New Zealand Launches Business Investor Visa to Attract Global Talent

The New Zealand Government has announced a new Business Investor Visa, aimed at attracting international investors to contribute to the country’s economy by investing in and managing existing businesses. Immigration Minister Erica Stanford revealed the initiative today, which marks the closure of the previous Entrepreneur Work Visa.

Applications for the Business Investor Visa will open in November 2023. The visa offers two investment pathways. The standard route requires a minimum investment of $1 million in an established business, leading to residency after three years of active management. For those seeking a quicker option, a fast-track pathway allows for residency in just 12 months with a $2 million investment.

“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 stated. She emphasized that the visa has been designed with clearer settings, making it easier for applicants to understand and for Immigration New Zealand to process, aiming to deliver tangible economic benefits.

To qualify for the Business Investor Visa, applicants must invest in businesses that have been operational for a minimum of five years. These businesses must have met certain financial thresholds and employed at least five full-time staff. Additionally, applicants are required to create at least one new job for a New Zealander, maintain a workforce of five employees, and ensure that the business remains solvent. They must also spend a minimum of 184 days in New Zealand during the residency period.

Further requirements include proving health, character, and English language proficiency, along with demonstrating relevant business experience. Applicants must be under 55 years old and show they have $500,000 available to support their family. Certain sectors are excluded from eligibility, including adult entertainment, convenience stores, fast food outlets, and tobacco-related businesses.

The cost of the work visa is set at $12,380, while the resident visa will cost $14,890. This initiative is part of a broader revision of New Zealand’s immigration policies aimed at enhancing business migration settings.

In February 2023, the Government updated the Active Investor Plus visa, which now requires a minimum investment of $5 million for a three-year period or $10 million over five years. The closure of the Entrepreneur Category was also announced, which had been plagued by low application numbers and high decline rates.

Stanford confirmed that development is underway for a new pathway targeted at startup entrepreneurs with “scalable, innovative business ideas.” This pathway is intended to complement existing immigration settings and broaden the options available for prospective investors.

“Our Government is focused on smart, flexible, and nuanced immigration solutions to help stimulate the New Zealand economy. These changes will help bring brighter days ahead for all Kiwis,” Stanford concluded. This new visa initiative represents a significant shift in New Zealand’s approach to attracting and retaining international business talent, reflecting the country’s commitment to economic growth through investment and innovation.