Immigration New Zealand has approved 43,079 people to become permanent residents for the 2009-10 financial year, of which 26,744 come from the skilled and business stream.
But with changes made to the residency programme this month, the number of skilled and business migrants in the coming year could top nearly
30,000 and see millions of investment dollars being pumped by migrants into the economy.
This will come at the expense of people coming under the international and humanitarian stream.
Allocation of places to the business stream has been increased from between 26,800 and 29,950 last year to between 26,900 and 29,975, while the humanitarian stream has been dropped from between 3350 and 3850 to between 3250 and 3825.
A slight increase in business migration numbers could be worth millions to New Zealand's economy, the agency said.
The Department of Labour estimates immigration to be worth $1.9 billion a year.
"With investor migrants, there is obvious economic benefit to New Zealand in the investment required, a minimum $1.5 million for the basic category ... and a minimum $10 million for the investor plus category," said the head of Immigration NZ, Nigel Bickle.
"In addition to these requirements, many investor migrants bring unquantifiable ancillary wealth. How they spend or invest that in their business is their business, though inevitably it boosts the New Zealand economy."
Mr Bickle said migrants who came under other business streams, such as the long term business or entrepreneur categories, also provided stimulus and promote economic growth through start-up business, or capital investment into existing New Zealand businesses. He said this would create employment for New Zealanders and expand existing export markets.
"Business migrants also make an economic contribution through the payment of tax."
Although Mr Bickle said it would be difficult to quantify what it costs to resettle a refugee in New Zealand, the Department of Labour estimates refugee resettlement costs in their first year to be $5.73 million.
Immigration Minister Jonathan Coleman said changes to the residency programme were due to an expected drop in demand for entry under humanitarian criteria.
"Estimated demand in the international/humanitarian stream is likely to be lower than predicted in previous years, so the surplus places have effectively been transferred to the skilled/business stream," he said.
In the agency's selection of expressions of interest under the skilled migrant category which took place on Wednesday, 528 applications representing 1136 people were accepted.
Despite the number of New Zealanders on welfare benefits rising by 1.1 per cent to 332,924 in June, 405 applicants had also managed to obtain job offers.
India made up 17.8 per cent of selected expressions, Britain 13.8 per cent and China 8.7 per cent. Since the skilled migrant category started in 2003 a total of 115,551 expressions of interests, representing 267,911 people, have been selected for residency.
RESIDENCY CHANGES
* Skilled/business numbers rise from between 26,800 and 29,950 to between 26,900 and 29,975.
* International/humanitarian numbers dip from between 3350 and 3850 to between 3250 to 3825.
* No changes to the family-sponsored streams.
Immigration minister Jonathan Coleman. Photo / Dean Purcell
Immigration New Zealand has approved 43,079 people to become permanent residents for the 2009-10 financial year, of which 26,744 come from the skilled and business stream.
But with changes made to the residency programme this month, the number of skilled and business migrants in the coming year could top nearly
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