This post was written by Steven Moe, Partner at Parry Field Lawyers

I am an immigrant to New Zealand.

In this article I want to share some personal reflections on what it was like to move here and both the opportunities and challenges to be aware of.

This is relevant because in a world filled with turmoil and uncertainty, we are seeing a lot of interest in New Zealand’s revamped Active Investor Plus (AIP) visa. This is also known as AIP visa and sometimes as the ‘Golden Visa’. For more information on the AIP visa, view our Information Hub here.

Recent data shows the programme’s simplified structure means there has been a 500% surge with 573 applications and $1.05 billion already invested, with an additional $2.34 billion expected soon. It opens up a possibility to move here, that was previously harder to access. But what is it like to move to Aotearoa New Zealand? I look at that below, but first let’s outline how the AIP visa works.

What are the key points for the AIP visa?

Our Immigration team is extremely active in this area and in this article we outline all the details on how the AIP visa works. In summary, the key points are:

• There are two investment categories:
  • Growth (minimum $5m) or
  • Balanced (minimum $10m)
• You need to spend 21 days over three years in NZ for Growth category and 105 days over five years for Balanced.
• There are now no English language requirements.

Invest New Zealand was established less than a year ago and it exists as “an Autonomous Crown Entity dedicated to attracting and enabling high-quality foreign direct investment that supports long-term economic growth and productivity”. Resources from Invest New Zealand on this topic are here.

So, what should immigrants be aware of?

I was just eight years old when my family moved from America to New Zealand. This means I am not a typical immigrant as I did not come as an adult, and instead grew up in this culture and place.

We first arrived in a small rural town called Papakaio. When I say town, I should explain that I mean a sign and the local school where I went. Being that young means that I grew up across two cultures and, as a child, we also lived in other places such as Chile and back in California – but our family was always in love with this country and so I lived here until I was about 25 years old. I then did a 15-year ‘overseas experience’ in other parts of the world, before returning 10 years ago.

The positives are perhaps obvious: the scenery in Lord of the Rings is real, you can visit glaciers, lakes, mountains and the sea in one day. The contrasting seasons are a reminder of time passing and are each beautiful. There is good food and wine all produced here, the housing is cheaper than elsewhere (though expensive compared to local salaries), there are good education opportunities for children and at Universities. A lot of positives.

A few key things that it is good to go in with eyes open about:

Distance: Its just far away here and so after the initial honeymoon period of a few months or longer, you will start noticing things like “oh, we cannot just stop in for that important birthday party”, or worse, “that health diagnosis for my father is bad, I wish I was there to make a meal and sit with him”. This is when you realise that being far away from family is really hard.

Culture:  You might think that because English is the main language spoken that the culture is also the same as other places, but that is not accurate. In fact, there is a lot that new immigrants need to learn about, such as the way to interact and do business. Typically this might involve listening more than speaking and my advice is to be very cautious of statements that start, “Well the way we do things back home is…”.

Friendships: It can take time to build up friendships here that go deeper than the superficial. This can be disconcerting as moving to a new country can be an unsettling time. This isn’t to say Kiwis are not friendly, it is just they want to see the measure of the person.

Māori relationships:  Take time to understand the culture and you will find yourself changed. This is my own experience. It is more than saying “Kia ora”, though that is a great start. It is about realising that the intergenerational wisdom that comes from Te Ao Māori (the Māori worldview) just might affect all aspects of who we are, and how our businesses and organisations operate as well. If you’d like some books to start understanding this feel free to reach out (StevenMoe@parryfield.com) but one example is Huia come Home and I recommend the work of Tūmanako consultants here.

Connections and size: Because there are only a few million people, the entire country is the size of a medium-sized city in other places. This means that you can quickly get to know everyone and your reputation will precede you far more than in other places – this can be very good (or if you mistreat others, very bad!). It also means that unlike other places, if you go to an awards dinner or celebration you just might find that you are sitting near the Prime Minister or others in important positions and it is easier to access people who, in other places, you might have trouble meeting.

Ecosystems: Continuing the last point, it is important to engage with those involved in the same ecosystem and beyond. For me that has meant being part of the Edmund Hillary Fellowship, as well as the Institute of Directors and the XRB Advisory Panel, Charities Services sector group, etc – I view each group I am part of as being like an Island and my job is to be a bridge of connection between them.

Home, and your attitude to the move: At some point you will need to make a decision about where you want to build a home. For my wife and I, we travelled for 15 years living in Tokyo, London, and Sydney, but finally realised with young children that we wanted to put down roots in a place so the children could build a sense of identity. We wanted to be somewhere we could contribute and have relationships for when we retire. For me this also involved renouncing my US citizenship and I am happy to share what that was like and why I did that a few years ago. The point is that if you are always thinking of where you came from as ‘home’ and the new place as a place you are visiting, then it will be hard to truly integrate well.

My hope is these reflections will help if you are considering coming to Aotearoa New Zealand. From my own experience it has been positive and I think it is a great place to be based from. You will always be a global citizen if you have lived in other places but you can start to build a life here too. If you would like more personal advice, then I have a commute each day and am very happy to connect and give you thoughts or answer any questions you may have.

How We Can Help

Moving to a new country can be a challenge. Our team of 100 across five offices combines expertise in immigration, commercial, legal structuring, and property to provide comprehensive guidance tailored to your needs.

Please note that this article is not a substitute for legal advice and contains personal reflections rather than any specific legal guidance. Please feel free to contact me by email at StevenMoe@parryfield.com or by phone 021 761 292.

Seeds Podcast Episode

To hear more, listen to this recent Seeds Podcast episode where Steven speaks with Associate, Rebecca Carruthers, who is an immigration specialist at Parry Field Lawyers about tips for moving to New Zealand as well as how the Active Investor Plus visa actually works.

Additional resources

For more reading from a variety of angles on this topic of the AIP and immigration we recommend the following sources:

Invest New Zealand website: https://www.nzte.govt.nz/page/invest-or-raise-capital-with-nzte

Beehive information with Government summary of recent statistics:  https://www.beehive.govt.nz/release/active-investor-plus-delivers-3-billion-investment-new-zealand

Immigration NZ summary of the Visa: https://www.immigration.govt.nz/visas/active-investor-plus-visa/

Icehouse Ventures with a guide from startups perspective: https://resources.icehouseventures.co.nz/blog/new-zealand-golden-visa-a-guide-to-the-active-investor-plus-aip-program?hs_amp=true

In early March 2025, Immigration New Zealand (INZ) released new policies for the Active Investor Plus (AIP) visa. As we discussed in our previous article More ways to Invest: Active Investor Plus Visa Changes, two simplified categories—Growth and Balanced—will replace the existing framework from 1 April 2025.

Key Changes to AIP Visa

The key changes are summarised in the table below (adapted from INZ’s factsheet):

 

Key Features	Growth	Balanced
Minimum Investment Amount	NZD $5 million	NZD $10 million
Acceptable Investments	New Zealand Trade and Enterprise (NZTE) determines investments are acceptable: Managed funds Direct investments	INZ determines investments are acceptable Bonds (Government, local government, corporate, traded on NZDX) Listed equities  New property development (residential, rental, social housing; commercial and industrial; investment sensitive land as specified and approved by the Overseas Investment Office (OIO)) Existing commercial or industrial property developments (including investment in sensitive land as specified and approved by the OIO) Philanthropy Direct investments Managed funds
Investment Period	3 years	5 years
Time to be spent in NZ	21 days	105 days * unless eligible for a reduction by investing above the minimum investment amount into direct investments or managed funds. $11 million = 14-day reduction $12 million = 28-day reduction $13 million = 42-day reduction
Time to transfer and invest	6 months from the date of Approval in Principle, with the option to apply for a one 6 month extension (12 months total)
Section 49 investment retention checkpoints	24 months 36 months	24 months 60 months
English Language	No requirement	No requirement

Key Changes to Acceptable investments

The updated instructions offer greater flexibility, allowing a broader range of businesses and funds to qualify. This provides more investment opportunities for investor migrants and enhances capital-raising options for New Zealand companies to raise capital.

While these updates may create the impression that securing a visa through investment is now easier, the process remains complex. One of the most critical aspects is ensuring that the investment meets the new eligibility criteria.

Growth Category

Under the new rules, NZTE will assess Growth Category investments, with key changes including:

1. Investments no longer need to demonstrate potential for “global success” or “high growth”. Businesses focused on the domestic market can now be considered, however, need to deliver economic and other positive impact for New Zealand.
2. Business model should not involve property acquisition or ownership;
3. Investments in businesses that depend on property as part of their business model are allowed in the following sectors:

• Technology
• Manufacturing
• Food and beverage
• Renewable energy
• Aged care
• Primary sector (e.g., horticulture, including post-harvest infrastructure, forestry, agriculture, aquaculture)
• Infrastructure (e.g., tourism, film, health, and education).

These changes significantly expand direct investment opportunities, allowing AIP applicants to invest in businesses aligned with their interests while supporting New Zealand’s economic growth.

 

Direct Investments

 To qualify as an acceptable direct investment under the new instructions, an investor must:

1. Invest in one of the following:

• Listed equities deemed acceptable under INZ instructions as a wholesale investor
• An equity security in an investee entity
• A financial product (e.g., convertible note, preference share, or Simple Agreement for Future Equity) that can be converted into an equity security in an investee entity

2. Obtain confirmation from NZTE that either:

• The listed equity investment was pre-approved by NZTE before funds were invested, or
• The investee entity qualifies as an acceptable direct investment

3. Maintain ownership interest by:

• Holding a direct ownership interest in the entity, or
• Holding a sole beneficial interest in a trust whose trustee has a direct ownership interest in the entity, or
• Appointing a nominee under a bare nominee structure to hold shares or securities on their behalf

Even if the investee entity ceases to be a New Zealand resident entity post-investment, the funds will still be considered an acceptable investment.

Managed Funds

 Managed funds investments must be made in:

• Managed investment products issued by a scheme listed on NZTE’s acceptable managed fund list
• A discretionary investment management service listed as acceptable by NZTE

A managed fund product is not classified as an acceptable Growth Category investment unless it is on NZTE’s list. However, it may qualify under the Balanced Category investment class if it is structured to raise funds for:

• Investing in listed equities that meet INZ’s requirements
• Residential, commercial, or industrial property acquisition or development meeting INZ’s requirements
• Bonds that meet INZ’s requirements

 On-Call Investments

 Investors placing funds in managed funds but awaiting fund manager allocation must hold them in on-call investments.  Main conditions include:

• Legal Agreement: A binding commitment must exist.
• Fund Management: Managed by the investor or an authorized party (e.g., a bank or financial adviser).
• Investment Compliance: Must meet NZ regulatory and Financial Markets Authority requirements.
• Investment Restrictions: Funds may be temporarily held in NZ bank accounts or term deposits (up to six months).

 Balanced Category

 Property Development

To qualify as acceptable, investments in property development must fall into one of the following categories:

1. New property developments, including:
   1. Residential
   2. Commercial
   3. Industrial
2. Existing commercial or industrial property developments.

For developments on sensitive land, approval under the Overseas Investment Act 2005 is required, either through consent or an exemption.

a. Residential Property Development: For a residential development to be eligible, it must meet these conditions:

• It must be a new development (not a renovation or extension).
• The development must increase the housing stock (more than a single dwelling).
• It must have the necessary approvals or consents from relevant authorities.
• The investment should aim for a commercial return, such as rental income.
• The applicant or their family cannot reside in the developments.

b. Commercial/Industrial Property Development: Commercial or industrial property developments are acceptable if they:

• Are used for business purposes (not residential).
• Are capable of generating a commercial return.
• Are not vacant land unless development plans are submitted and work has started.
• Include improvement plans approved by INZ.
• The applicant or their family cannot live in the development.
• If a new development, the necessary resource consents must be in place.

c. Industrial Property includes facilities such as warehouses, manufacturing, distribution, and logistics.

 Bonds

To qualify as acceptable investment, the bonds must be placed in:

• Issued by the New Zealand government or local authorities.
• Traded on the New Zealand Debt Securities Market (NZDX).
• Issued by New Zealand firms with at least a BBB- rating from recognized credit rating agencies.
• Issued by New Zealand registered banks.
• Issued by finance companies that are wholly owned subsidiaries of an NZX-listed company or local authority, raise capital solely for the parent, and have an unconditional guarantee from the parent.

Managed funds investing in bonds may also qualify if the underlying bonds meet these requirements.

Challenges

The changes to the AIP policies are aimed at making New Zealand a more attractive destination for investment. The key benefits of these policy updates include:

• Increasing the scope of acceptable investment – providing more flexibility for investors.
• Removing the English language requirement – making the process more accessible to investors from non-English-speaking countries, e.g. China.
• Reducing the time spent in New Zealand- allowing for a more efficient investment experience.
• Reducing the investment timeframes – helping investors achieve their goals more quickly.
• Removing the cap on investment – offering greater opportunities for larger-scale investments.
• Simplifying investment process – streamlining procedures for faster approvals and easier navigation. Applications are assessed by NZTE AIP Committee approximately fortnightly.

However, despite these advantages, investors may still encounter challenges. These include:

1. Legally acquired funds – The nominated funds and/or assets must be legally earned or acquired, free from encumbrances, and have acceptable valuations.
2. Transferring funds from countries with foreign exchange controls, e.g. China – The Qualified Domestic Institutional Investor (QDII) and Qualified Domestic Limited Partnership (QDLP) schemes are not accepted in AIP applications. As such, investors from these regions should engage professionals early to develop a customised investment plan that ensures compliance with all regulatory requirements.
3. Due diligence for investment decisions – All investments carry risks, whether in the growth or balanced category. Conducting thorough due diligence on potential projects and seeking professional advice can help reduce risks and increase the potential benefits of your investment. It is important to approach the process as an investment opportunity, not just as a path to obtaining a visa.

 Message to Investors

 While these changes may give the impression that securing a visa by bringing funds into New Zealand is now easier, the process remains complex. The key factor is ensuring investments meet the strict criteria set by INZ and NZTE.

Investors must carefully structure their funds to align with these requirements to secure eligibility under the AIP scheme. Seeking expert guidance from the outset is crucial to navigating complexities and making informed investment decisions.

How We Can Help

Our team combines expertise in immigration, commercial, and property to provide comprehensive guidance tailored to your needs. Whether you require assistance with immigration procedures, investment structuring, or property regulations, we are here to help.

Feel free to reach out for expert advice and a personalised strategy to make your investment and visa application process as smooth as possible.

Please note that this article is not a substitute for legal advice and you should contact your lawyer about your specific situation. Please feel free to contact us by email immigration@parryfield.com or by phone 03 348 8480.

—

新规定，新机遇: 2025年积极投资者(AIP)签证指南

 

2025年3月初，新西兰移民局（INZ）发布了新的积极投资者（AIP）签证政策。如之前讨论的，自2025年4月1日起，现有框架将被两个简化类别——增长类（Growth）和平衡类（Balanced）取代。

 AIP 签证的主要变更

 

主要变化总结如下表：

	增长类别	平衡类别
最低投资额	$500万纽币	$1千万纽币
可接受投资	由新西兰贸易发展局（NZTE）确定可接受的投资： 管理基金 直接投资	由INZ确定可接受的投资： 债券（政府债券、地方政府债券、公司债券、在NZDX交易） 上市股票 新房地产开发（住宅、租赁、社会住房；商业和工业项目；需海外投资办公室（OIO）批准的敏感土地） 现有商业或工业房地产开发（包括投资OIO批准的敏感土地） 慈善投资 直接投资 管理基金
投资期限	3年	5年
在新西兰停留时间	21天	105天 * 若投资额超过最低投资要求，可减少停留时间。·         $1.1千万纽币 = 减少14天停留时间·         $1.2千万纽币= 减少28天停留时间 $1.3千万纽币= 减少42天停留时间
资金转移及投资期限	自原则批准日起6个月（可申请额外6个月延期，最多12个月）
第49条投资保留核查时间点	24 月 36 月	24 月 60 月
英语要求	无要求

可接受投资的关键变化

最新规定提供了更大的灵活性，使更多企业和基金符合资格。这为投资移民提供了更多投资机会，同时增强了新西兰企业的集资选择。

尽管这些更新可能让人觉得通过投资获得签证变得更容易，但整个流程依然复杂。其中最关键的一点是确保投资符合新的资格标准。

 

增长型

 根据新规定，NZTE将评估增长类别投资，主要变化包括：

1. 投资不再需要证明其具有“全球成功”或“高增长”潜力。专注于国内市场的企业现在也可被纳入考量，但需为新西兰带来经济及其他积极影响。
2. 商业模式不得涉及房地产收购或持有。
3. 以下行业中涉及房地产作为商业模式一部分的企业可获批准：

1. • 科技
   • 制造业
   • 食品和饮料
   • 可再生能源
   • 老年护理
   • 第一产业（如园艺，包括后收获基础设施、林业、农业、水产养殖）
   • 基础设施（如旅游、电影、医疗和教育）

这些变化大大拓展了直接投资的机会，使高净值投资移民AIP申请人能够投资符合自身兴趣的企业，同时推动新西兰经济增长。

 

直接投资

 要符合新规定下的可接受直接投资，投资者必须：

1. 投资于以下之一：

1. • 依照INZ政策，作为批发投资者投资于认可的上市股票
   • 被投资企业的股权证券
   • 可转换为被投资企业的股权证券的金融产品（如可转换债券、优先股或未来股权简单协议）
2. 获得NZTE确认，确保：
   • 上市股票投资在资金投入前已获得NZTE预先批准，或
   • 被投资企业符合可接受直接投资的条件
3. 维持所有权权益方式：

• • 直接持有被投资企业的所有权权益，或
  • 作为信托唯一受益人，信托受托人持有被投资企业的所有权权益，或
  • 指定名义受托人代表持有股份或证券

即使被投资企业在投资后不再是新西兰本地企业，资金仍被视为可接受投资。

管理基金

管理基金投资必须：

• 购买NZTE认可基金清单上的管理基金产品
• 选择NZTE认可的自主投资管理服务

管理基金产品不被归类为可接受的增长类别投资，除非列入NZTE清单。然而，如果基金专注于以下领域，可归入平衡类别投资：

• 投资符合INZ要求的上市股票
• 投资符合INZ要求的住宅、商业或工业地产收购或开发
• 投资符合INZ要求的债券

 短期流动性（on-call）投资

 投资者将基金存入管理基金，但等待基金经理配置时，必须存入短期流动性（活期）投资。主要条件包括：

• 法律协议：必须有具约束力的承诺。
• 资金管理：由投资者或授权方（如银行或财务顾问）管理。
• 投资合规性：必须符合新西兰监管和金融市场管理局（FMA）要求。
• 投资限制：资金可临时存入新西兰银行账户或定期存款（最长六个月）。

 平衡型

 房地产开发

 要符合可接受投资标准，房地产开发投资必须属于以下类别之一：

1. 新建房地产开发，包括：
   • 住宅
   • 商业
   • 工业
2. 现有的商业或工业房地产开发。

对于涉及敏感土地的开发，必须根据《2005年海外投资法》获得批准，或符合豁免条件。

 

a. 住宅房地产开发

必须满足以下条件：

• 必须是新开发项目（非翻新或扩建）。
• 必须增加住房存量（超过单户住宅）。
• 必须获得相关机构的必要批准或许可。
• 投资应以商业回报为目标，例如租金收入。
• 申请人及其家人不得居住于开发项目中。

 b. 商业/工业房地产开发

必须符合以下标准：

• 仅用于商业目的（不得用于住宅）。
• 能够产生商业回报。
• 不得是闲置土地，除非已提交开发计划且工程已启动。
• 必须有INZ批准的改进计划。
• 申请人及其家人不得居住在开发项目中。
• 若为新开发，必须具备必要的资源许可。

c. 工业地产,包括仓储、制造、配送和物流等设施。

 债券

可接受的债券投资必须满足以下条件之一：

• 由新西兰政府或地方政府发行。
• 在新西兰债务证券市场（NZDX）交易。
• 由获得公认信用评级机构至少BBB-评级的新西兰公司发行。
• 由新西兰注册银行发行。
• 由NZX上市公司或地方政府全资子公司发行，仅为母公司筹集资金，并获得母公司无条件担保。

投资于债券的管理基金也可符合要求，前提是其基础债券符合上述标准。

 

挑战

AIP政策的变化旨在使新西兰成为一个更具吸引力的投资目的地。这些政策更新的主要好处包括：

• 扩大可接受投资的范围 – 为投资者提供更多灵活性。
• 取消英语语言要求 – 使来自非英语国家（如中国）的投资者更容易参与。
• 减少在新西兰的停留时间 – 使投资过程更加高效。
• 缩短投资时限 – 帮助投资者更快地实现目标。
• 取消投资上限 – 提供更大规模投资的机会。
• 简化投资流程 – 简化程序，加快审批速度，便于导航。申请将由新西兰贸易和企业部（NZTE）AIP委员会大约每两周评审一次。

然而，尽管有这些优势，投资者仍然可能面临一些挑战。这些挑战包括：

1. 合法获得的资金 – 提名的资金和/或资产必须合法赚取或获得，且没有任何负担，并且估值需符合要求。
2. 来自外汇管制国家的资金转移（如中国） – 合格的国内机构投资者（QDII）和合格的国内有限合伙人（QDLP）计划不被接受用于AIP申请。因此，来自这些国家的投资者应尽早与专业人士合作，定制具体的投资计划，确保符合所有监管要求。
3. 投资决策的尽职调查 – 所有投资都存在风险，无论是在增长型类别还是平衡型类别。对潜在项目进行深入的尽职调查，并寻求专业建议，可以帮助降低风险并提高投资的潜在回报。重要的是要将这一过程视为投资机会，而不仅仅是获得签证的途径。

写在最后

 尽管这些变化可能让人觉得将资金带入新西兰即可轻松获得签证，但实际操作仍然复杂。关键在于确保投资符合INZ和NZTE设定的严格标准。

投资者必须谨慎安排资金，使其符合这些要求，以确保AIP计划的资格。从一开始就寻求专家指导至关重要，以便顺利应对复杂流程，并做出明智的投资决策。

欢迎垂询 竭诚服务

我们的团队结合了移民、商业和房地产领域多年的专业知识与经验，能为您提供量身定制的全方位咨询服务。无论您需要移民程序指导、投资结构建议，还是房地产法规支持，我们都可以提供帮助。

欢迎随时联系我们。我们竭诚为您服务，让您的投资与移民旅程更加顺畅。

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