Wealthy overseas business owners and investors will have to invest at least $3 million in New Zealand from May next year under changes announced by Immigration Minister Michael Woodhouse.
Applicants seeking the visa under the investor 2 category must currently invest $1.5 million in NZ over four years and hold $1 million in settlement funds. The visas were launched in 2009, and the government says it has led to $2.9 billion being invested in the country, and $2.1 billion in funds committed.
However, Woodhouse said around two-thirds of this money was invested in bonds.
"The government believes there is an opportunity to rebalance this towards growth-orientated investments. That is why we are making changes to increase the amount and performance of investment while better recognising the non-financial contribution of migrant investors," he said.
As well as doubling the investment required for the visa, the overhaul will remove the need for investors to have $1 million in settlement funds, with growth investments rewarded with bonus points, priority processing and a financial discount.