Immigration Minister Michael Woodhouse says changes to the migrant investor policy will encourage investments that provide greater economic benefits for New Zealand.
“There’s no doubt the Migrant Investor categories are performing well with $2.9 billion invested since they were launched in July 2009 and a further $2.1 billion in funds committed,” Mr Woodhouse says.
“However, around two thirds of investment is currently placed in bonds and the government believes there is an opportunity to rebalance this towards growth-oriented investments.
“That is why we are making changes to increase the amount and performance of investment while better recognising the non-financial contribution of migrant investors.”
The changes include:Doubling the funds Investor 2 migrants must invest to $3 million Removing the need for Investor 2 migrants to hold $1 million in settlement funds Recognising higher levels of business experience and English language skills through changes in the points system Increasing the annual cap of approved Investor 2 migrants from 300 to 400. Rewarding investment in growth-oriented investment with incentives such as bonus points, priority processing, and a financial discount.
“Many investors tend to move into growth focused investments as they become more familiar with the New Zealand environment. These changes will encourage them to do so earlier in the process while incentivising investments that deliver greater economic benefits for New Zealand,” Mr Woodhouse says.
The changes will come into effect in May 2017.