The number of people applying under the investor migrant category has plummeted. Photo / Paul Estcourt
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New rules allowing wealthy investors into the country will be announced today in an attempt to reverse a collapse in numbers applying to enter.
Immigration Minister David Cunliffe will outline changes to the investor migrants category after the numbers of migrants applying to enter New Zealand in this
category fell from more than 1000 a year to fewer than 20 after tighter rules were introduced.
Since July 2005, anyone applying for residency as an investor has had to have at least $2 million, which the Government holds for five years. The investor can withdraw up to $1 million after two years to invest in a business that will benefit New Zealand.
Previously, investor migrants had to bring $1 million which the Government held for two years.
The policy was tightened to prevent rorts such as people borrowing the money required and repaying it as soon as they had residency, or gaining residency and sending the money to others to enter as "investors".
The category was created to attract migrants who would use their money to invest in New Zealand, boost the economy and create jobs.
In recent years, Britain has accounted for most approvals under the investor category - in 2005-06 36 per cent of all those approved were British. However, there has been a big drop in applications from northeast Asian countries - China had previously accounted for 40 per cent of approvals but dropped to just 8 per cent in 2005-06.
The changes are part of an overhaul of immigration laws and policies aimed at attracting people the economy needs. Mr Cunliffe will also announce changes to the skilled migrants category, which targets those jobs for which New Zealand has a shortage of workers.
