Expats can buy New Zealand residence for £658,000

The New Zealand wants to stimulate the country’s economy out of recession by tempting more expats on investor visas as long as they have plenty of cash.

Current rules say migrants must have skills that are in demand - like doctors or engineers.

New rules have dropped this criterion to allow expats with significant cash to gain immediate residency under two categories:

• Emigrants with £4 million to invest over three years with no business or age restrictions who spend a minimum of 73 days a year in New Zealand
• Emigrants with £658,000 to invest over three years with three years of business experience and are less than 65-years-old who spend 146 days a year minimum in New Zealand.

Expats on an investor visa will have opportunities to invest in a wide range of bonds, equities and managed funds.

For expats with UK pension rights, New Zealand also has providers with QROPS offshore pension schemes that give tax advantages.

Announcing the investor visa, immigration minister Dr Jonathan Coleman, said:  “The last government’s business migration policies have not attracted investment. Since 2007, there have only been 23 migrants bought to New Zealand through Labour’s business migration policy.”

“Business migration needs to be urgently addressed, and stakeholders’ feedback has been extremely positive regarding this new package,” said Dr Coleman.

This failure to attract emigrants has been blamed on the previous policy setting the investment qualification bar to high - at £1 million - £8.75 million.

UK Immigration New Zealand regional manager Andrew Lockhart said: “It provides opportunities for people to invest in New Zealand and brings skills they might have in terms of investment into the country.”

Immigration New Zealand said new Zealand is more than a ‘large farm’ but also has strong technology and media sectors - with the added benefit of free trade agreements with Australia, Singapore and China that make New Zealand a gateway to Asia for business.

New Zealand is seen as a nation emerging from recession with a tiny 0.1% GDP growth in the last quarter.