Michael Woodhouse, New Zealand’s Immigration Minister, announced that their government has decided to increase the minimum migration visa fee to NZ$3 million from May 2017 for affluent migrants wanting to set up shop in the Oceania country.
Henceforth, visa applicants under the investor category have to a pay the above-mentioned amount – an increase from the earlier minimum investor fee for migrants of NZ$1.5 million, which could be spread over four years. In addition, investors needed to have in their possession NZ$1 million in settlement funds.
The original migrant investor visas, which were introduced in 2009, have caused NZ$2.9 billion to be invested in New Zealand until now, and NZ$2.1 million made way into the country’s exchequer in funds committed.
Sharechat.co.nz quotes Woodhouse as saying that two-thirds of this money had been put in bonds. He said that their government was of the belief that there was an opportunity to allocate these funds towards investments in growth-oriented projects.
As the migrant visa investment fee is being doubled, the investors need not hold NZ$1 million in settlement funds. Meanwhile, the yearly ceiling on the investor migrant visas will also be increased to 400 from the present 300.
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