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New Zealand Golden Visa Explained - The Complete Guide to the Active Investor Plus Visa

New Zealand's Golden Visa explained - investment categories, eligibility, property rules, risks and application process for the Active Investor Plus visa
Updated 20 March 2026

Summary
  1. New Zealand's Active Investor Plus (AIP) visa, known also as New Zealand's 'Golden Visa', offers high-net-worth individuals and their families a pathway to residency through investment.
  2. Relaunched in April 2025 with less complicated requirements, the programme has attracted significant global interest, with nearly 500 applications representing potential investments of almost NZD $3 billion received in the first few months.
  3. This comprehensive guide covers everything you need to know about the programme, including the two investment categories, detailed requirements for each acceptable investment type, the application process, ongoing compliance obligations, and how to purchase property in New Zealand as an AIP visa holder.

To help you understand what's on offer, our guide covers:

Part 1 - Overview
  • What is New Zealand's Golden Visa?
  • Understanding the 'Growth' Category
  • Understanding the 'Balanced' Category

Part 2 - Acceptable Investments and the Risks and Restrictions You Need to Understand
  • Managed Funds
  • Direct Investments
  • Listed Equities
  • Bonds
  • Philanthropy
  • Property Development

Part 3 - Important Information
  • Who This Visa Is (and Isn't) For
  • Common Mistakes Investors Make (and How to Avoid Them)
  • Managing Your Investments During the Investment Period
  • The Application Process
  • Eligibility Requirements
  • Buying Residential Property in New Zealand
  • Tax Considerations
  • Active Investor Plus Programme Statistics and Demand
  • Frequently Asked Questions
  • Key Government Agencies and Resources
Disclaimer:
  • This guide is for general information purposes only and does not constitute immigration, legal, tax, or investment advice.
  • All information is subject to change without notice - government policies, visa requirements, investment rules, and tax obligations may be updated at any time.
  • MoneyHub is not liable for any decisions made based on this content. You should seek independent professional advice from a qualified immigration adviser, lawyer, tax specialist, or financial adviser before making any decisions.
  • While we make every effort to ensure accuracy, we recommend verifying all details directly with Immigration New Zealand and other relevant government agencies.

What is New Zealand's Golden Visa?

​The Active Investor Plus visa is New Zealand's 'residency by investment' programme, designed to attract skilled and experienced investors who wish to contribute to New Zealand's economy.

The programme was significantly revised in April 2025, with the government lowering investment thresholds from the previous NZD $15 million requirement (using a weighting system), removing the English language requirement, and simplifying the investment categories.
​
We believe these changes were designed to make New Zealand more competitive with other golden visa programmes worldwide while still ensuring investments deliver genuine economic benefit.

What does the visa offer, and how can I apply?

​The Active Investor Plus visa allows holders to live, work, and study in New Zealand indefinitely, include family members in the application, and apply for permanent residence after meeting the investment and time-in-country requirements.
 
Two New Zealand government agencies administer the programme - Immigration New Zealand processes visa applications and assesses eligibility. At the same time, Invest New Zealand (part of New Zealand Trade and Enterprise) approves Growth Category investments and maintains the list of acceptable managed funds.

Understanding the 'Growth' Category

​The Active Investor Plus visa offers two distinct investment pathways, 'Growth' and 'Balanced,' to accommodate different investor profiles and risk appetites. Both require investments to be made in New Zealand, in New Zealand dollars, and not for the investor's personal use.
 
The Growth Category is designed for investors willing to take on higher-risk investments that directly support New Zealand's innovation and business ecosystem. This option offers a lower investment threshold and shorter investment period, but requires investment in less liquid assets.
  1. Minimum investment: NZD $5 million (approximately USD $2.9 million)
  2. Investment period: 36 months (3 years)
  3. Time in New Zealand: Minimum 21 days over the 3-year period
  4. Acceptable investments: Managed funds approved by Invest New Zealand and direct investments in New Zealand businesses (also approved by Invest NZ)
  5. Investment checkpoints: Evidence required at 24 months and 36 months
  6. Travel rights: Travel in and out of New Zealand as a resident for 4 years from first arrival
 
Know This: Growth Category investments are typically illiquid (not easily converted to cash) and may require a long-term commitment that extends beyond the 36-month visa investment period. Current options are predominantly venture capital, private credit, and private equity funds.
 
Our View: Due to their extended duration and risk profile, these investments may not be suitable for all investors.

Understanding the 'Balanced' Category

The Balanced Category offers a lower-risk alternative with a broader range of acceptable investment options, including more liquid assets such as listed equities and bonds.
  1. Minimum investment: NZD $10 million (approximately USD $5.8 million)
  2. Investment period: 60 months (5 years)
  3. Time in New Zealand: Minimum 105 days over the 5-year period (and this can be reduced with additional investment)
  4. Acceptable investments: All Growth Category investments plus listed equities, bonds, philanthropy, and property development
  5. Investment checkpoints: Evidence required at 24 months and 60 months
  6. Travel rights: Travel in and out of New Zealand as a resident for 6 years from first arrival
 
Reducing Time-in-Country Requirements (Balanced Category Only)
  1. Balanced Category applicants can reduce their time-in-country requirement by investing additional funds above the NZD $10 million minimum into Growth Category investments (managed funds or direct investments).
  2. The additional funds must be nominated before your application is approved in principle.

Acceptable Investments and the Risks and Restrictions You Need to Understand

For an investment to be acceptable under the Active Investor Plus visa, it must be:
  1. Invested in New Zealand, and
  2. Demoninated in New Zealand dollars (NZD), and
  3. Not for your personal use.
 
Know This: Immigration New Zealand determines whether an investment is acceptable at the time it is made, but does not endorse or guarantee the success of any investment. The investment value is determined at the time it is made, inclusive of investment fees (management fees, brokerage fees, transaction fees).
 
Investment categories include:

Managed Funds

Acceptable for: Growth Category and Balanced Category
  1. A managed fund invests in various assets on your behalf, picked by the fund's manager and their team.
  2. For the Growth Category, your managed fund must be on the list of acceptable managed funds maintained by Invest New Zealand (updated January 2026), which contains approximately 70 approved funds.
  3. While these funds offer a pathway to New Zealand residency, the Growth Category investments are fundamentally different from traditional investment products and carry significant risks that may not be immediately apparent.

The Reality of Growth Category Managed Funds

​Know This First: These funds are not like buying into 'mutual' or index funds, or buying ETFs or stocks. Instead, Growth Category funds primarily invest in venture capital, private equity, and private credit. They are designed for sophisticated investors with long-term horizons and the ability to absorb potential losses.
 
We outline key characteristics to understand, given the risks:
 
1. Illiquidity is the norm, not the exception
  1. Most Growth Category funds lock up your capital for 7-10 years or longer. Unlike listed shares or bonds, you cannot simply sell your investment when you want to exit.
  2. Some funds offer limited redemption windows (quarterly or annually), but these are often subject to restrictions and may not be available during market stress.
 
Funds that offer some liquidity features (but still not liquid) include Punakaiki Fund (quarterly trading windows), Castlerock Partners (quarterly redemptions), PCG Private Debt (weekly liquidity), Hunter Diversified (monthly redemptions) and AAM Corporate Loan Fund (evergreen structure), among others. However, funds can change their terms later on - our focus is to highlight the high-risk nature in this segment of investing.
 
2. Capital calls mean your money is deployed over time
Many venture capital and private equity funds don't take your full investment upfront. Instead, they "call" capital over 2-5 years as they find investments. This means:
  1. Your on-call funds must be held in acceptable investments (listed equities or bonds) while waiting
  2. Only 25% can be held in cash/term deposits
  3. You must respond to capital calls or face penalties
  4. The fund's investment period may extend beyond your visa investment period
 
3. Returns are highly uncertain
Target returns quoted by funds (often 15-25% IRR for venture capital) are aspirational, not guaranteed. Venture capital is risky, and the historical performance of previous funds does not guarantee future results.
 
4. Most funds are relatively small and new
Many approved funds are raising their first or second funds, managing relatively modest amounts by global standards. While New Zealand has produced successful venture outcomes (Xero, Rocket Lab, etc.), the market is small and concentrated.
 
5. Sector concentration creates additional risk
Investors choosing a single fund may have concentrated exposure to one sector (e.g., climate tech, agri-tech, deep tech). If that sector underperforms, your entire investment is affected.

Growth Fund Types Explained

Venture Capital
  1. Invests in early-stage companies (seed to Series A/B) with high growth potential but high failure rates.
  2. Expect 7-10+ year holding periods. Most companies in a VC portfolio will fail; returns depend on finding "winners" that deliver 10-100x returns.
  3. Example funds: Icehouse Ventures, Movac, GD1, NZVC, Pacific Channel, WNT Ventures, Motion Capital
 
Private Equity
  1. Invests in more established private companies, often taking controlling stakes.
  2. Lower failure rates than VC, but still high risk and illiquid with 5-10 year horizons.
  3. Example funds: Pioneer Capital, Castlerock Partners, Kākāpō, ForthCo, Altered Capital
 
Private Credit
  1. Lends money to businesses, secured against assets.
  2. Lower risk than equity investments, as debt ranks ahead of equity in insolvency, but still risky.
  3. Returns are more predictable (interest payments) but lower than the upside from equity.
  4. Example funds: AAM, PCG Private Debt, Pioneer Private Debt, Peninsula Credit, DE Capital
 
Infrastructure
  1. Invests in long-life assets like solar farms, energy infrastructure, and forestry.
  2. Generally, such funds offer more stable returns but are very long-term commitments.
  3. Example funds: Amber & Partners Infrastructure, Blue Ocean Capital (Solar), MyFarm Solar, Rānui Sunshine
 
Fund of Funds
  1. Invests across multiple underlying funds, providing diversification but adding an extra layer of management fees.
  2. Example funds: Greener Pastures Diversified, Nexus Capital

Important Considerations Before Investing

1) Tax implications may apply regardless of residency
  1. Most approved funds are structured as New Zealand Limited Partnerships (NZLPs).
  2. Even if you don't become a NZ tax resident (by staying less than 183 days), you may still need to file NZ tax returns and pay NZ tax on your share of partnership income.
 
2) Fund lifecycles may not align with your visa timeline
  1. Your visa requires a 36-month investment period. Many VC/PE funds have lifecycles of 10+ years.
  2. While you will have met your visa requirements after 36 months, your capital may remain locked in the fund for years beyond that. Plan for this mismatch.
 
3) Due diligence is essential
Invest New Zealand's approval confirms a fund meets visa criteria – it is not an endorsement of investment quality or suitability. You should:
  1. Understand the fee structure (management fees, performance fees, carried interest)
  2. Research the fund manager's track record with previous funds
  3. Consider whether the fund's strategy aligns with your risk tolerance
  4. Engage an independent financial adviser familiar with private capital investments
 
4) Diversification may reduce risk but increases complexity
Spreading your $5 million across multiple funds reduces concentration risk, but:
  1. Increases administrative complexity
  2. May result in multiple capital call schedules to manage
  3. Each fund will have different reporting and distribution timings

Our View:
  1. Growth Category investments can deliver strong returns and provide a pathway to New Zealand residency – but they are not suitable for investors who may need access to their capital, cannot afford to lose some or all of their investment, or are uncomfortable with long-term illiquidity.
  2. If you want lower risk and more liquidity, the Balanced Category (NZD $10 million minimum) allows investment in listed equities and bonds, which can be bought and sold on public markets.
 
For the Balanced Category, managed fund investments must be in:
  1. A fund on the Invest NZ acceptable list, or
  2. A managed fund that holds acceptable listed equity investments, or
  3. A managed fund that holds acceptable property development investments, or
  4. A managed fund that holds acceptable bond investments

Direct Investments

Acceptable for: Growth Category and Balanced Category
  1. A direct investment is one in which you invest in a privately held New Zealand business.
  2. Invest New Zealand must approve all direct investments before they can count toward your visa requirements.
  3. Invest NZ assesses each direct investment to ensure it meets the programme's economic benefit objectives, but does not endorse or guarantee the success of any investment.

Listed Equities

​Acceptable for: Balanced Category only
  1. Listed equities are equities listed on a public stock exchange, including shares in individual companies or exchange-traded funds (ETFs).
  2. Listed equity investments must be invested in: shares or stock of a company, an ETF, or a managed fund that holds acceptable listed equities and is licensed by the Financial Markets Authority.
 
The investment must be for a New Zealand resident entity that is:
  1. Listed by a market operator licensed by the Financial Markets Authority (e.g., NZX), or
  2. Offered through a crowdfunding provider licensed by the Financial Markets Authority, or
  3. An equity in a New Zealand-registered bank
 
International exposure limitation: If a listed equity investment is in a managed fund NOT on the Invest NZ approved list and it has international exposure, only the proportion invested in New Zealand will be considered acceptable. For example, if 50% of a managed fund is invested in New Zealand, only 50% of your investment will count toward your allocation.

Bonds

​Acceptable for: Balanced Category only
Bonds are when you lend money to a bond issuer (such as a government, council, or company) for a set period at a fixed interest rate. Bond investments must meet one of the following criteria:
  1. Issued by the New Zealand Government or a local authority (city or district council)
  2. Issued by a New Zealand Resident Entity and traded on the New Zealand Debt Securities Market (NZDX)
  3. Issued by a New Zealand firm with at least a BBB- or equivalent credit rating from an internationally recognised credit rating agency
  4. Issued by New Zealand-registered banks
  5. Finance company bonds that meet specific criteria (see below)
 
Finance Company Bond Requirements: If you invest in finance company bonds, the company must be a wholly-owned subsidiary of, raise capital solely for, and have all its debt securities unconditionally guaranteed by a New Zealand Stock Exchange-listed company or a local authority. Perpetual preference shares and convertible notes are also treated as bonds.
 
International exposure limitation: The same rule applies as for listed equities. If a bond investment is in a managed fund not on the Invest NZ approved list and it has international exposure, only the proportion invested in New Zealand will count.

Philanthropy

​Acceptable for: Balanced Category only
Philanthropy is a donation to a New Zealand registered charity. Philanthropic investments must be donated to organisations that:
  1. Are a registered charity with at least 2 years of annual financial returns, and
  2. Have the current Inland Revenue donee status
​
This allows investors to contribute to causes they care about while meeting visa requirements. Note that donations are not recoverable investments - the funds are permanently gifted to the charity.

Property Development

Acceptable for: Balanced Category only
Property developments are projects that aim to build more residential, commercial, or industrial property in New Zealand. This is one of the more complex investment categories with detailed requirements.
 
Acceptable property development investments include:
  1. New residential property developments
  2. New commercial property developments
  3. New industrial property developments
  4. Existing commercial property developments (to improve the property)
  5. Existing industrial property developments (with the purpose of improving the property)
 
Residential Property Development Requirements:
  1. Must be for new developments on new or existing sites that will increase New Zealand's housing stock
  2. Must be for multiple dwellings (not single houses)
  3. Must be for the purpose of making a commercial return (including rental returns)
  4. Required resource consents must be approved or have been submitted and accepted for processing
  5. Cannot be renovations or extensions to existing buildings
 
What does NOT qualify as residential property development:
  1. House and land packages
  2. Off-the-plans purchases
  3. Properties to be lived in by you, anyone in your visa application, or anyone related to you or them
  4. Renovations or extensions to existing buildings
 
Commercial and Industrial Property Development Requirements:
  1. For new commercial/industrial developments, the purpose must be to generate a commercial return.
  2. For existing commercial/industrial developments, the purpose must be to improve the property - improvements must be material in nature and form a substantial part of the investment, allowing the property to be used for a productive business purpose.
  3. You must provide improvement plans outlining the property details, planned improvements, and what funds will be used for.
  4. Earthquake strengthening or full renovation work qualifies; fixing general wear and tear (e.g., replacing carpets or curtains) does not.
 
Property Ownership Structures:
  1. You can own property investments through: direct ownership, a New Zealand company that you own (you must be the sole owner or share ownership only with someone included in your visa application), an established New Zealand company, or a managed fund.
  2. Setting up a New Zealand company to invest in property development does NOT count as a Direct Investment and does NOT require approval from Invest NZ.
 
Sensitive Land:
  1. If the property development is on sensitive land, you must have evidence that consent has been granted under the Overseas Investment Act (2005) or that the transaction is exempt.
  2. Evidence can include a notice published by Land Information New Zealand or a letter from a New Zealand lawyer confirming an exemption applies.

What Does NOT Qualify as an Acceptable Investment

Various investments won't meet the New Zealand government's requirements - these include, but are not limited to:
  1. Residential property for personal use (buying a home to live in)
  2. House and land packages or off-the-plan purchases
  3. Investments held outside New Zealand
  4. Investments in foreign currency (must be in NZD)
  5. Assets for the personal use of you or that of your family
  6. Gifted funds that are already in New Zealand (funds must be transferred from overseas)
  7. Property renovations that are only fixing general wear and tear

Who This Visa Is (and Isn't) For

​The Active Investor Plus visa is designed for a specific type of investor. Before committing significant capital and time to the application process, it's worth honestly assessing whether this programme aligns with your circumstances and objectives.
 
Our view is that this visa may suit you if:
  1. You're a long-term, patient investor: Growth Category funds typically lock up capital for 7-10+ years. Even after your 36-month investment period for your 36-month visa ends, your money may remain invested for years. You need to be comfortable not seeing returns – or your capital – for an extended period.
  2. You understand venture capital and private equity: These are sophisticated, high-risk asset classes where most investments underperform and returns depend on a small number of winners. If you've invested in VC/PE before, you'll understand the J-curve, capital calls, and the reality that target returns are aspirational, not guaranteed.
  3. You have no near-term liquidity needs: Your $5-10 million investment should be capital you don't need access to in the near term. If there's any chance you'll need these funds for business opportunities, family needs, or emergencies, this isn't the right programme for you.
  4. You're seeking residency, not just returns: The primary benefit is a pathway to New Zealand permanent residence and citizenship. If residency isn't valuable to you, there are likely better risk-adjusted investment options elsewhere.
  5. You have existing wealth and income sources: This shouldn't be your only significant asset. Successful applicants typically have substantial wealth beyond the investment requirement and ongoing income that doesn't depend on these funds.
  6. You value what New Zealand offers: Whether it's lifestyle, safety, education for children, a base in a stable democracy, or a passport with strong global mobility – you see genuine value in the New Zealand connection beyond the investment.
 
This visa is probably not right for you if:
  1. You're primarily seeking investment returns: If maximising returns is your main goal, you can likely find better risk-adjusted opportunities without the constraints of visa-qualifying investments. Growth Category funds carry significant risk and illiquidity that wouldn't normally be accepted without the residency benefit.
  2. You want capital preservation: Venture capital and private equity can lose money – sometimes all of it. If protecting your principal is important, the Balanced Category (with bonds and listed equities) offers lower risk but still requires a $10 million minimum and a 5-year commitment.
  3. You need or expect liquidity: If you think you might need to access these funds within 5-10 years, or you're uncomfortable with investments you can't easily sell, this programme will cause stress.
  4. You're a "lifestyle buyer" seeking a holiday home: While AIP visa holders can now purchase a $5M+ residence, the property doesn't count toward investment requirements. You still need to make the full $5-10 million qualifying investment separately. This isn't a "buy a house, get residency" programme.
  5. You want a predictable, stable income: Growth Category investments rarely provide regular distributions. Private credit funds offer higher income, but venture capital and private equity typically reinvest returns until exit events years later.
  6. You're uncomfortable with complexity: Managing capital calls, on-call investments, compliance reporting, tax filings in multiple jurisdictions, and coordinating with fund managers requires engagement and organisation. This isn't a set-and-forget investment.
  7. You're in a hurry: While processing is relatively fast (average 26 working days for approval in principle), the full journey to permanent residence takes a minimum of 3-5 years, and citizenship requires 5+ years of residence. If you need immediate residency solutions, other countries may offer faster pathways.

The honest reality
  1. The Growth Category's $5 million threshold is attractive compared to many global golden visa programmes, but the trade-off is investing in genuinely high-risk, illiquid assets.
  2. The investors who do well with this programme are those who would consider VC/PE investments anyway, see the residency as a valuable bonus, and have the financial resilience to absorb a poor outcome.
  3. If you're primarily motivated by the lower investment threshold but uncomfortable with the risk profile, consider whether the Balanced Category ($10 million in lower-risk assets) or a programme in a different country might be a better fit.

Common Mistakes Investors Make (and How to Avoid Them)

​Based on how the AIP visa programme works, these are the pitfalls we see investors fall into. Avoiding them can save you significant stress, money, and disappointment.
 
1. Choosing a fund based on visa approval alone
A fund being on the Invest NZ approved list means it meets visa criteria – nothing more. It's not an endorsement of investment quality, manager competence, or likely returns. Do your own due diligence: read the Information Memorandum, understand the fees, research the manager's track record, and consider whether the strategy suits your risk tolerance.
 
2. Assuming you'll have liquidity after 36 months
Your visa investment period is 36 months (Growth) or 60 months (Balanced), but most VC and PE funds have 10+ year lifecycles. Meeting your visa conditions doesn't mean you can withdraw your money. Your capital may remain locked in the fund for years beyond the duration of your visa. Plan your finances accordingly.
 
3. Underestimating tax filing obligations
Most approved funds are structured as New Zealand Limited Partnerships (NZLPs). Even if you spend only 21 days in NZ and don't become a tax resident, you may still need to file NZ tax returns and pay NZ tax on your share of partnership income. Get specialist cross-border tax advice before investing – not after.
 
4. Over-concentration into one fund
Putting your entire $5 million into a single VC fund means your visa outcome depends on that one manager's performance. If the fund underperforms or the manager has issues, you have no diversification. Consider spreading across 2-3 funds or fund types, even though this adds complexity.
 
5. Ignoring currency conversion timing
You need to transfer funds to NZ in NZD. The NZD/USD or NZD/EUR exchange rate can move significantly. A 5% currency movement on $5 million is $250,000. Consider your conversion strategy carefully – whether to convert all at once, stage conversions, or use forward contracts. Don't leave it to the last minute.
 
6. Treating target returns as expected returns
Fund marketing materials quote target IRRs of 15-25%. These are aspirational figures, not forecasts. Venture capital returns follow a power law – most funds underperform, and most investments within funds fail. A fund targeting a 20% IRR might deliver 5%, 0%, or a negative return. Hope for the best, plan for mediocrity.
 
7. Forgetting about ongoing compliance
This isn't a one-time investment. You must provide evidence at 24 months and 36/60 months that your funds remain invested. You need to complete post-investment questionnaires. You must maintain a minimum number of days in NZ. Missing compliance deadlines can jeopardise your visa. Set calendar reminders and stay organised.
 
8. Assuming the fund manager handles everything
Fund managers manage investments, not your visa compliance. You're responsible for ensuring your total investment meets requirements, providing evidence to Immigration NZ, meeting time-in-country obligations, and filing any required tax returns. Consider engaging an immigration adviser to help you stay on track.
 
Our View: Avoiding these mistakes won't guarantee a successful outcome, but it will significantly reduce the chances of preventable problems derailing your investment and residency plans.

Managing Your Investments During the Investment Period

​Once your residence visa is granted, you must keep your funds invested in acceptable investments for the full investment period (36 months for Growth, 60 months for Balanced). The total value of your acceptable investments must remain at least NZD 5 million (Growth) or NZD 10 million (Balanced) throughout.
 
When Your Investment Period Begins
  • Your investment period begins from when you invest your nominated funds into acceptable investments.
  • If your acceptable investment was made before your visa application was approved in principle, the investment period starts from when your application is approved.
 
Changing Your Investments
  • You can sell and change your investments during the investment period, either by choice or due to circumstances outside your control. If you do this, you must reinvest the funds into another acceptable investment. You must reinvest the initial amount invested minus any losses (you do not need to reinvest profits).
  • Timeframes for reinvestment are: 90 days for direct investments or managed funds approved by Invest NZ, and 30 days for listed equities, philanthropy, property development, or bonds.
 
Reinvesting Returned Funds from Growth Investments
  • If funds are returned from a direct investment or managed fund, you can reinvest into a Balanced Category investment (if you are a Growth Category applicant) if: you have less than 6 months left of your investment period, OR the amount returned is less than NZD $1 million (which may be too low for another Growth investment).
  • You must contact Immigration NZ and get approval before investing in a Balanced Category investment in these circumstances.
 
Changing Investment Categories
  • You can change from the Growth Category to the Balanced Category or vice versa, but only once. You must do this before your application is approved in principle, or within the first 6 months of your visa being approved in principle. You will need to contact [email protected] to change categories.
 
Compliance Checks and Evidence Requirements
  • You must provide evidence that your funds have remained invested at the compliance checkpoints (24 months and 36/60 months). You have 3 months from each checkpoint date to provide this evidence.
  • For example, if you invested under the Growth Category on 18 March 2026, you must provide evidence by 18 June 2028 (for the 24-month check) and by 18 June 2029 (for the 36-month check).

The Application Process

​Step 1: Prepare Your Application
Before applying, gather evidence demonstrating you meet eligibility requirements, including: source and ownership of funds, family structure (if including dependents), and health and character documentation. Your application should include a comprehensive cover letter summarising your evidence, a clear table showing the source of your investment funds, and an index referencing which documents satisfy which requirements.
 
Step 2: Approval in Principle
Immigration New Zealand assesses your application and, if successful, issues an approval-in-principle. Based on current processing times, 80% of applications receive approval in principle within 6 months, with the average being approximately 26 working days. At this stage, you can apply for a Specific Purpose Work Visa to come to New Zealand and arrange your transfer and investment.
 
Step 3: Transfer and Investment (6 Months)
You have 6 months from the date of approval in principle to transfer your nominated funds to New Zealand and complete your investment. You can apply for a one-time extension of up to 6 months (12 months total) if you have made reasonable steps to transfer and invest but need more time.
 
Step 4: Residence Visa Granted
Once your investment has been verified, Immigration New Zealand will grant your residence visa. Your investment period officially begins. Your visa will have Section 49 conditions requiring you to maintain your investment and meet time-in-country requirements.
 
Step 5: Ongoing Compliance
During your investment period, you must provide evidence at checkpoints that your funds remain invested, complete post-investment questionnaires at 24 months and at the end of the investment period, meet the time-in-country requirements, and keep Immigration NZ informed of your contact details.
 
Step 6: Permanent Residence
After meeting all conditions, you apply to have your Section 49 conditions removed, then apply for a Permanent Resident Visa. You can apply for permanent residence after holding your resident visa for at least 24 months and meeting all conditions. With permanent residence, you can travel in and out of New Zealand indefinitely.

Eligibility Requirements

Investment Funds Requirements
  1. Your nominated funds must be: Legally owned by you (or jointly owned with your partner/dependent children if included), unencumbered (free from mortgage, lien, charge, or other creditor claims), earned or acquired lawfully with documentation to verify source of wealth, and transferable through the banking system.
  2. Immigration NZ will not approve your application if funds cannot be transferred through formal banking channels.
 
Health Requirements
  1. All applicants (including family members) must be in good health, evidenced by a chest X-ray and medical examination.
 
Character Requirements
  1. You must be of good character.
  2. If you or anyone in your application is 17 or older, you must provide police certificates from all countries you are a citizen of and any country you have stayed in for 12 months or more over the last 10 years.
  3. Police certificates must be less than 6 months old when you apply.
 
Fit and Proper Person
  1. You must confirm that: all businesses you have influence over have complied with immigration, employment, and taxation laws; you have never been investigated by the Serious Fraud Office or NZ Police for business-related offences; you have no convictions for dishonesty offences; and you have never been involved in business fraud or financial impropriety.

Including Family Members
  1. You can include your partner and dependent children (aged 24 and younger) in your application.
  2. Only the principal applicant needs to meet the investment threshold.
  3. To include your partner, you must provide evidence of a genuine and stable relationship and that you have been living together for at least 12 months.
  4. Dependent children aged 21-24 must provide evidence that they still rely on you for financial support.
  5. Family members included in your resident visa must come to New Zealand within 12 months of their visa being granted. If they cannot, they must reapply for residence.
  6. Children born after your original application can be supported through a Dependent Child Resident Visa.

Buying Residential Property in New Zealand

​In September 2025, the New Zealand Government announced that AIP visa holders will be allowed to purchase residential property, with changes expected to come into force in early 2026. This recognises that allowing investors to own a home may deepen their connection to New Zealand.
 
Key Rules for Property Purchase:
  1. AIP visa holders can buy or build ONE residential property in New Zealand
  2. Minimum property value: NZD $5 million (less than 1% of NZ houses)
  3. Consent under the Overseas Investment Act must be obtained before purchase
  4. Any purchase agreement must be conditional on obtaining consent
  5. Consent expected to be granted within 5 working days
  6. If buying a new property, any previously acquired property under the same rules must be sold first
  7. Residential property purchases do NOT count toward investment requirements
 
Important: Individuals who received residence under the previous Investor 1 and Investor 2 programmes are also eligible for this property purchase provision.

Tax Considerations

​The minimal time-in-country requirements (21 days for Growth, 105 days for Balanced) mean many Active Investor Plus visa holders may not become New Zealand tax residents.
 
NZ tax residency generally requires spending more than 183 days in the country in any 12-month period. However, as most approved Growth Category funds are New Zealand limited partnerships (NZLPs), investors may still be required to file New Zealand tax returns and pay NZ income tax on partnership activities, regardless of their personal tax residency status. Depending on your home jurisdiction, a foreign tax credit may be available for NZ tax paid.
 
Know This: New Zealand's Tax Advantages include:
  1. No gift tax
  2. No estate tax or death duties
  3. No wealth tax
  4. No general capital gains tax (though some property gains may be taxable

Active Investor Plus Programme Statistics and Demand

Since the revised Active Investor Plus visa launched in April 2025, the programme has attracted significant global interest. The following statistics are from Immigration New Zealand's official data as of 15 December 2025:
 
Top Applicant Countries include: United States, China, Hong Kong, Germany, Singapore, Taiwan, Japan, Vietnam, United Kingdom, South Korea, India.
 
Investment Preferences:
  1. The majority of investments to date have been into Invest New Zealand-approved managed funds and bonds.
  2. Growth Category investments have been more popular than direct investments or Balanced Category investments, as the pre-approval process provides investors with certainty that their investment will be acceptable.
  3. You can read more in a recent Active Investor Plus Visa Overview from December 2025

Frequently Asked Questions

What is the difference between the Growth and Balanced categories?

​The Growth Category requires NZD $5 million invested for 3 years in higher-risk investments (managed funds and direct investments approved by Invest NZ). The Balanced Category requires NZD $10 million invested for 5 years but offers a broader range of investment options, including lower-risk choices like bonds and listed equities. Growth requires only 21 days in NZ; Balanced requires 105 days (reducible to 63).

Can I invest in property to qualify for the golden visa?

Yes, but only in property development projects under the Balanced Category - not in existing residential property for personal use.
 
Acceptable property investments include:
  1. New residential developments (multiple dwellings that increase housing stock)
  2. New commercial/industrial developments, and
  3. Existing commercial/industrial developments where you are making material improvements.
 
Know This: From 2026, AIP visa holders can purchase one personal residence worth NZD $5 million or more, but this does not count toward investment requirements.

Do I need to speak English?

​No - the English language requirement was removed in April 2025. There is no English language requirement for either category.

How long do I need to spend in New Zealand?

​It depends on the category:
  1. Growth Category: Minimum 21 days over 3 years.
  2. Balanced Category: Minimum 105 days over 5 years (which can be reduced by 14 days for each additional NZD $1 million invested in Growth investments, up to 42 days maximum reduction).
 
Know This: These minimal requirements mean many investors can obtain residency without becoming New Zealand tax residents.

Can I include my family?

​Yes - you can include your partner (spouse or de facto) and dependent children up to age 24. You must prove a genuine relationship with your partner (living together 12+ months) and that children aged 21-24 still depend on you financially. Family members must meet health and character requirements, but do not need to meet investment requirements.

What happens if my investment loses value?

​If you need to change investments, you must reinvest the initial amount minus any losses (you don't need to 'top up' to cover losses). The reinvestment timeframe is 90 days for Growth investments or 30 days for Balanced investments. You cannot withdraw funds except to reinvest or pay legitimate costs, such as taxes and fees.

What is the 25% cash rule for managed funds?

When you commit funds to a managed fund, the fund manager typically 'calls' the capital over time rather than taking it all at once. While waiting to be called, you can keep up to 25% of your committed funds in a New Zealand bank account or term deposit.
 
The remaining 75% must be invested in 'on-call investments' - acceptable listed equities or bonds that can be liquidated when the fund manager calls the capital.

Can I switch between Growth and Balanced categories?

​Yes, but only once, and you must do it either before your application is approved in principle or within 6 months of approval in principle. We suggest you contact [email protected] to request a category change.

How long does the application take?

​Government data confirms that 80% of applications receive approval in principle within 6 months, with an average processing time of approximately 26 working days.
 
Generally, after approval in principle, you have 6 months (extendable to 12) to transfer and invest your funds. Once the investment is verified, your residence visa is granted.

What evidence do I need for compliance checks?

Evidence varies by investment type:
  1. For managed funds: A letter from the fund manager confirming your capital is still invested.
  2. For listed equities and bonds: Trade reports, transaction reports, and holding reports from your investment portfolio.
  3. For property: Evidence funds are committed to the development, property title if applicable, and evidence that the development is ongoing.
  4. For philanthropy: A letter from the charity confirming the donation.

What is the pathway to citizenship?

​After completing your investment period and meeting all conditions, you can apply for permanent residence. After 5 years of residence (and meeting additional time-in-country requirements), you become eligible for New Zealand citizenship.
 
The New Zealand passport ranks among the top 10 globally, providing visa-free access to over 180 destinations.

Can I use gifted funds?

​You may be able to include gifted funds, provided the gift was unconditional and lawful, and the funds were originally earned or acquired lawfully. However, you cannot include gifted funds that are already in New Zealand or were in New Zealand at any time as part of your nominated investment funds - the funds must be transferred from overseas.

What if my investment period ends, but the property development isn't finished?

There is no requirement for property developments to be completed during the investment period. However, you must provide evidence that the development is ongoing and that your investment funds are being used as working capital to fund development costs.

Can I invest with other people?

​Yes - there is no limit on the number of investors that can be involved in a property development or other investment. However, you can only claim the value of your own investment. If you jointly own an investment with your partner or dependent children included in your application, you can claim the full value. If jointly owned with anyone else, you can only claim your percentage share.

What legal agreement do I need for managed fund investments?

​You must have a signed legal agreement with the fund manager (or their nominee) confirming your commitment to invest. Once both parties sign, your committed funds are considered "invested" for visa purposes – even if the fund manager hasn't yet called the capital.

What are on-call investments and why do I need them?

​When you commit to a managed fund, the fund manager typically draws down (calls) your capital over time rather than taking it all at once. While your money is waiting to be called, it must be held in "on-call investments" – NZ-listed equities or bonds that can be liquidated when the fund manager needs the capital.

Can I keep my uncommitted funds in cash?

  1. Only up to 25% of your total committed amount can sit in a NZ bank account or term deposit.
  2. The remaining 75% must be invested in acceptable listed equities or bonds.
  3. For example, if you've committed $5 million to managed funds, a maximum of $1.25 million can be held as cash – the other $3.75 million must be in on-call investments until the fund manager calls it.

Key Government Agencies and Resources

Immigration New Zealand
  1. Processes visa applications, assesses eligibility, and conducts compliance checks.
  2. Official visa page: https://www.immigration.govt.nz/about-us/news-centre/investor-category/
 
Invest New Zealand (NZTE)
  1. Approves Growth Category investments, maintains the acceptable managed funds list, and provides investor support.
  2. Website: https://www.nzte.govt.nz/page/investor-migrants​
 
Investor Funds Queries
  1. For questions about investment evidence, category changes, and compliance: [email protected]
​Disclaimer: This guide is provided for general information purposes only and does not constitute immigration, legal, tax, or investment advice. Requirements and policies may change. Data sourced from Immigration New Zealand official statistics (16 December 2025) and official Immigration NZ documentation.