Residency sale plays on US fear

By EUGENE BINGHAM

New Zealand is being advertised as a bolt-hole for wealthy Americans and Europeans worried about terrorism or war.

Former Government official Kelly Beeman says that with $1 million to deposit in a New Zealand bank, English-speaking foreigners can earn permanent residency and a haven without even having to move here.

His marketing strategy relies on the investor category of the Government's immigration policy, which rewards people for their business experience and the size of their investment.

"As the perceived fear becomes real, there's going to be a lot more interest," said Mr Beeman, who owns Auckland immigration consultancy the Beem@n Group.

"That doesn't mean people are going to have to move down here permanently.

"But it certainly gives them a second option should terrorism become a major issue, which I'm convinced it will."

His sales pitch has angered the Association for Migration and Investment, which believes it is wrong that people should be encouraged to effectively buy New Zealand residency by putting money in the bank.

"We should not be selling New Zealand residency," said Bill Milnes, chairman of the association. "That is not what our immigration policy should be about."

But Mr Beeman, who is an American but also has New Zealand citizenship, believes there is value in the scheme for the country, not just the migrants.

"It's entirely consistent with the Government's current policy of encouraging further foreign direct investment," he said.

Wealthy migrants would help to drop the cost of capital as they took up opportunities in New Zealand.

Mr Beeman said he was targeting people worth at least US$5 million ($9 million) and was receiving about eight inquiries a day.

"These people aren't tyre-kickers. They want specifics."

Mr Beeman moved to New Zealand in the early 1990s to work for the Treasury and then the Reserve Bank.

He was hired by the Ministry of Foreign Affairs and Trade to head investment promotion efforts in North America from a base in Los Angeles.

Last April, he and his wife, Jerri, moved back to New Zealand, partly to escape the threat of terrorism.

The fear in the US was "palpable" and "constant".

"I think this time the difference is the kind of weapons they've got.

"There are profound dangers and I think very, very wealthy investors in New Zealand, while they may not be willing to move right now, they certainly need the permanent residency stamp in their passport so that, should it get so bad, they can get themselves and their families down here."

A spokesman for Immigration Minister Lianne Dalziel said yesterday that the Government was reviewing the investor category.

The Government wanted the category used to attract more active investment rather than people who wanted to leave money in the bank for a few years.

"The investor category is very important to New Zealand, and we want to make sure we provide opportunities for those with capital to bring their funds into New Zealand," said the spokesman.

"But we want them to come in a way which has the capacity to make a real difference to New Zealand."

Herald feature: Immigration