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New Zealand Govt to Announce Changes to Investor Visa in “Coming Weeks” · IMI Podcasts

• 0:00
  SPEAKER_00: The New Zealand government plans to revise its Active Investor Plus Visa program after a significant drop in applications, Finance Minister Nicola Willis has revealed to Bloomberg.
• 0:09
  SPEAKER_00: The program, which once attracted$1 billion New Zealand dollars annually in foreign investment, now averages just$176 million per year, an 82.4% decline.
• 0:21
  SPEAKER_00: Immigration New Zealand has approved only 35 applications in the past two years.
• 0:26
  SPEAKER_00: English will be removed as a requirement.
• 0:29
  SPEAKER_00: And the government plans to introduce other investment options, James Hall, director at ANZ Migrate, revealed.
• 0:35
  SPEAKER_00: Quote, we're waiting for the official announcement, but it's already been decided internally.
• 0:40
  SPEAKER_00: End quote.
• 0:41
  SPEAKER_00: The 2022 requirements mandate$5 million for direct investments or$15 million for passive investments such as listed equities.
• 0:51
  SPEAKER_00: The government eliminated previously popular investment options in bonds and property.
• 0:56
  SPEAKER_00: Beyond capital, New Zealand seeks to attract more investor migrants for their valuable contributions, Willis emphasized.
• 1:03
  SPEAKER_00: It's also the networks, expertise, experience, and ideas that they bring with them, she explained.
• 1:10
  SPEAKER_00: She says these investors often expand their economic engagement beyond their initial investments, becoming more involved in the economy in a range of ways which are helpful.
• 1:20
  SPEAKER_00: She also revealed that the government has already advanced reforms to speed up overseas investment applications.
• 1:27
  SPEAKER_00: She plans to introduce legislation next year, emphasizing New Zealand's need for foreign capital to meet its economic objectives.
• 1:35
  SPEAKER_00: While Willis has kept specific changes under wraps, she noted that there will be more details in Immigration Minister Erica Stanford's upcoming announcement.
• 1:44
  SPEAKER_00: Chinese investors, however, still face restrictions due to the requirement to have direct bank-to-bank transfers from the fund source country.
• 1:52
  SPEAKER_00: Hall emphasized that investors can't sidestep this by moving funds to a third country because it's required that the funds be transferred legally from the country where they were earned.
• 2:02
  SPEAKER_00: Hall also clarified that current property investment rules allow overseas investors to purchase property, but they are limited to new developments, not secondhand property.
• 2:13
  SPEAKER_00: Deputy Prime Minister Winston Peters has signaled flexibility on foreign house purchases if linked to additional investment commitments, suggesting potential for future policy adjustments.
• 2:25
  SPEAKER_00: New Zealand's plans contrast sharply with Australia's recent policy direction.
• 2:29
  SPEAKER_00: The Australian government closed its entire business innovation and investment program to new applications in January 2024, ending a pathway that had attracted 12 billion Australian dollars through its significant investor stream alone since 2012.
• 2:45
  SPEAKER_00: While Australia shifts focus to skilled worker visas, New Zealand aims to revitalize its investor immigration pathway.
• 2:54
  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
• 2:59
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