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New Zealand

New millionaire immigrant visa category attracts only one wealthy expat

Photo: RNZMore

Only one wealthy foreigner has applied for residency since the government overhauled the rules for residence permits. investor visa almost 6 weeks ago.

Active Investor Plus Visa Replaced two investment visa categories September 19th.

Nicola Hogg, general manager of border and visa operations at the Immigration Service, said one application received in the new category was being processed.

“It should be noted that the immigration investment category so far has been a low-volume visa category, which has also taken time to grow,” she said.

“The new Active Investor Plus category similarly prioritizes value over volume.”

Immigration attorney Simon Laurent said he was surprised to see only one application so far.

“It’s a little surprising considering it took over a month to get the application, but it’s not entirely unexpected thanks to the way this policy was deployed and the settings created for it.”

He said the outlook for the global economy may be putting off potential investors.

“If I were in their shoes, I wouldn’t be a little hesitant to commit to an investment program that spans a total of four years when I don’t know what my personal financial situation will be or what the world markets will be like for years to come. Right now.”

Laurent also said immigration advisers and their clients may still be working on new policies.

The difficulty, he said, is that clients have to choose from three different investment classes: equities, managed funds, or direct investments in companies.

Applicants must invest at least $15 million over three years. $5 million is required if funds are to be sent directly to a New Zealand company.

Investors also need to spend approximately four months in the country over four years.

“I think it will recover. The industry is starting to work on policies that were released at the same time they were published,” said Laurent.

“The numbers will continue to grow over time, but I don’t expect it to be a deluge. It’s a difficult process and a difficult environment to do it in. It’s not the best time for

He had not received any direct inquiries since the Active Investor Plus visa began.

Government considers a minimum of $25 million

The government originally planned to set the minimum investment for the Active Investor Plus visa at $25 million, according to an August cabinet document, but this was “a high threshold by international standards and unfamiliar.” Investing in an active asset class in a dynamic market is risky.”

“We anticipate that the penetration rate of the new Active Investor Plus visa may be lower than the level of interest experienced in the Investor 1 and Investor 2 visa categories. Because it is only allowed for one year, we will transition,” the paper said.

“The natural reaction to changes in visa requirements is likely to be lower acceptance at first, and an increase in the minimum investment is also likely to reduce the number of applicants.”

Laurent said lowering the investment level to $15 million was the right decision and further reductions would not make a difference in the number of applications.

https://www.rnz.co.nz/news/national/477687/new-millionaire-migrants-visa-category-attracts-only-one-wealthy-foreigner New millionaire immigrant visa category attracts only one wealthy expat

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