New Zealand is finally revealing details for its new golden-visa programs.
After saying in December that it would be making changes to attract more wealthy individuals, the country announced exactly how it will be simplifying its investment scheme, Bloomberg reported over the weekend. The changes include getting rid of an English-language test, shifting the amount of time people have to stay in New Zealand, and expanding the options for acceptable investments.
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Starting April 1, the Active Investor Plus visa will be split into two categories—growth and balanced, Bloomberg noted. The former will require a minimum investment of 5 million New Zealand dollars ($2.8 million) over three years into businesses or managed funds, and the visa holder has to spend just 21 days in the country. The latter requires a minimum investment of 10 million New Zealand dollars ($5.7 million) over five years into bonds, stocks, new property development, or existing commercial and industrial property. Those with this visa have to spend at least 105 days in New Zealand, but that term can be reduced by investing more money than the minimum.
The changes are being made to lure more wealthy foreigners to New Zealand, as the current golden-visa program has withered in recent years, Bloomberg wrote. After rule revisions in late 2022, just 43 applications have been approved in full, resulting in 545 million New Zealand dollars ($307.9 million) of nominated investment funds, according to Immigration New Zealand data cited by the outlet. Prior to those changes, the program brought in about 1 billion New Zealand dollars ($570 million) every year.
"Capital is highly mobile and in an increasing complex world, people are looking for a safe and stable country to do business," said Erica Stanford, the country's immigration minister. "We are now making our investor visa simpler and more flexible to incentivize investors to choose New Zealand as a destination."
While New Zealand works to attract more big spenders, other countries have been trying to limit or end their golden-visa programs, Bloomberg noted. Spain's will shut down on April 3, and countries such as the United Kingdom, Greece, and Malta have also ended or tightened the rules surrounding their schemes . Even nearby Australia has shuttered one of its programs: the Significant Investor visa class, for those who invest more than 5 million Australian dollars ($3 million).
It might be time for people interested in those destinations to check out New Zealand, then.
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