New Zealand's 'golden visa' scheme lures US investors

New Zealand announced on Monday that its newly revised foreign investor migrant visa has attracted a surge in applications, as the center-right government seeks to draw more wealthy individuals to help boost the country's economy.

In April, the government made significant changes to the visa rules, including reducing the minimum investment required for higher-risk categories from NZ$15 million (approximately US$9 million) to NZ$5 million (about US$3 million). It also removed the English language requirement for applicants.

Immigration Minister Erica Stanford described the response as “a flood of formal interest” in the revamped "golden visa" program. She noted that the new applications could bring up to NZ$845 million in fresh investment into New Zealand businesses.

According to Stanford, in less than three months, the government received 189 applications for the Active Investor Plus visa — a notable increase compared to the 116 applications submitted under the old rules over a span of two and a half years.

Among the applicants, U.S. citizens made up the largest group, submitting 85 applications. They were followed by individuals from mainland China (26 applications) and Hong Kong (24 applications).

The surge in interest comes as New Zealand’s economy showed stronger-than-expected growth in the first quarter, according to recent official figures. This improvement offers some optimism after the country experienced a technical recession last year — its worst economic performance, aside from the pandemic, since 1991.