Minister of Immigration
Hon Tuariki Delamere
Simple, More Streamlined Procedures for Business Investors
The Minister of Immigration, Hon Tuariki Delamere, said that the new Investor category aims to attract active participants in the business sector through a points system that rewards age, business experience and investment funds.
"The balance is important because our immigration policy has always welcomed investors, but we want investors who are going to participate actively in developing New Zealand business, not just people who think that funds buy residence in New Zealand," Mr Delamere said.
"That's why we've raised the minimum level of qualifying funds to NZ$1 million and lowered the number of points associated with investment fund values. Instead, we're placing the points emphasis on job experience and younger investors because we want applicants that qualify in this category to be people who are serious about participating in the community and economy here, not just looking for a lifestyle change and a retirement option," he said.
"And for those serious, active, investors, the incentive in the new category is a simpler points system with only three categories of points and new procedures at our overseas offices with a streamlined application process and senior personnel assigned to assist these applicants".
Investors will need 12 points to qualify for the Investor category.
The new Investor category will have three points categories only : age, business experience and investor funds. This will replace a more complex points system that includes points for different categories of investment funds, qualifications and a range of settlement factors such as spouse's qualifications and family sponsorship.
Points for business experience will range from 1 point for 2 years experience to 5 points for 10 years experience. Twenty-five to 29 year olds will attract 10 points. Points reduce to zero by age 60. Investors up to 84 years can now apply, but they will attract minus four points.
The minimum investment funds required to qualify will be NZ$1 million, attracting only 1 point and ranging up to $NZ6 million, attracting 11 points. Existing policy awards 10 points for only NZ$3 million.
The Investor category will replace the existing Business Investor category. It will come into effect on 29 March 1999.
Investor Category Points Table
| Age (maximum age is 84) | Business experience | Investment funds(NZ$) (must score at least 1 point) |
|
25-29 years 10
30-34 years 9 35-39 years 8 40-44 years 6 45-49 years 4 50-54 years 2 55-59 years 1 60-64 years 0 65-74 years -2 75-84 years -4 |
2 years 1
4 years 2 6 years 3 8 years 4 10 years 5 |
$1,000,000 1 $1,500,000 2 $2,000,000 3 $2,500,000 4 $3,000,000 5 $3,500,000 6 $4,000,000 7 $4,500,000 8 $5,000,000 9 $5,500,000 10 $6,000,000 11 |
Mr Delamere also announced that investors would be helped to settle well in New Zealand and take an active part in business through the establishment of a Business Liaison Unit. Once developed, the Unit will help business migrants identifying investment opportunities by facilitating contact with business support agencies, connecting migrants with mentors and providing information about the way business is done in New Zealand.
Scoping work on the Unit should be completed in November this year.
Inquiries:
Ted Sheehan (04) 4719 886 (021) 638 920