Many clients have asked us recently about retirement visas and how older migrants can come to New Zealand. There are two retirement visa policies in New Zealand that you may be able to take advantage of. The Parent Retirement Category and the Temporary Retirement Category.
These policies both aim to increase investment in New Zealand and stimulate the economy so they are unfortunately only available to people with sufficient capital and assets to invest in New Zealand.
Parent Retirement Category
This category allows a Residence visa to be granted to those who:
- invest a minimum of $1 million in New Zealand over four years.
- have an adult child who lives in New Zealand and is a New Zealand citizen or resident.
- Do not have any ‘dependent’ children.
- have sufficient settlement funds and/or assets. ($0.5 million)
- Have an annual income of at least NZ$60,000
If you submit an application and it is approved in principle, you will need to transfer and invest your total investment funds within 12 months of being approved in principle.
If you are granted residence you will need to retain your investment funds in an acceptable investment for four years.
Temporary Retirement Category.
This is a two year visa for people who want to spend some of their retirement in New Zealand but not necessarily to get permanent residence here.
Requirements for this visa are:
- To invest NZ$750,000 here over the two year term
- Show evidence of comprehensive private Travel or health insurance
- nominate investment funds and/or assets equivalent to at least NZ$0.75 million
- Keep these assets in New Zealand for a period of two years.
- Nominate NZ$0.5 million for maintenance funds,
- Show an annual income of NZ$60,000 at the time of your application.
Temporary Retirees will be able to renew their visas after the first two year period as long as they continue to meet these criteria.
These retirement categories are ideal for people who have the required funds and want to come to New Zealand with a minimum of hassle and without a long waiting time. There is another option for parents without access to such funds to apply under the ‘Parent Category’ of residence, however that involves an Expression of Interest and points based selection process and there is no guarantee of approval. This retirement category is a much more straight forward solution.
If you want further information about these visas and the exact requirements and application process then contact us at Immigration Centre. Our expert legal team will assess your case and come up with a solution catered to you.
Until Next Time,