New Zealand, Once Known as an Immigrant Paradise
Eases Visa Requirements to Attract Foreign Capital
Abolishes Language Test and Expands Investment Options
New Zealand is easing the conditions for its investment immigration 'Golden Visa' to promote economic recovery by attracting foreign capital.
According to Bloomberg on the 10th (local time), Erica Stanford, New Zealand's Minister of Immigration, announced in a statement the day before that the investment immigration visa will be restructured.
Minister Stanford said, "With capital mobility being very high, the world is becoming increasingly complex. As a result, people want to do business in safe and stable countries," adding, "We are now making the investment immigration visa simpler and more flexible to provide incentives for investors to choose New Zealand as their 'destination.'"
Accordingly, from early April, the language test requirement for investment immigration will be abolished, and potential barriers such as the mandatory stay period for investors will be lowered.
Additionally, the investment immigration visa will be restructured into two categories: 'high-risk investment' and 'mixed investment,' with an expanded scope of allowable investments.
The high-risk investment visa requires a minimum investment of 5 million New Zealand dollars (approximately 4.1 billion KRW) in a business or fund over three years, with only 21 days of stay in New Zealand required to qualify.
The mixed investment visa requires a minimum investment of 10 million New Zealand dollars (approximately 8.2 billion KRW) in stocks, bonds, real estate, etc., over five years, with a stay of 105 days.
Minister Stanford added that the range of options has been broadened for investors other than high-risk investors, and many applicants have already shown interest during consultations with related industries.
Last year, as New Zealand plunged into a sharp economic downturn, the government attempted to stimulate the economy through interest rate cuts but appears to have recognized the need for external capital. Accordingly, the New Zealand government has been reviewing foreign investment regulations to encourage highly skilled individuals to immigrate permanently while also relaxing rules to assist foreigners working remotely.
However, Bloomberg pointed out that recently, funds brought in through investment immigration visas in countries such as Australia and Spain have not contributed to economic productivity and have focused on simple investments like real estate, noting a trend toward the abolition of investment immigration visas.
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