17 May 2011

New legislation simplifies NZ visa application process for investors

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New changes to the New Zealand business migration scheme are set to simplify the process for international investors applying to migrate to New Zealand.

New Zealand immigration

New Zealand business migration scheme changes are set to simplify the process for international investors.

The changes to the New Zealand visa process for migrants who invest $10 million in the country includes a reduction in the number of days they have to spend in the country on an annual basis, from 73 days to 44 days.

Investments in bank bonds and equity will also be recognised as acceptable, and business migrants will also need to only meet one of the two requirements of either having managed a business with five full-time employees or a business with at least a $1 million annual turnover (rather than having to meet both requirements, as was previously the case). instead of both.

However, the change that could have the most effect on increasing the numbers of investor migrants to New Zealand is that funds can now be transferred through foreign exchange companies, not just banks, and residential property (as opposed to the migrant's own home) can now be acknowledged as an 'acceptable investment'.

The New Zealand business migration announcement was made by Immigration Minister, Dr Jonathan Coleman.

"The marketing of our business migration package will target key OECD markets including the United Kingdom and the United States. We're also looking at the major developing markets in India and Southeast Asia," he said.

"My number one priority has been to ensure immigration is contributing to the Government's economic growth agenda," continued Dr Coleman.

The New Zealand Visa Bureau is an independent consulting company specialising in helping people with New Zealand immigration applications.

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