Employer Supported Immigration
Employer supported applications: update June 2020
July 1, 2020
Onshore Work Visa Application
COVID-19: Update 4 – Level 1: June 2020 Onshore Immigration
July 1, 2020

Business and investment opportunities still open: Update: June 2020

Business Investments post covid-19

We are continuing to get queries from people offshore asking if the business and investor category is continuing on a business as usual basis.

What are the options?

There are two main investment categories:

  • Investor 1 (minimum investment NZ$10 million for at least three years) and
  • Investor 2 (minimum investment NZ$3 million for at least four years)

Both require proof of source of fund and investment in approved New Zealand investments. Each have different requirements such time spent in New Zealand during the investment period and business experience (Investor 2).

  • There is also a Parent Retirement Visa for those with an adult child in New Zealand, NZ$1000,000 to invest for 4 years  NZ$60,000 annual income and $500,000 to live on.
  • There is an entrepreneur category for those wanting to set up businesses which we do not recommend. A large majority of these applications were being refused prior to COVID-19’s impact.

Are these categories going to be prioritised?

These categories are already priority residence category is for those who are on-shore. The case for such applicants in the economic recovery seems clear.

However, the latest update from immigration New Zealand at an industry webinar on 25 June 2020 suggests that while that argument is recognised, there is no immediate plan to prioritise entry of investment and entrepreneur applicants offshore.   In some cases preliminary steps could be taken whilst offshore but travelling to New Zealand will need to await either a border exception (highly unlikely at present) or the border re-opening. It is reasonable to expect priority for investors once offshore branches and the border reopen.

Draws of expressions of interest were still being made in the investor categories as at June 2020.  Some of these visa types have reasonably long lead-in periods which may allow time for the borders to reopen.

Current challenges

Existing investor applicants who have been approved in principle or granted residence but are offshore may need to seek extensions of their investment period if they are not going to meet the required days within New Zealand due to COVID-19.  Those who have suffered a decline of investment funds beyond what can be covered from the nominated funds will need to make the appropriate applications to nominate alternative funds. Instructions allow some flexibility in these areas to contact our office if this is relevant to your situation.

Note: This information was up-to-date as of 24 June 2020 but may change at short notice. Further updates can checked at www.immigration.govt.nz.
The above is general information only. Every case is different. For advice in your case we encourage you to contact us

Contact us for an appraisal

Clients need to be realistic about expectations and timeframes at this time but with the right information, we can confidently assess your case and give a realistic appraisal contact us for an assessment of your case.  Please note that initial appraisals will be online and we may need further details from you.

 

Richard Small
Richard Small
Director and Senior Lawyer | richard.small@pacificlegal.co.nz