New Zealand’s government wants to make changes to its golden visa program to bring in more wealthy migrants. This visa, called the Active Investor Plus Visa, was once very popular and helped the country gain an average of NZ$1 billion yearly. But after the rules changed in 2022, interest in the program dropped.
Only 35 people have fully applied in the last two years, bringing in just NZ$352 million. Finance Minister Nicola Willis said the 2022 changes made it harder for investors and that the government will soon announce new plans to improve the visa program.
Right now, applicants must invest at least NZ$5 million in direct investments or NZ$15 million in passive investments like stocks. Older rules had a lower starting limit of NZ$3 million and allowed investment in bonds and property, which are no longer eligible. These stricter rules have made the program less attractive.
Minister Willis said that wealthy migrants bring more than money. They also bring experience, networks, and new ideas, which can help New Zealand grow. Many of these investors start with one investment and later expand into other areas of the economy, creating more benefits for the country.
One problem for foreign investors is that they cannot buy houses in New Zealand. A law made in 2018 blocks most outsiders from owning property unless they are from Australia or Singapore. There is talk of allowing foreigners to buy homes worth NZ$2 million or more if they also invest in the country, but this idea is still under discussion.
The government also wants to make overseas investment applications faster and easier. Next year, new laws will make it clear that foreign investments are important for the country’s economic goals. Some other rules, like the English-language test, may also be removed to attract more people.
These planned changes show that New Zealand wants to attract wealthy migrants again and use their money and skills to grow the economy. The reforms aim to make the country more appealing to investors from around the world.