New Zealand relaxes entry criteria for retirees – if you’ve got £4m
(Thu, 12 Nov 2009)
The New Zealand government has announced a new entry policy which could allow more retirees to move there.
It means anyone with NZ$10m (£4m) to invest over three years will be guaranteed immediate residency, regardless of age and with no business conditions attached. Applicants must spend at least 73 days per year in New Zealand.
Alternatively, under 65s with three years of business experience can invest NZ$1.5m (£658,000) over four years to gain residence and must have another NZ$1.5m in settlement funds. It requires 146 days or more to be spent there annually.
It’s the government’s way of boosting the economy, getting around the current requirement for potential emigrants to the island to have specialist skills.
The money can be invested in a number of vehicles, including government bonds, corporate bonds, managed funds and equities. With no inheritance tax and an interest rate currently standing at 2.5% it could be a beneficial investment for those who have the money.