Immigration Minister Erica Stanford introduced the Business Investor Visa, designed to draw business professionals to invest in New Zealand.
The new visa offers migrants a pathway to residency who wish to invest in and manage established businesses in the country.
Applications for the visa will open in November, providing two pathways. The first option is the standard pathway, which requires a $1 million investment in an existing business and offers a three-year work-to-residence route.
The other option is the fast-track pathway, which requires a $2 million investment in an existing business and allows for residency after a 12-month wait.
Applicants must invest in a New Zealand business that has been operating for at least five years, meets financial criteria, and employs a minimum of five full-time staff.
They must create at least one full-time job for a New Zealand citizen or resident, uphold the required investment amount, demonstrate the business’ solvency, spend a minimum of 184 days in New Zealand, and satisfy the country’s health and character criteria.
Aside from completing the above requirements, applicants must also be under 55 years of age, meet English language proficiency standards, and have at least $500,000 in funds to support themselves and their family.
Businesses excluded from the scheme include those involved in adult entertainment, convenience stores, discount or value stores, drop-shipping operations, fast food outlets, franchises, gambling activities, home-based businesses, immigration advisory services, and tobacco or nicotine products.
“This new visa will bring overseas investment to maintain and create jobs, grow incomes, and breathe new life into existing businesses across the country,” Stanford said in a statement.
“We are introducing a more targeted pathway for experienced businesspeople with capital to invest and the hands-on experience and skills needed to run a successful business. It has clearer settings that are easier for applicants to understand and for Immigration New Zealand to process, and it’s designed to deliver real economic benefits.
“The Business Investor Visa forms part of our broader refresh of business visa settings, alongside our improved Active Investor Plus visa,” she added.