New Zealand reports a significant increase in applications for its reformed foreign investor migrant visa, as the center-right government looks to attract more high-net-worth individuals to the country and stimulate economic growth.
In April, the government relaxed the rules for the visa, including lowering the minimum required funds for the category focused on higher-risk investments from NZ$15 million (approximately $9 million) to NZ$5 million ($3 million), and removing the English language requirement.
According to the government, the new applications represent a potential NZ$845 million ($503 million) in new investment for New Zealand businesses.
Immigration Minister Erica Stanford revealed that the government had received 189 applications in less than three months for the Active Investor Plus visa, compared to only 116 submissions over more than two-and-a-half years under the previous settings.
The move comes as New Zealand’s economy grew faster than expected in the first quarter, providing some relief for policymakers after the country sank into a technical recession last year, the worst since the sharp downturn of 1991, excluding the pandemic.
The government hopes that the revamped foreign investor visa will help put the economy back on a solid footing by attracting more high-net-worth individuals to the country.