Wealthy investors migrating to New Zealand will soon be able to include build to rent developments as part of their overall investment.
Immigration Minister Erica Stanford says from December, applicants in the Government’s growth category will be able to include a build to rent component to their investment.
Applicants will be able to invest in build to rent developments through approved managed funds (direct investment will not be available). However, visa holders and their families won’t be able to live in a build to rent development funded through their investment.
The build to rent model involves large residential developments, created for renting rather than sale. These types of developments are managed by specialist operators with investors owning shares in the development.
Stanford said the growth category was particularly focused on investment that supported business growth, innovation and productivity.
“Adding build to rent gives investors another option, while keeping that focus through the managed funds model," she said.
The active investor plus (AIP) visa settings were changed in April 2025, and two categories - growth and balanced - were introduced. The Government describes the visa as the 'golden' visa.
For the growth category, people are required to invest $5 million over a three-year-investment term. In the balanced category, a minimum of $10 million is needed over a five-year investment term.
The growth category is focused on higher-risk investments, which includes managed funds and direct investments in the country's businesses. The balanced category looks at mixed investments, which means people can choose investments that are lower risk.
On expanding to build to rent developments, Stanford said this targeted change was part of the Government’s “ongoing work to keep the visa competitive, effective and focused on investment that benefits New Zealand.”
Housing Minister Chris Bishop said adding the build to rent component gives experienced investors another way to put their capital into the country, while helping support the delivery of new rental housing.
“Build to rent can add to rental supply over time, while the managed funds model provides clear safeguards around who manages the investment and how developments are delivered,” he said.
“New Zealand needs more homes of all kinds, including more long-term rental homes that are purpose-built for renters.”
This isn't the first time the Government has made changes to the growth category, with Stanford announcing applicants could have a philanthropic component to their investment from June 1.
$4.935 billion potentially invested, Immigration NZ says
Last updated on September 4, Immigration NZ’s website said since changes were made to the visa, there have been 904 applications. Of those, 132 are in the balanced category and 772 in the growth category.
So far 467 applications have been approved with 75 in the balanced category and 392 in the growth category.
About 253 applications have been approved in principle and 141 applications are still in progress.
Of the total applications received, 43 have been withdrawn or declined.
People who successfully apply for the AIP visa can live, work and study in NZ indefinitely.
Applications for the active investor plus visa can include a person's partner and children. People in the growth category can apply for permanent residence after three years of keeping funds in NZ, and those in the balanced category can apply after five years.
"Since changes were made to the Active Investor Plus Visa in April 2025, around NZD $4.935 billion have been added to the investment pipeline or committed to investment in New Zealand," Immigration NZ said.
Broken down, about $2.215 billion has been added to what Immigration NZ calls the "investment pipeline" (this is in progress and approved in principle applications), while $2.72 billion is considered committed capital (approved applications and funding transferred to the country).
When it came to capital committed by investment type, Immigration NZ said: “Managed funds have been the most popular investment type for committed funds under the growth category, and bonds have been the most popular investment type for committed funds under the balanced category."
The highest number of applications by nationality has been received from the United States. This was followed by China and Hong Kong.
Other applications by nationality include Germany, Taiwan, Singapore, Great Britain, Vietnam, South Korea, Switzerland, Japan and Canada.
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