New Zealand is planning on making changes to its current Golden Visa Program in the hope of attracting more wealthy foreigners.
The Golden Visa Program
The New Zealand government introduced the Golden Visa Program, also known as the Active Investor Visa, to attract wealthy people from other countries to come and live there. The program enables them to obtain residency as long as they contribute financially to New Zealand and meet certain criteria.
The program has significantly contributed to the economy of New Zealand over the years. However, changes implemented in 2022 led to a significant decline in the number of applications, as reported by VisaGuide.World.
It is because of this decline that authorities are now planning to implement further changes to the program.
What the New Zealand government is saying
Finance Minister Nicola Willis acknowledged the decline. She said that they are aware that the previous government changed the program, and that they saw a significant decline in the number of investors. Willis added that the government will make announcements regarding this in the coming weeks. She outlined plans to change legislation next year to emphasise that they need foreign capital to achieve economic objectives.
According to the Minister, investors from other countries bring much more than just money to New Zealand. ‘It’s also the networks, the expertise, the experience, the ideas that they bring with them. There are many examples throughout the country where investor migrants, while they may make initial investments, then go on to make other investments and become more engaged in the economy in a range of ways which are helpful,’ she said.
What are the Golden Visa Program requirements?
At the present time, those interested in benefiting from the Golden Visa Program of New Zealand are required to invest at least NZ$5 million in direct investment or a total of NZ$15 million in passive investment.
Compared to the previous requirements, the investment criteria are significantly higher. Previously, the threshold for direct investment was NZ$3 million. Additionally, some of the investments that were previously popular, such as bonds and property, are no longer eligible for this program.
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