Rules for wealthy migrants relaxed
5:00AM Wednesday June 06, 2007
By Claire Trevett
New rules allowing wealthy investors into the country will be announced today in an attempt to reverse a collapse in numbers applying to enter.
Immigration Minister David Cunliffe will outline changes to the investor migrants category after the numbers of migrants applying to enter New Zealand in this category fell from more than 1000 a year to fewer than 20 after tighter rules were introduced.
Since July 2005, anyone applying for residency as an investor has had to have at least $2 million, which the Government holds for five years. The investor can withdraw up to $1 million after two years to invest in a business that will benefit New Zealand.
Previously, investor migrants had to bring $1 million which the Government held for two years.
The policy was tightened to prevent rorts such as people borrowing the money required and repaying it as soon as they had residency, or gaining residency and sending the money to others to enter as "investors".
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