Parent Retirement Resident Visa
If an individual has an adult child who is a New Zealand citizen or resident, can apply to live in New Zealand permanently. In that case, an applicant can apply for a Parent Retirement Resident Visa. To da the same, one needs an annual income of NZ $60,000 plus NZ $1 million to invest for 4 years, and another NZ $500,000 to live in. Once completed the 4-year investment period, the applicant will be eligible for permanent residency.
This visa allows to:
- Live, work and study in New Zealand.
- Stay in New Zealand indefinitely if meets the visa conditions.
- Include a partner in the visa application.
- Travel in and out of New Zealand for the first 2 years of your 4-year investment period.
- Apply for permanent residence after 4 years of keeping your funds invested in New Zealand.
Visa Eligibility Conditions
- Entry permission: An individual must apply for entry permission when arrive in New Zealand.
- Invest in New Zealand: The applicant must keep at least NZ $1 million invested in an acceptable investment in New Zealand for 4 years.
- Contact details: The applicant must disclose the address or other contact details change during the 4-year investment period.
- Keep visa in a valid passport: visa must be in a valid passport if any individual wants to travel in or outside NZ.
Additional Terms to Meet
First of all, the applicant has to meet the following minimum requirements:
- Must be in good health
- Must be of good character
- Must have good English language capabilities
Acceptable investment criteria
For an investment to be acceptable to us, it must:
- Be able to make a commercial return
- Be invested in New Zealand
- Be invested in New Zealand dollars
- Be invested in lawful enterprises or managed funds
- Have the potential to contribute to New Zealand’s economy
- Not be for the individual’s personal use, e.g. your home, boat, or car.
Investments must be in one or more of the following:
- Bonds issued by the New Zealand government or local authorities
- Bonds issued by New Zealand firms traded on the New Zealand Debt Securities Market (NZDX)
- Bonds issued by New Zealand firms with at least a BBB- or equivalent rating from internationally recognized credit rating agencies, e.g. Standard and Poor’s
- Bonds issued by New Zealand registered banks
- Bonds in finance companies
- Equity in New Zealand firms – these can be public or private
- Equities in New Zealand registered banks
- Residential property development
- Eligible New Zealand venture capital funds.
Residential property development
A residential property development will be considered an acceptable investment if it meets all of the following criteria:
- It’s a new development and not a renovation or extension of an existing residential property
- The development has the necessary approvals and consent
- The purpose of the development is to make a commercial return on the open market – it must not be for the individual, their family or friends to live in.
- The applicant can’t include the costs of any regulatory approvals or consents in their investment funds.
However, if approved for residence application in principle, the applicant will have 12 months to transfer investment funds to New Zealand. And if any individual wants to come to New Zealand to investigate investment opportunities, will need to apply for Work Visa. If their partner wants to come with them, they’ll need to apply for their own work or Visitor Visa.