The government of New Zealand is preparing to alter its so-called “golden visa” scheme in an effort to draw in more affluent foreign investors.
Following rule revisions in 2022, the Active Investor Plus Visa, which historically attracted wealthy people to New Zealand and generated an average of NZ$1 billion ($580 million) year, has stagnated. According to Immigration New Zealand data, just 35 applications totaling NZ$352 million in specified investment money have been fully accepted in the last two years.
In an interview Thursday in Wellington, Finance Minister Nicola Willis stated, “We are aware that the previous government altered those settings and we observed a significant drop in the number of investors.” “In the upcoming weeks, you can anticipate hearing from us regarding that.”
According to Willis, “it’s also the networks, the expertise, the experience, and the ideas that they bring with them.” “There are numerous instances across the nation where investor migrants, after making initial investments, proceed to make additional investments and become more involved in the economy in a variety of beneficial ways.”
Applying for a visa currently requires a minimum of NZ$5 million in direct investment or NZ$15 million in passive investment, as in l.
When asked if eliminating the English language test will be part of the revisions to the visa program, Willis said she would let Immigration Minister Erica Stanford make the announcement.
Due to a 2018 prohibition on foreigners (except from those from Australia and Singapore), some foreigners who wish to invest in New Zealand find it difficult to purchase a home there.
Prior to the general election in 2023, Willis’ National Party ran on a platform of relaxing that ban.
Winston Peters, the leader of New Zealand First, has since stated that he is amenable to letting foreigners purchase pricey homes as long as they also make investments in the nation.
“As we progress reforms to the Overseas Investment Act and investor migrant settings, we’ll have a range of discussions and we’ll see where they land,” Willis stated, adding that the agreement to not lift the prohibition is still in effect.
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