Update on Immigration Investor and Entrepreneur Policy Possible changes in policy The Ministry of Business, Innovation and Employment (“MBIE”) is looking to make some changes to the Investor Category and the Long Term Business Visa. However, it is anticipated that the changes will not come into force until sometime next year.
The MBIE may be looking to put to place a new $5 million Investor Category but the department cannot confirm whether this will proceed. Further details will be disclosed to the public at a later stage and it is anticipated that any changes under the Investor Category will be minor given its success.
Changes in Long Term Business Visa In contrast, there will be major changes to the Long Term Business Visa policy some time next year given that this policy has not changed in the last ten years. Due to the influx of marginal applications under this category, the Business Migration Branch (“BMB”) is intending to tighten the policy to ensure that the applications being lodged will create an actual benefit to the NZ economy as intended. The BMB intends to make some minor changes in April or March this year to clarify the provisions that have been questioned in the last year.
In particular, the change may provide some clarity to the definitions of the following terms: “new business”, “creation of employment” and “capital in the business”.
By Bradley So • Bradley is a Philippine born New Zealander. He has lived in New Zealand for 16 years. He is fluent in English and Tagalog with a background in Mandarin. • Bradley So graduated from the University of Auckland with an LLB/BCom
Update on Immigration Investor and Entrepreneur Policy Current Trends Under Investor Policy From our discussions with an immigration manager at the BMB, it seems that the majority of investor applicants are investing in government bonds or managed funds through the major banks and well known asset management companies. Currently, the top 3 applicants are from the UK, United States and China. However, the number of Chinese applicants has increased substantially and it seems that the majority of the applicants under the Investor 2 Category are from China. However, the value of their investment is minimal compared to applicants from UK and America. The majority of the applicants from China are applying under the Investor 2 Category where the minimum investment requirement is $1.5 million. To date, the number of applicants that have come through under the Investor 2 Category are as follows: 1. 201 applicants have lodged an Expression of Interest; 2. 148 applicants have been approved in principle; and 3. 141 applicants have made their investment. Under the Investor Plus category, the number of applicants is much smaller: 1. 8 application are currently being processed; 2. 25 applications have been approved in principle; and 3. 23 have transferred their investment. We note that the above figures are from when the policy became effective in 2010
By Bradley So • Bradley is a Philippine born New Zealander. He has lived in New Zealand for 16 years. He is fluent in English and Tagalog with a background in Mandarin. • Bradley So graduated from the University of Auckland with an LLB/BCom