Pacific Legal Investor and business client update December 2024
Our last regular on-line meeting with Immigration New Zealand’s Business Team management for 2024 was on 5 December. There are challenges particularly with categories that require manual processing. We have strong ongoing relationships with Business Team management. We have been able to see exceptions and workarounds for our clients where needed. However the basic rules limit flexibility.
In summary:
Active investor plus
- These applications are the highest priority and take only 1 week to allocate after business team in Porirua, Wellington receives the application from the National Documentation Office in Auckland.
- Most people use accounts in single names rather than joint names for holding investments. They have agreed to joint names when we raised this with them. The instructions are unclear and we have asked INZ to clarify this.
- Moving forward, we will advise clients to hold funds in single names (instruction allows nominated funds/assets to be under joint names, it is just that it would need additional check which may potentially slow down the process)
- 98 applications have been received to-date, none have been declined but 12 withdrawn. 35 approved.The rest still under processing.
- The gradual investment, NZTE pre-approval, weighting for investment classes and holding investment rules add complexity for investors.
- Applicants can change investments within Immigration Instructions.
- Changes to this category are expected to be announced early next year
Parent retirement category
- The queue is 14 months. From allocation to approval in principle, a well prepared application will take about 3 months but many of the applications have gaps.
- At this moment INZ are unable to reduce the 14 months time-frame due to lack of staff
Pain points for our clients
- This category is paper based in an electronic world! There is some discretion to accept printouts of online bank statements, but it still creates a great deal of double handling. We asked immigration New Zealand to look at what further description it has to accept scanned end emailed documents. What we tend to do is e-mail documents ahead and then follow up by courier .
- The recent closure of the drop box at Manukau adds to the pressure as we are now 100% reliant on courier delivery. The processing of applications is 500 kilometers away in Wellington! In the past for very large files we made appointments with National Documentation Office to hand deliver applications. There is a work-around that we have discussed with colleagues. We are continuing to discuss reasonable accommodation with the business team and we will update our valued business clients on progress.
- The queue for applications at 14 months is far too long.We have had some success in reducing this in compelling cases.A major INZ fee increase to 12,850 has not led to increases to staff or timeliness. Our clients are having to provide multiple updates.
Entrepreneur Category processing
- Generally applications are on a first in, first served basis but sometimes more complex applications need to be rationed.
- For Entrepreneur work visa there are 28 applications in the queue (2 staff handling 28 applications). A 3rd staff member will come across in January.Its unknown whether the Trump presidency will lead to more U.S. demand.
- Entrepreneur visa applications are paper-based and they go to the national documentation office at Manukau, Auckland before being sent on to the business team in Wellington.
- For entrepreneur residence, allocation is 4.5 months based on the current queue but applications generally take longer to assess.
- From allocation to decision takers around 36 weeks, but also depends on the number of requests for information that need to be sent.
Entrepreneur other updates
- Fast track: Once work visa is granted, instead of having to wait for 2 years to be able to apply for residence, one can go down the fast track path (establish a profitable company in trading for 6 months, employing 3 new staff)
- Residence visas granted under the 6-month fast track category will be subject to s 49 conditions for 2 years
- Applicant has to be self-employed in NZ for 2 years (they cannot hold another job) , for the majority of time they have to be in NZ working on the company: Full-time means 30 hours per week, offshore time must be employment/ marketing or holiday / family visit related.
Seek Advice : Contact us
Let our wealth of experience with all of these categories and our extensive contacts with immigration New Zealand at all levels be used to your advantage.
Given the high overall decline rate we are only supporting fast track applications at this stage. Our next update will be in February 2024.
Contact our friendly team either through our website https://pacificlegal.co.nz/, by email Of****@*************co.nz or directly through our director Richard Small Ri***********@*************co.nz
All the best for the festive season. Our Christmas closure dates are below.
However, I will monitor business queries throughout.
Christmas/New Year Office Closure Dates
Our office will close from 3.00PM Monday 23 December 2024 until 9.00am Monday 13 January 2025.
We will check urgent emails remotely for our valued business clients.
All the best for the holiday season!
