New Zealand is attracting overseas investors who have the potential to bring in $845 million in new investments, the Government says.
Since April, Immigration New Zealand has received 189 applications for the Active Investor Plus visa, Economic Growth Minister Nicola Willis says. The Government describes the new visa as the 'golden' visa.
The number of applications for the new visa is "significantly more" than the 116 applications received more than two-and-a-half years ago "under previous settings", Willis says.
People who successfully apply for the Active Investor Plus visa can live, work and study in New Zealand indefinitely.
Changes were made to this visa in April - a Growth and Balanced category were introduced. For the Growth category, people are required to invest $5 million over a three-year-investment term and 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.
Willis says these new applications represent "a potential of $845 million of new investment in New Zealand business".
"Attracting investment to New Zealand is crucial to the country's economic growth," Willis says, as it means New Zealand businesses could expand, hire and grow.
"And that means more opportunities for New Zealanders ... New investors don't just bring their dollars to our shores, they also bring skills, knowledge and experience that will drive future economic development. It's a win-win."
Immigration Minister Erica Stanford says New Zealand is open for business and overseas investors have heard the call loud and clear.
"We're seeing strong momentum from global investors, particularly across Asia and North America," Stanford says.
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 New Zealand and those in the Balanced category can apply after five years.
As of June 23:
- 100 applications have been approved in principle.
- Of those 100 applications, seven have transferred and invested their funds in New Zealand, and have received a resident visa.
- Of those seven, five were in the Growth category and two in the Balanced category.
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