Wealthy Americans Flock to New Zealand's "Golden Visas" Amidst Rule Changes

Following relaxed application rules, wealthy Americans are showing significant interest in New Zealand's "golden visas." The country's coalition government adjusted the requirements for the Active Investor Plus visa in February, aiming to stimulate the economy by offering residency to affluent foreigners.

The revised regulations, implemented in April, reduced investment thresholds, eliminated English-language requirements, and shortened the required residency period from three years to three weeks. Immigration New Zealand reports 189 applications, representing 609 individuals, under the new guidelines. This is a substantial increase compared to the 116 applications received over 2.5 years before the changes.

The majority of applicants, nearly half, are from the United States, with 85 applications. China follows with 26 applications, and Hong Kong with 24. The remaining applicants come from various countries across Asia and Europe.

According to Stuart Nash, a former Labour party minister, the changes under the Trump administration are a significant factor driving applications. The new rules have seen 149 applications under the "growth" category, requiring a minimum $5 million investment over three years, and 40 under the "balanced" category, which requires a minimum $10 million investment over five years.

Immigration has approved 100 applications in principle, and seven have transferred their funds, resulting in $45 million for New Zealand. Benny Goodman, New Zealand Trade and Enterprise's general manager for investment, noted the increased interest, citing New Zealand's stability and innovation in sustainable business and technology as key attractions.

Nash believes global instability makes New Zealand, with its stable democracy, independent judiciary, and safe banking system, an appealing destination, particularly for Americans. He emphasizes the desire for a safe haven rather than a tax haven.

This isn't the first time New Zealand has attracted interest from Americans and other wealthy individuals seeking a secure location. Following Trump's 2016 election, visits to the country's immigration website increased dramatically. The country's property market also saw a surge of interest from the US after Trump's 2024 election win.

The loosening of visa rules is part of the right-wing coalition's efforts to boost the economy, reversing some policies from the previous administration. Earlier this year, restrictions on other visas were also relaxed to attract "digital nomads."

Economic growth minister Nicola Willis stated that the visa could represent a potential $845 million of new investment in New Zealand businesses. She highlighted the added benefits of new investors bringing skills, knowledge, and experience that will drive future economic development.