New Zealand raises the amount required for permanent residency visa

Posted on: 07 Dec 2016  |   Tags: New Zealand , residency visa ,

The government of New Zealand have announced that May 2017 the amount of investment required for a permanent residency visa has been doubled.  Currently the figures stands at NZ$1.5million but in May will rise to NZ$3 million – the equivalent of around £1.68 million. However, the government has also announced that the number of this type of visa issued will also increase to 400 up 100 from 300. New Zealand has long been a destination for migrants wanting to permanently relocate and has recently been seeing a migration boom.  However, fast growing industries such as the tech sector are still struggling to attract the best talent and a skills shortage in these areas needs to be addressed.  The situation has led critics of government policy to call for reform and translate inward migration into better economic benefit and to attract ‘quality’ migrants. Currently there are no requirements for any funds brought into the country under this visa type to be invested in business and most are invested in bonds. More than NZ$2.9 billion had been invested in the country since the visa was introduced in 2009 but little of that has actually been invested into New Zealand’s economy. The government is hoping to change this and are making moves to push for more investment to help the growth of the company. "The government believes there is an opportunity to rebalance this towards growth-oriented investments," The Investor 1 visa which requires even more money to be held – NZ10 million is remaining unchanged but it is thought that this may be the next visa type issued in an attempt to encourage more inward investment to the business community of New Zealand. Currently Chinese are the largest group applying for permanent visas to the country, making up 17% of the arrivals and over half of these are arriving under the investor scheme.

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