Wealthy older parents of settled immigrants will be given priority to retire here if they are rich enough to invest $1 million over four years.
They will have to have good health but will not need to have health insurance. As permanent residents they will be eligible for health and
welfare assistance. But in that respect they will be no different from the maximum 3440 parents already allowed to settle each year under the Family Parent Category.
The new wealthy parent applicants - who will be given priority over parents seeking family reunification - will be counted within the limits of the present family parent category.
The Government will allow another set of ageing wealthy visitors aged over 65 to live in New Zealand for two years at a time on a temporary visa if they invest $750,000 and have comprehensive health insurance.
National promised a retirement visa in its election manifesto but promised that the successful applicants would not be a drain on the health or welfare system.
Immigration Minister Jonathan Coleman said the successful applicants could well be the sort of person who takes out private health insurance.
He did not believe that giving priority to a wealthy set of parents would create resentment among immigrants because he believed that only a few hundred would qualify each year.
The criteria will apply to the principal applicant so a couple could be approved on the basis of the $1 million or $750,000 investment. There will be no requirement to maintain the $1 million investment after four years, but to renew the temporary visa, the applicant would have to maintain a $750,000 investment.
