New Zealand Authorities Plan to Modify “Golden Visa” Program to Attract More Wealthy Foreigners to Invest in the Country.
According to VisaGuide.World, the New Zealand Golden Visa program (also known as the Investor Visa) was introduced to attract wealthy individuals from other countries.
Under the “Golden Visa” program, foreign immigrants can obtain residency in New Zealand as long as they make a financial contribution and meet all required criteria.
The program contributes approximately NZ$1 billion (about US$580 million) to the New Zealand economy annually. However, there has been a significant decrease in the number of applications since changes were made to the program in 2022.
New Zealand Finance Minister Nicola Willis stated that the center-right government has been pushing for reforms to expedite investment applications from foreigners.
“We recognize that the settings were changed by the previous government and we saw a significant drop-off in investor numbers,” Willis said in an interview with Bloomberg on Thursday, December 12. “You can expect to see announcements from us on this in the coming weeks.”
Currently, individuals interested in the New Zealand Golden Visa program need to invest a minimum of NZ$5 million in direct investments or a total of NZ$15 million in passive investments.
Compared to previous standards, the current regulations have significantly raised the investment criteria, with the previous threshold for direct investment being only NZ$3 million. Additionally, popular investments in New Zealand such as bonds and real estate no longer qualify.
The Finance Minister also announced plans to amend legislation next year, emphasizing the country’s need for foreign capital to achieve its economic goals. He also noted that foreign investors bring more to New Zealand than just money.
When asked if the new changes meant the abolishment of English tests, Willis stated that reports on this matter would be presented by Immigration Minister Erica Stanford.
For some foreigners looking to invest in New Zealand, a major issue is the inability to purchase property in the country, a result of the 2018 ban on foreigners, excluding Australians and Singaporeans.
Willis mentioned that while agreements on relaxing the ban still exist, “as we progress with the Overseas Investment Act and reforms to the investment immigration settings, we will engage in a series of discussions to see how it plays out.”