New Zealand's 'Golden' Visa Rush: A New Wave of Investment

On Monday, New Zealand reported a surge in applications for its revised foreign investor migrant visa as the centre-right government aims to attract high net-worth individuals to boost the economy. In April, the government eased visa rules, reducing the minimum investment requirement to NZ$5 million and eliminating the English-language necessity.

Immigration Minister Erica Stanford revealed significant interest in the new 'golden' visa, with applications poised to bring NZ$845 million in investments to New Zealand business. In less than three months, 189 applications were recorded, contrasting sharply with 116 submissions over the earlier two-and-a-half-year period.

U.S. citizens led the application wave, submitting 85 applications, followed by 26 from China and 24 from Hong Kong. This influx of interest comes as New Zealand's economy unexpectedly grew in the first quarter, offering relief after last year's technical recession, which marked the worst GDP decline since 1991, excluding the pandemic impact.

(With inputs from agencies.)