the scope of acceptable investments and removing potential barriers to investment, such as the English language requirement.
“Incentivising, simplifying and broadening the investment offerings will make New Zealand more attractive and accessible to more foreign high-value investors,” Stanford says.
“These changes will turbocharge our economic growth, bringing brighter days ahead for all Kiwis.”
However, Labour Party immigration spokesperson Phil Twyford says Stanford has reached “peak shortsightedness” if this announcement is anything to go by, “picking apart immigration settings piece by piece to the detriment of the New Zealand economy”.
“Dumbing down the rules for the investor visa risks watering down the economic benefits for New Zealand.
“Allowing people to buy residence by parking their money in a passive investment like property that won’t generate jobs or sustainable economic development for New Zealand doesn’t sit well.
“Kiwi venture capitalists looking for investment opportunities urged the Government to keep Labour’s rules in place and not open up to passive investments.
“This will stick in the craw for the hard-working migrants who have to crawl over cut glass to get residence.
“Giving the fast track to residence for the rich with no requirement for economic development for New Zealand, and removing the English language test for the rich but not for everyday migrants, is not the Kiwi way.”
