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TOUGHER RULES TO INVEST By Lawrence Johnston THE rules governing people who want to emigrate to New Zealand by investing in the country's economy, have been tightened.The changes were made to the Investor Category to ensure that only genuine investors who will contribute long-term to the New Zealand economy and society, gain residence. The changes have brought the Investor Category into line with the Skilled Migrant Category, where applicants submit an expression of interest and the Department of Labour selects the best candidates. As Immigration Minister Paul Swain told immigration advisers: "Rather than passively accepting applicants, investors will now be selected on the basis of what they can contribute to New Zealand." The main points of the new policy, which has been developed over the past 18 months, are: * The minimum amount to be invested has increased from NZ$1 million to NZ$2 million. * Funds will be transferred to a New Zealand bank account in the applicant's name for verification. * Funds will then be transferred to the Government to invest in infrastructure projects for five years. * At the end of that period, applicants will receive their money back plus interest based on the rate of inflation. * Half the funds can be withdrawn after two years and transferred to another government-approved investment, and * Applicants must be 54 years or younger, with at least five years' business experience, and willing to make New Zealand their main home by the end of the investment period. Health, character and English language requirements have not changed. Under the old policy, applicants were granted residence if they could reach a pass mark by accumulating points for business experience, also for the amount of funds brought into New Zealand and for their age. Applicants falling short on the business experience and age criteria could compensate by bringing in more funds. It was also difficult to verify that the investment was genuine. Applicants could put their money into any investment they chose and these often did not directly benefit New Zealand. Mr Swain said: "The new policy will make sure applicants will be quality migrants with proven business experience who will contribute to our economy and settle successfully." The Investor Category, has been operating in various forms since 1978. |
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