New Investor Category announced
The Minister of Immigration, Hon Paul Swain, today announced that a new Investor Category will take effect from 4 July 2005.
The category grants residence to people with at least five years’ business experience who will retain NZ$2 million in an acceptable investment in New Zealand for five years. These investors must be willing to make New Zealand their main home by the end of the investment period.
Applicants will also have to meet health, age, English language and character requirements, as well as showing that they earned or gained their funds legally.
The new category involves a two-step process that, like the Skilled Migrant Category, involves applicants filling out an Expression of Interest in becoming a resident through investment. Immigration New Zealand will assess the Expressions of Interest and invite people who meet the criteria of the policy to apply for residence.
Investors can choose to keep all their funds with the New Zealand Government for five years or withdraw up to half the funds after two years if they can show the funds will be invested in a way that will benefit New Zealand. Any funds held by the Government will be allocated to infrastructure projects, through the Budget process.
The Minister of Immigration also announced today that the 'old' Investor Category is now closed. People who want to apply for residence under the new policy may make an Expression of Interest from 4 July 2005.
