23 July 2010

Banking rules block Chinese applying for New Zealand Business Visas

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Strict banking fund transfer policies are preventing wealthy Chinese from becoming investor migrants in New Zealand

New Zealand business visa

Under New Zealand Immigration requirements only transfers through the banking system are accepted, but that is impossible for Chinese applicants.

Immigration New Zealand has received applications from potential Chinese migrant investors under the two Migrant Investor Visa categories, Investor 1 and Investor 2, but no applications from Chinese nationals have been approved to date.

New Zealand has a number of different migrant investor, entrepreneur and long-term business visas under the New Zealand Business Visa category to attract economic growth and national investment by offering permanent residency.

Two Chinese nationals applied under the investor 1 category, which requires an investment of $10 million, and 21 applied under the Investor 2 scheme, which requires investment of $1.5 million.

Under New Zealand Immigration requirements only transfers through the banking system are accepted, but strict foreign exchange controls in China mean they cannot use the banking system.

Immigration New Zealand head Nigel Bickle said the agency was aware there were issues with transferring money out of China, and using the banking system was to protect the process and to protect against money laundering.

Immigration Minister Jonathan Coleman said the Ministry of Foreign Affairs was working with the Chinese Government to find a solution.

The New Zealand Visa Bureau is an independent consulting company specialising in helping people with their New Zealand Visa applications to the New Zealand High Commission


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