Auckland chamber welcomes new immigration rules

The Government hopes more rich investors will be landing in NZ after today's relaxation of business migrant rules. Photo/Paul Estcourt.

New immigration rules designed to attract rich investors have been described as "timely and smart" by the Auckland Chamber of Commerce.

Investment specialists also say the changes were needed to turn around a very low rate of applications.

Immigration Minister Jonathan Coleman announced yesterday investors with $10 million would be able to get residency more quickly and would not need to speak English - a big deterrent in the past.

Other criteria have been relaxed as well, designed to attract wealthy Asians prepared to put big money into New Zealand.

Dr Coleman said since 2007 only 23 people had come in under the old business migrant policy.

Economic Development Minister Gerry Brownlee said the country was missing out on the capital and skills needed to create jobs.

Auckland Chamber of Commerce chief executive Michael Barnett said his organisation would set up a database for investors looking for opportunities.

"The announcement is both timely and a smart move. Overseas business migrants with the ability to bring capital into New Zealand need constraints removed."

David Cooper, operations manager of immigration consultancy Malcolm Pacific, said the changes might help turn the tap back on for money from China.

He didn't think a lack of English would be a problem for people with $10 million because they could hire translators.

Investment management specialist Tim Howe of Ocean Partners said the new rules would go some way to enticing wealthy investors.

- NZPA