Wealthy parents of settled immigrants in New Zealand will be given priority to retire in the country if they are able to invest $1 million over four years.
Under the current rules, a maximum of 3440 primary parent applicants are allowed to settle in New Zealand each year under the Family Parent Category. The new rules will give priority to the wealthier ones willing to invest in the country. These will, however, be included in the maximum number of applications in that category, which remains unchanged.
These candidates will have to meet health requirements, but do not need to have health insurance, since, as permanent residents, they will be eligible for health and welfare assistance.
Additionally, the New Zealand government will allow another set of ageing wealthy visitors aged over 65 to live in the country for two years at a time on a temporary visa if they invest $750,000 and have comprehensive health insurance.
The measures were part of the list of promises the National Party had made in its election manifesto. According to Immigration Minister Jonathan Coleman, these policies will not represent a burden to the country’s healthcare system.
"Looking at what has happened in Australia with these policies, it is not a massively high uptake, but there is a small niche market where it does make a difference to people and on balance there is only potential upside for the country from it,” commented the minister. “You get people going to settle in some nice retirement spot in New Zealand. They inject a bit of money into the local economy and they are also bringing in investment funds as well."
The criteria will only apply to the main applicant, which means that a couple could be approved on the basis of the $1 million or $750,000 investment. After four years have passed, applicants will no longer be required to maintain the $1 million investment. The same will not apply for the $750,000 investment for temporary visa holders.
