New Zealand’s government is planning adjustments to its “golden visa” program to attract more affluent immigrants who invest in the country. The Active Investor Plus Visa or golden visa, which once brought in high-net-worth individuals and generated an average of NZ$1 billion (US$580 million) annually, has seen a decline in applications following rule changes in 2022. In the past two years, only 35 applications have been fully approved, amounting to NZ$352 million in nominated investment funds, according to Immigration New Zealand data.
Finance Minister Nicola Willis acknowledged that the previous government’s changes led to a significant drop in investor numbers. She stated that the current government plans to make announcements on the program in the coming weeks. The government has already made strides in reforming the process for foreign investment applications and plans to introduce new legislation next year to highlight the country’s need for foreign capital to meet its economic goals. Willis emphasized that investor migrants contribute more than just financial capital, bringing valuable networks, expertise, and ideas. She pointed to examples where investor migrants, after making initial investments, further engage in the economy in various beneficial ways.
Currently, visa applicants must invest at least NZ$5 million in direct investments or NZ$15 million in passive investments like listed equities, up from the previous NZ$3 million threshold. Bonds and property, once popular investment options, are no longer eligible.
When asked about potential changes to the visa program, such as removing the English-language test, Willis deferred to Immigration Minister Erica Stanford for announcements. A significant issue for some foreign investors is the inability to buy property, due to a 2018 ban on non-citizens, except those from Australia and Singapore.
Willis’ National Party had proposed easing this ban before the 2023 election, allowing foreigners to buy homes worth NZ$2 million or more, but this policy was blocked by the New Zealand First Party during coalition talks. Since then, New Zealand First leader Winston Peters has expressed openness to allowing foreign property purchases if accompanied by investment in the country.
Although the ban remains in place, Willis stated that as reforms to the Overseas Investment Act and investor migration settings progress, there will be ongoing discussions about possible changes.
