The New Zealand government has announced a new retirement visa.
24 March 2010
New Zealand visa for retirement from 29 March
British nationals hoping to spend some or all of their retirement in New Zealand will able to apply for residency under a new retirement visa from 29 March 2010.
The retirement New Zealand Visa category is open to those aged 65 over and over and has two divisions: a parent retirement visa for those with family already in the country; or a temporary retirement visa for those who don’t have family connections with New Zealand.
The parent New Zealand visa grants permanent residency to applicants who have an equal number or more of their family inside New Zealand. There are a number of further requirements applicants must meet, including being able to offer at least NZ$1 million (£465,000) in qualifying investments over four years, as well as $500,000 for maintenance and an income of at least $60,000 per annum.
The temporary retirement visa is a two-year permit for British people, provided that they invest in the country at least NZ$750,000 (£345,000) in qualifying investments, as well as $500,000 (£230,000) for maintenance, and an annual income of at least $60,000 (£28,000) from pensions and other investments. The visa can be renewed every two years, provided that settlers continue to meet the criteria.
The new retirement visa will be available from 29 March 2010.