Active Investor Plus Visa

At a glance

The objective of the Active Investor Plus visa category is to increase the flow of foreign capital and attract skilled and experienced active investors into areas that align with Government's economic strategy, by providing resident visas to those who wish to participate in New Zealand's investment ecosystem and make a significant contribution to New Zealand's economy [BN1].

How to apply

An application under the Active Investor Plus visa category must be made using the approved form [BN2]. Applicants must demonstrate they meet investment criteria, fit‑and‑proper person requirements, and any applicable health and character standards [BN].

Applications are determined only by business immigration specialists, and are given priority processing ahead of resident visa applications made under the BJ Migrant Investment Categories [BN3.1].

Eligibility criteria

Approval requirements [BN3]

A business immigration specialist must be satisfied that:

• the principal applicant and family members included in the application meet health and character requirements (see Health requirements and Character requirements) [BN4];
• the principal applicant meets fit and proper person requirements (see Fit and proper person (business));
• the principal applicant has nominated funds and/or assets equivalent in value to at least NZD $5 million if investing under the Growth Category, or NZD $10 million if investing under the Balanced Category (with higher amounts for time‑in‑New‑Zealand reductions permitted under BN6.1.2) [BN6];
• the principal applicant has demonstrated ownership of the nominated funds and/or assets [BN6]. Ownership may be:
  • solely by the principal applicant [BN6.1];
  • jointly by the principal applicant and a secondary applicant (partner and/or dependent child(ren)) included in the application, provided a business immigration specialist is satisfied that the secondary applicant meets the requirements set out at R2.1.15, R2.1.15.1, R2.1.15.5 and R2.1.30; if so, the principal applicant may claim the full value of such jointly owned funds or assets [BN6.1]; or
  • jointly by the principal applicant and a person who is not included in the application; if so, the principal applicant must only claim the value of that portion for which they provide evidence of ownership [BN6.1].
• the principal applicant has demonstrated the nominated funds and/or assets have been legally earned or acquired [BN6]:
  • Funds and/or assets must be earned or acquired in accordance with the laws of the country in which they were earned or acquired, including any currency exchange of the nominated funds and/or assets [BN6.5].
  • Where nominated funds and/or assets have been gifted to the principal applicant, a business immigration specialist must be satisfied that the funds and/or assets being gifted were earned lawfully by the person(s) gifting them [BN6.5].
  • Nominated funds and/or assets that are or were in New Zealand cannot be gifted under these instructions [BN6.5].
  • A business immigration specialist may decline an application if satisfied that, had the funds and/or assets been earned or acquired in the same manner in New Zealand, they would have been earned or acquired contrary to the criminal law of New Zealand [BN6.5].
• the principal applicant has transferred the required funds (from the nominated funds or from the sale of nominated assets) into acceptable investments (see Managed Funds & Direct Investments Criteria);
• the nominated funds and/or assets are unencumbered [BN6]. Funds and/or assets are unencumbered if they are not subject to any mortgage, lien, charge, set off and/or encumbrance (whether equitable or otherwise) or any secured creditor claims [BN6.10]; and
• the nominated funds and/or assets have not been borrowed, except after approval in principle, in which case they may be borrowed to the extent that the borrowed funds are secured against nominated assets and have been demonstrated as acceptable (see BN8) [BN6].

Evidence of nominated funds and/or assets [BN6.20]

The principal applicant must provide evidence that demonstrates ownership of the nominated funds and/or assets, and that the nominated funds and/or assets were legally earned or acquired [BN6.20]. Evidence must also demonstrate that the funds and/or assets are equivalent in value to at least NZD $5 million (Growth Category) or $10 million (Balanced Category) [BN6.20].

All documents provided as valuations of assets must be:

• no more than three months old at the date the resident visa application is made [BN6.20];
• produced by an external and reputable agency [BN6.20]; and
• credible, as determined by a business immigration specialist [BN6.20].

A business immigration specialist may seek further evidence if they:

• are not satisfied that the nominated funds and/or assets were legally earned or acquired [BN6.20]; or
• consider that the nominated funds and/or assets may have been gifted or borrowed without being declared [BN6.20]; or
• are not satisfied with the valuation provided [BN6.20]; or
• consider that the nominated funds and/or assets do not meet the requirements in these instructions [BN6.20].

All conditions must be met for the application to be approved [BN3].

Mandatory decline grounds [BN3]

The application must be declined if:

• nominated funds and/or assets to invest under the Growth Category are below NZD $5 million [BN6];
• nominated funds and/or assets to invest under the Balanced Category are below NZD $10 million [BN6];
• the amount transferred and invested is lower than the minimum for the category applied under; or
• the funds have not been transferred and invested within the timeframes set out in BN8.

Investment categories

The Active Investor Plus category requires applicants to choose between the Growth Category and the Balanced Category. Key features of both are set out below [BN7.1].

Feature	Growth Category	Balanced Category
Minimum investment amount (see BN6(a))	NZD $5 million	NZD $10 million
Acceptable investments	Managed funds, Direct investments (types listed in BN7.10)	Listed equities, Philanthropy, Property development, Bonds, plus Managed funds and Direct investments (all as set out in BN7.10)
Time to transfer and invest (see BN8)	6 months from Approval in Principle, with the option to request one 6-month extension	Same
Section 49(1) conditions [BN9.1]	Retain investment for 36 months; Spend minimum 21 days in New Zealand over the investment period	Retain investment for 60 months; Spend minimum 105 days in New Zealand, unless eligible for a reduction by placing additional funds above the $10 million minimum into direct investments or managed funds
Section 49(1) investment retention checkpoints (see BN10.1) [BN10.1]	24 months, 36 months	24 months, 60 months
Complete the investment questionnaire [BN10.17]	At 24-month and 36-month checkpoints	At 24-month and 60-month checkpoints

Effective 01/04/2025.

Approval in principle and transfer of funds

The aim and intent of the approval in principle and transfer procedure is to ensure the legitimacy and lawful ownership of the nominated funds and/or assets, and the direct transfer of the funds through a structured and prescribed process to guarantee ongoing legitimacy and lawful ownership of the funds invested in New Zealand [BN8.1].

Once a business immigration specialist is satisfied that all criteria in BN3(a)(i)–(vi) are met, the application is approved in principle [BN8.5]. The principal applicant is then advised of the conditions that must be fulfilled before resident visas are granted:

• Provide acceptable evidence of having transferred and invested nominated funds or funds from the sale of nominated assets into acceptable investments, with a minimum of NZD $5,000,000 if investing under the Growth Category, or NZD $10,000,000 if investing under the Balanced Category (see BN7.10) [BN8.5];
• Provide up-to-date contact details, including (if applicable) a New Zealand address [BN8.5].

The principal applicant has 6 months from the date of the approval in principle to transfer and invest the required funds, unless the timeframe is altered because the applicant nominates additional funds under the relevant provisions or obtains an approved extension [BN8.5]. If the actual value, in New Zealand dollars, of the nominated funds and/or sale proceeds is higher than the valuation provided with the resident visa application, the principal applicant is only required to transfer the amount equivalent to the minimum investment amount to satisfy the acceptable investment requirement [BN8.5].

Timeframe for transferring and investing nominated funds

Principal applicants must meet the requirements for transferring and investing the nominated funds or funds from the sale of nominated assets within 6 months of the date of the letter advising of approval in principle, or within the timeframes set out in the extension provisions (see Extension of timeframe below) or those applicable under BN8.20 if the timeframe extension is granted [BN8.15].

If a principal applicant does not meet the relevant timeframe requirement, the application must be declined [BN8.15].

Principal applicants must provide acceptable evidence of having transferred and invested the nominated funds or the funds from the sale of nominated assets no later than three months after the expiry of the timeframe to transfer and invest the funds [BN8.15].

Transfer of nominated funds

The principal applicant must transfer the nominated funds, or the funds from the sale of nominated assets, to New Zealand and make the required investments [BN8.10]. The funds transferred must be:

• the original nominated funds or proceeds from the sale of nominated assets that were declared in the resident visa application; or
• funds secured against the nominated assets as permitted under the borrowed funds provision (see below) [BN8.10].

Funds must be transferred through the banking system (including via a foreign exchange company or money transfer business) directly to New Zealand from:

• the principal applicant's own bank account(s);
• a joint account in the names of the principal applicant and their partner and/or a dependent child included in the application; or
• a third party, provided the funds can be identified as the principal applicant's (and/or their partner's/dependent child's): a solicitor's trust account where the solicitor acts on behalf of the principal applicant in the transaction; a pension scheme in the principal applicant's name; or an investment portfolio account in the principal applicant's name [BN8.10].

Throughout the transfer process, the funds must remain in the possession of the principal applicant (or the permitted third party) and the principal applicant must retain control until the funds are placed into on-call or acceptable investments [BN8.10]. The transfer is considered complete when the funds leave the country where they were legally earned or acquired and are received in New Zealand [BN8.10]. For these purposes, references to the principal applicant's name include funds held jointly with a secondary applicant (partner and/or dependent children) [BN8.10].

Documentation and transparency: All transfers must be documented, traceable, and transparent, and must not involve physical cash transactions [BN8.10]. Transfers within and from the country where the funds were lawfully earned or acquired must be made lawfully through the banking system [BN8.10].

Borrowed funds after approval in principle: Borrowed funds are acceptable after approval in principle only if the principal applicant demonstrates that:

• the funds are from a bank or commercial lending institution acceptable to a business immigration specialist;
• the loan is secured against the nominated assets in the resident visa application; and
• it is not economically viable or practical to liquidate the nominated assets (e.g. selling a business) [BN8.10].

Evidence of possession: The principal applicant must provide evidence of possession of the funds from the date of nomination through to transfer and investment in New Zealand, including all transfer documentation and a statement showing the transfer out of the country where the funds were legally earned or acquired [BN8.10]. A business immigration specialist may request any other information needed to confirm the requirements are met [BN8.10].

Extension of timeframe

A principal applicant may request an extension of up to 6 months to the timeframe for transferring and investing nominated funds and/or funds from the sale of nominated assets [BN8.15].

To request an extension, the principal applicant must contact Business Migration of Immigration New Zealand within 6 months of the date of the letter advising of approval in principle, and present evidence of reasonable attempts to:

• liquidate assets and transfer the nominated funds or funds from the sale of nominated assets to New Zealand; or
• find an appropriate managed fund or direct investment under the Growth Category to invest in [BN8.15].

A business immigration specialist may:

• grant an extension, for a total of 12 months from the date of approval in principle, to the transfer and investment period if they believe the evidence shows the principal applicant has made reasonable attempts to transfer and invest nominated funds or funds from the sale of nominated assets within the 6-month time period; or
• decline to grant an extension to the transfer and investment period if they believe the principal applicant has not made reasonable attempts to transfer and invest nominated funds or funds from the sale of nominated assets within the 6-month time period [BN8.15].

Nominating additional funds and/or assets

After an approval in principle has been issued, the principal applicant may nominate additional funds and/or assets if:

• the nominated funds or the funds from the sale of the initially nominated assets have already been transferred to New Zealand [BN8.20];
• the principal applicant provides evidence that the funds have lost value in NZ dollar terms through currency exchange or due to unforeseen circumstances [BN8.20]; and
• the principal applicant provides evidence of the additional funds and/or assets within the first 6 months of the date of the approval in principle letter [BN8.20].

If the application was approved in principle under the Growth Category, the principal applicant may nominate additional funds and/or assets to meet the Balanced Category minimum of NZD $10 million (i.e. to switch categories) if the principal applicant has [BN8.20]:

• determined that the available Growth Category investment options into direct investments or managed funds are unsuitable [BN8.20];
• identified more suitable investment options under the Balanced Category and chooses to change category [BN8.20];
• contacted INZ within the initial 6‑month transfer and invest timeframe to confirm they wish to switch [BN8.20]; and
• provided evidence of the additional funds and/or assets within the first 6 months of the approval in principle [BN8.20].

Additional nominated funds and/or assets cannot replace the initial nominated funds and/or assets [BN8.20]. They are subject to all requirements under the Active Investor Plus instructions, including ownership (see BN6.1) and lawful acquisition (see BN6.5) [BN8.20].

Where additional nominated funds and/or assets are accepted, a business immigration specialist may extend the timeframe to transfer and invest to 12 months from the date of the approval in principle [BN8.20]. The maximum timeframe for investing nominated funds or funds from the sale of nominated assets is 12 months from the date of approval in principle, and no further extensions may be granted beyond this [BN8.20]. Once the resident visa has been issued, the principal applicant cannot nominate additional funds or assets [BN8.20].

Investment period

Unless the investment is made before the application is approved in principle, the investment period begins on the date all acceptable investments are completed [BN8.25]. The length of the period is:

• 36 months for Growth Category applicants [BN8.25];
• 60 months for Balanced Category applicants [BN8.25].

If the acceptable investment is made before the principal applicant is advised that their application is approved in principle, the investment period (36 or 60 months, as applicable) begins on the date the application is approved in principle [BN8.25].

The date the investment period begins is specified in the letter advising conditions on the resident visa [BN8.25].

Evidence of acceptable investments

After the investment is completed, the principal applicant must provide evidence that includes [BN8.30]:

• full name of the principal applicant (and any jointly owning secondary applicant);
• amount invested in New Zealand dollars;
• date the investment was completed;
• type of investment — for shares or bonds, the names of the companies or bonds and the number of shares/bonds purchased;
• documentary evidence of the investment; and/or
• a letter from an external and reputable professional (e.g. solicitor, chartered accountant, bank/investment broker) confirming the funds have been invested.

A business immigration specialist may request any other information to satisfy themselves that the requirements have been met [BN8.30].

Temporary visa to arrange transfer and/or investment of funds

After approval in principle, and upon application, a work visa may be granted to allow the principal applicant to arrange the transfer to, and investment of funds in, New Zealand [BN8.35].

The work visa will be granted with travel conditions allowing for multiple journeys to New Zealand for 12 months after approval in principle has been notified [BN8.35]. On application, visitor visas may be granted for the same period to the partner and dependent children of the principal applicant [BN8.35]. On application, student visas may be granted for the same period to dependent children of the principal applicant who wish to study, in accordance with current student instructions [BN8.35].

Acceptable investments

An acceptable investment is an investment of funds that are not for the personal use of the applicant(s) and are invested in New Zealand in New Zealand currency [BN7.10]. The investment value is determined at the time it is made, inclusive of investment fees (such as management or brokerage fees) but not legal or advisory costs outside the investment [BN7.10]. Investments held jointly by the principal applicant and a secondary applicant are considered made by the principal applicant [BN7.10].

An acceptable investment must be determined at the time the investment is made and, except where instructions provide otherwise, must continue to meet the requirements for the duration of the investment period: 36 months for Growth Category investments, 60 months for Balanced Category investments [BN7.10].

Growth Category investments Under the Growth Category, acceptable investments are limited to:

• Managed funds that are on Invest NZ's acceptable managed fund list and meet the criteria in Appendix 15 [BN7.10.10]; and
• Direct investments that are confirmed by Invest NZ as meeting the criteria in Appendix 15 [BN7.10.15].

Balanced Category investments Under the Balanced Category, acceptable investments may be in any of:

• Managed funds (as for Growth Category);
• Direct investments (as for Growth Category);
• Listed equities [BN7.10.1];
• Philanthropy [BN7.10.5];
• Property development [BN7.10.30];
• Bonds [BN7.10.35].

Listed equities (Balanced Category)

Listed equity investments must be made directly or through an exchange-traded fund or managed fund, and held by a Financial Markets Authority-licensed provider, in the equities of a New Zealand resident entity that is listed on a licensed market operator, offered through a licensed crowdfunding provider, or a New Zealand registered bank [BN7.10.1]. If a managed fund not on Invest NZ's list has international exposure, only the proportion of the investment placed in New Zealand counts [BN7.10.1].

Philanthropy (Balanced Category)

Philanthropic investments must be donated to a registered charity with at least two years of annual returns and current Inland Revenue donee status [BN7.10.5].

Managed funds (Growth and Balanced)

Managed funds acceptable under the Growth Category must appear on Invest NZ's list of acceptable managed funds, and there must be a legally binding, non-revocable agreement under New Zealand law between the applicant (or nominee) and the fund manager to acquire managed investment products in that scheme [BN7.10.10]. The total committed investment funds under the agreement are considered invested, even before capital is called [BN7.10.10]. Committed but uncalled funds must be placed in on-call investments as per BN7.5 [BN7.10.10]. A managed fund that meets the requirements at the time of investment remains acceptable for the remainder of the investment period, even if it later ceases to be listed [BN7.10.10]. A managed fund product not on Invest NZ's list may still be an acceptable Balanced Category investment under another asset class if it exists for raising funds for listed equities, property development, or bonds meeting the relevant requirements [BN7.10.10].

Direct investments (Growth and Balanced)

A direct investment acceptable under the Growth Category requires one of the following structures [BN7.10.15]:

• Investment as a wholesale investor in listed equities that are acceptable under BN7.10.1(a); or
• An equity security in an investee entity; or
• Another financial product (e.g., convertible note, preference share, SAFE) that will convert into equity in an investee entity.

Invest NZ must confirm the investment meets the Appendix 15 criteria before funds are invested [BN7.10.15]. After investment, the principal applicant must have a direct ownership interest, sole beneficial interest through a trust, or a bare nominee structure holding the shares or securities [BN7.10.15]. If a legally binding non-revocable contract is used to acquire an equity security, the terms must comply with BN7.5(a)(i) and the funds must be placed into the acceptable direct investment to count as invested [BN7.10.15]. A direct investment that met the requirements at the time of investment remains acceptable for the duration [BN7.10.15].

New Zealand resident entity (all investments)

A New Zealand resident entity must be incorporated in New Zealand, have its head office and centre of management in New Zealand, and have director control exercised in New Zealand [BN7.10.20].

Personal use restriction (all investments)

Investments cannot be for personal use, including personal residences, cars, boats, or similar personal assets [BN7.10.25].

Property development (Balanced Category)

Funds may be invested in residential, commercial, or industrial property developments, provided [BN7.10.30]:

• The project is a new development (or improvements to existing commercial/industrial properties) that increases housing stock or productive capacity;
• For residential developments, the project must go beyond a single dwelling and cannot be used for personal residence, renovation or extension of existing dwellings, or house-and-land packages/off-the-plan purchases;
• The purpose is commercial return on the open market, and no applicant or relative may reside in the development;
• Required resource consents must be obtained or, if unavailable, evidence of application accepted as complete by the local authority must be submitted;
• If the land is sensitive under the Overseas Investment Act, consent or exemption must be obtained; evidence is a notice from the regulator or a lawyer's confirmation;
• Investments can be via a managed property fund that meets certain conditions or through a New Zealand company, provided all requirements are met.

For managed funds in property development, only the proportion of the fund placed in New Zealand counts [BN7.10.30].

Bonds (Balanced Category)

Bond investments must be in [BN7.10.35]:

• New Zealand Government or local authority bonds; or
• Bonds issued by a New Zealand Resident Entity traded on NZDX; or
• Bonds from New Zealand firms rated at least BBB- or equivalent; or
• Bonds from New Zealand registered banks; or
• Bonds from finance companies that are wholly-owned subsidiaries of, and raise capital solely for, a listed company or local authority with unconditional guarantee.

Managed funds that invest in qualifying bonds may also be acceptable, with proportion rules for international exposure [BN7.10.35]. Perpetual preference shares and convertible notes are treated as bonds [BN7.10.35].

On-call investments

When a principal applicant has committed to invest in managed funds — whether as part of a Growth Category or Balanced Category investment — but the fund manager has not yet called upon the funds, those funds must be placed in on-call investments to start the investment period [BN7.5].

Conditions [BN7.5]

1. The applicant must hold a legally binding managed fund agreement that meets the requirements for acceptable managed funds and represents a fixed commitment [BN7.5].
2. The committed funds must be managed by the applicant, a bank, an investment broker, or a financial adviser [BN7.5].
3. The nominated funds must be placed into on-call investments that satisfy the specifications below [BN7.5].
4. Income or capital gains earned on on-call investments may be used to meet future capital calls [BN7.5].
5. The applicant must ensure sufficient funds remain in the approved on-call investments to satisfy any called amount [BN7.5].

Excess funds The applicant may place funds in the on-call investment that exceed the committed managed fund amount, provided the excess funds [BN7.5]:

• were part of the initially nominated funds and meet the requirements of BN3(a)(iv) and (v); and
• are in addition to the minimum amount required for acceptable investments.

Regulatory compliance Applicants must provide evidence that the on-call investments are fully compliant with New Zealand legislative and regulatory obligations, applicable codes of practice, and licensing or registration requirements, including any requirements imposed by the Financial Markets Authority [BN7.5].

Acceptable on-call investments

On-call investments must [BN7.5]:

• be readily liquidated to meet managed fund capital calls;
• be invested in New Zealand, denominated in New Zealand dollars; and
• be placed in one or more of:
  • listed equities (see Managed Funds & Direct Investments Criteria);
  • bonds (see Managed Funds & Direct Investments Criteria);
  • New Zealand bank accounts (including cash accounts) — subject to the 25% limit below;
  • term deposits with a New Zealand registered bank — subject to the 25% limit below.

25% limit on bank accounts and term deposits

At any time before the managed fund calls the capital, a maximum of 25% of the total initially committed funds may be held in [BN7.5]:

• New Zealand bank accounts (including cash accounts); and/or
• term deposits with a New Zealand registered bank.

Example: If the total committed amount is NZD $5 million, up to NZD $1.25 million may be held in a bank account or term deposit. The 25% threshold excludes any cash holdings arising from bond maturities or transfers between on-call investments (as described below) [BN7.5].

Ownership

Bank account and term deposit holdings must meet ownership requirements (BN6.1), unless held in a cash account, in which case they may be held by a nominee such as an investment company [BN7.5] [BN6.1].

Permitted withdrawals

Funds held in on-call investments may only be withdrawn for the following purposes [BN7.5]:

• to meet a capital call from the managed fund;
• to pay required costs associated with the on-call investment (such as taxes or fees);
• to transfer to other acceptable on-call investments.

Transfers between acceptable on-call investments (including, for example, when a bond matures) must be completed within 30 days. During that 30‑day window, the funds may be held in a New Zealand bank account or term deposit [BN7.5].

Shortfall due to costs or capital loss

If the value of the on-call investment falls below the committed managed fund amount because of on-call investment costs or a capital loss, the applicant may nominate additional funds to make up the shortfall, provided those additional funds [BN7.5]:

• meet ownership requirements [BN6.1]; and
• have been lawfully acquired (see BN6.5) [BN6.5].

Grant of resident visas and section 49(1) conditions

Grant of resident visas

Resident visas may only be granted once the principal applicant has:

• met the transfer requirements set out at BN8.10, or met the requirements at BN6.15 if the funds are already in New Zealand, and
• made the required acceptable investment as set out in BN3(a)(vi) [BN9].

A business immigration specialist must also be satisfied that the applicant continues to meet the requirements set out at BN3(a)(i) to (v) [BN9].

All resident visas granted under the Active Investor Plus visa category are subject to conditions under section 49(1) of the Immigration Act 2009 [BN9.1][BN10]. The conditions differ depending on the investment category chosen.

Section 49(1) conditions

Principal applicants must provide evidence that the conditions under section 49(1) have been met no later than three months after the first 24 months and the expiry of the investment period at the 36 or 60 months point as applicable [BN10.1].

Evidence required for retention checkpoints [BN10.5][BN10.10]

The principal applicant must make and retain acceptable investments in New Zealand during the 36- or 60-month investment period required by the section 49(1) conditions [BN10.5][BN10.10].

Evidence that the funds have been placed and retained in acceptable investments ([BN7.10]) and, where applicable, on-call investments ([BN7.5]), must include the following information:

• the full name of the principal applicant (and, if jointly owned, the secondary applicant);
• the amount invested in New Zealand dollars;
• the date the investment was made;
• the type of investment including the asset class and details of the shares or funds, or firms invested in;
• documentary evidence of the investment and transfers of investments; and/or
• a letter from an external and reputable professional (for example, a solicitor or chartered accountant, bank and/or investment broker, or financial advisor), confirming that the funds have been invested [BN10.5][BN10.10].

If the principal applicant has made investment transfers during the investment period (as permitted under [BN9.5]), they must provide the evidence set out above for every transfer [BN10.10].

A business immigration specialist may request any other information to satisfy themselves that the requirements have been met [BN10.5][BN10.10]. Evidence that the requirements have been met includes:

• submission of the evidence no later than three months after the first 24 months and the expiry date of the investment period (being 36 months for Growth Category investors and 60 months for Balanced Category investors); and
• subsequent written confirmation on file (by a business immigration specialist) that the investment requirements have been met; and
• upon the conclusion of the investment period, removal of the relevant condition imposed on the resident visa under section 49(1) of the Immigration Act [BN10.5][BN10.10].

The principal applicant will be considered to have retained their funds in acceptable investment if a portion of the funds are withdrawn for the purpose of paying tax to the Inland Revenue Department (IRD) and/or investment fees in relation to the acceptable investment, provided the principal applicant can demonstrate they have not received capital as a result of this withdrawal [BN10.10].

Effective 01/04/2025.

Post Investment Questionnaire

The principal applicant must complete INZ post-investment questionnaires as required by the conditions of their resident visa [BN10.17]. The questionnaire collects:

• Basic personal information (such as age, where they are from and their application number) [BN10.17];
• Their confidence as an investor in New Zealand [BN10.17];
• Whether they have made any further investments in New Zealand beyond those required for the grant of their resident visa [BN10.17].

If further investments have been made, the principal applicant must provide details about:

• the category of any further investments (for example, bonds, listed equities, managed funds or direct investments) [BN10.17]; and
• approximately how much in NZD they invested in each category [BN10.17].

Depending on the type of further investment, the principal applicant may also be asked to confirm the sector (for example, technology, manufacturing or food and beverage) [BN10.17].

If further investments include managed funds or direct investments (whether acceptable under Appendix 15 or not), the principal applicant must state whether they have provided further support to New Zealand businesses, and:

• if so, explain the nature of the support; or
• if not, explain the reason [BN10.17].

If no further investments have been made, the principal applicant must explain the reason for this [BN10.17].

Evidence that the questionnaire requirement has been met includes:

• submission of the completed questionnaire no later than three months after the first 24 months and the expiry date of the investment period (36 months for Growth Category investors and 60 months for Balanced Category investors) [BN10.17]; and
• subsequent written confirmation on file by a business immigration specialist that the questionnaire requirements have been met [BN10.17]; and
• upon the conclusion of the investment period, removal of the relevant condition imposed on the resident visa under s49(1) of the Immigration Act [BN10.17].

The INZ post-investment questionnaire can be found at https://www.research.net/r/FQSZ6NY [BN10.17].

Growth Category conditions (BN9.1.5)

Investors granted resident visas under the Growth Category are subject to the following conditions for the duration of the 36-month investment period [BN9.1]:

1. Retain investments: The principal applicant must retain their investments in acceptable Growth Category investments in New Zealand (or, where applicable, acceptable on-call investments) until the expiry of the 36-month investment period. Investment transfers that meet the requirements in BN9.5 satisfy this requirement [BN9.1].
2. Minimum time in New Zealand: The principal applicant must spend at least 21 days in New Zealand as the holder of a resident visa during the 36-month investment period [BN9.1].
3. Contact details: The principal applicant must inform INZ of any changes to their contact details (including, if applicable, their New Zealand address) during the 36-month investment period [BN9.1].
4. 24-month checkpoint: Within three months after the first 24 months of the 36-month investment period, the principal applicant must submit to INZ [BN9.1] [BN10.1]:
   • evidence that they have retained their acceptable investments in New Zealand; and
   • a completed 24-month investment questionnaire form [BN10.17].
5. 36-month checkpoint: Within three months after the expiry date of the 36-month investment period, the principal applicant must submit to INZ [BN9.1] [BN10.1]:
   • evidence that they have retained the acceptable investments throughout the final 12 months of the 36-month investment period; and
   • a completed 36-month investment questionnaire form [BN10.17].

Balanced Category conditions (BN9.1.10)

Investors granted resident visas under the Balanced Category are subject to the following conditions for the duration of the 60-month investment period [BN9.1]:

1. Retain investments: The principal applicant must retain their investments in acceptable Balanced Category investments in New Zealand (or, where applicable, acceptable on-call investments) until the expiry of the 60-month investment period. Investment transfers that meet the requirements in BN9.5 satisfy this requirement [BN9.1].

2. Minimum time in New Zealand: The principal applicant must spend a minimum period of time in New Zealand as the holder of a resident visa during the 60-month investment period [BN9.1] [BN10.15].

   The time requirement depends on the total nominated investment amount and whether the applicant invests additional funds beyond the minimum $10 million into direct investments or managed funds that are acceptable Growth Category investments, as determined by Invest NZ [BN10.15]:

   Total nominated NZD	Time spent in New Zealand	Requirement for additional funds
   $10 million	105 days	None
   $11 million	91 days	At least $1 million in direct investments or managed funds (Growth Category)
   $12 million	77 days	At least $2 million in direct investments or managed funds (Growth Category)
   $13 million and above	63 days	At least $3 million in direct investments or managed funds (Growth Category)

   Each additional NZD$1 million invested beyond the $10 million minimum entitles the applicant to a reduction of 14 days, up to a maximum reduction of 42 days (i.e., to 63 days) [BN10.15].

   To be eligible for the reduction, the principal applicant must:

   • include these additional funds in their nominated funds prior to the application being approved in principle [BN10.15];
   • retain these funds for the full 60-month investment period [BN10.15].

3. Contact details: The principal applicant must inform INZ of any changes to their contact details (including, if applicable, their New Zealand address) during the 60-month investment period [BN9.1].

4. 24-month checkpoint: Within three months after the first 24 months of the 60-month investment period, the principal applicant must submit to INZ [BN9.1] [BN10.1]:

   • evidence that they have retained their acceptable investments in New Zealand; and
   • a completed 24-month investment questionnaire form [BN10.17].

5. 60-month checkpoint: Within three months after the expiry date of the 60-month investment period, the principal applicant must submit to INZ [BN9.1] [BN10.1]:

   • evidence that they have retained their acceptable investments throughout the final 36 months of the 60-month investment period; and
   • a completed 60-month investment questionnaire form [BN10.17].

Noncompliance with s49(1) conditions

If the conditions imposed on the resident visa under section 49(1) of the Immigration Act 2009 have not been complied with at the first 24-month checkpoint or at the end of the investment period (36 months for Growth Category investors or 60 months for Balanced Category investors), the holder may be made liable for deportation [BN10.20].

Effective 01/04/2025.

Compliance and cancellation of section 49(1) conditions

When the principal applicant has satisfied a business immigration specialist that the conditions on their resident visa under section 49(1) of the Immigration Act 2009 have been complied with — whether under the Growth Category conditions set out in BN9.1.5 or the Balanced Category conditions set out in BN9.1.10 — those requirements will be cancelled, and the business immigration specialist will advise the principal applicant in writing [BN10.25].

Effective 01/04/2025.

Investment transfers during the investment period (BN9.5)

Principal applicants may transfer funds between acceptable investments during the investment period, provided the transfer complies with the rules set out in BN9.5 [BN9.5].

Conditions for transfers
A transfer is permitted only if [BN9.5]:

• the transferred funds continue to meet the acceptable investment requirements for the applicant's category (Balanced or Growth) [BN7.10];
• the reinvested funds continue to meet the section 49(1) conditions imposed on the resident visa [BN9.1];
• the transfer is completed within the prescribed timeframe:
  • 30 days for listed equities, philanthropy, property development, or bonds;
  • 90 days for direct investments or managed funds on the Invest New Zealand list;
    the timeframes start on the first working day after the funds are in the possession and control of the principal applicant or their representative [BN9.5].

Reinvestment amount
The sum of the reinvested funds must be [BN9.5]:

• equal to the initial amount invested; or
• the amount realised where a loss has been suffered; or
• the amount required to meet the section 49(1) conditions.

Where an acceptable investment is made up of multiple different investments, and some have suffered losses while others have experienced capital gains, there is no requirement to set off gains and losses against each other to determine the aggregate amount to reinvest. Instead, the amount to be reinvested is calculated for each individual investment [BN9.5].

Special rule for direct investments or managed funds
An applicant who has invested in direct investments or managed funds may transfer returned capital into an acceptable Balanced Category investment (see BN7.10(c)) for the remainder of the investment period if [BN9.5]:

• fewer than six months remain in the investment period; or
• the amount is below NZD $1 million (less than 20% of the NZD $5 million Growth Category threshold) and a business immigration specialist is satisfied that it cannot be re‑invested into a direct investment or managed fund.

When the below‑$1 million exception applies, the principal applicant has 30 days from the date the business immigration specialist confirms the placement is allowed to transfer and invest the funds [BN9.5].

Re‑investment into direct investments or managed funds
Returns of capital during the investment period that do not qualify for the special rule above must be re‑invested into an acceptable managed fund or direct investment [BN9.5].

Evidence of inability to re‑invest
Evidence that the principal applicant cannot re‑invest returned capital into direct investments or managed funds may include documentation showing the applicant has researched and/or engaged with such investment opportunities and found that the returned capital is below their investment threshold. Business immigration specialists consider this evidence on a case‑by‑case basis [BN9.5].

Interpretation & edge cases

Category switching [BN3] [BN8.20]

Principal applicants may change the category they initially applied under (from Balanced to Growth, or vice versa) while the application is still under assessment or within the first six months after approval in principle, provided they have not previously changed category. The investment threshold of the new category will apply [BN3].

If the applicant is switching from Growth to Balanced after approval in principle, they may nominate additional funds and/or assets to meet the Balanced Category minimum of NZD $10 million, provided they meet the specific conditions set out in BN8.20 (including providing evidence of unsuitability of Growth options, contacting INZ within the initial 6 months, and providing the additional evidence within that period) [BN8.20].

Time‑in‑New‑Zealand reduction (Balanced Category) [BN6][BN10.15]

Applicants under the Balanced Category who wish to reduce the required total time in New Zealand (as permitted under BN10.15.1) must nominate additional funds and provide evidence prior to approval in principle that their nominated funds are equivalent in value to at least NZD $11 million, $12 million, or $13 million depending on the number of days to be deducted [BN6][BN6.20]. These additional funds must be placed in direct investments or managed funds that have been deemed acceptable Growth Category investments by Invest NZ [BN10.15]. The funds must be retained for the full 60‑month investment period. The precise time‑spent requirements are set out in the Balanced Category conditions section above.

Gifted funds and New Zealand assets

Under BN6.5, nominated funds or assets that are or were located in New Zealand cannot be the subject of a gift for the purpose of the Active Investor Plus category. This is an absolute prohibition; no discretion applies. Even if the funds were earned lawfully, they cannot be counted if they were ever in New Zealand and are gifted [BN6.5].

Funds and assets already held in New Zealand

The following rules apply when nominated funds or assets are already located in New Zealand at the time of application.

• Nominated funds or assets already held in New Zealand may be counted, unless they fall under the prohibition on gifted New Zealand assets in BN6.5(c) [BN6.15].
• Valuation is based on market value at the time of application, not the original purchase price [BN6.15].
• Investment time already spent in New Zealand before approval in principle cannot be credited towards the 36‑month (Growth Category) or 60‑month (Balanced Category) investment period [BN6.15].
• These funds and assets must comply with the transfer rules in BN8 [BN6.15].
• However, if the funds or assets have been held in New Zealand for more than two years before the application, they are exempt from the transfer requirements in BN8, provided they were originally transferred through the banking system or an acceptable foreign exchange company from the country where they were legally earned or acquired, or were earned or acquired lawfully in New Zealand [BN6.15].

Note: The principal applicant is not required to sell nominated assets held in New Zealand if those assets meet the criteria in BN3(a)(v) and (vi) [BN3] [BN6.15]. In such cases, the transfer requirements in BN8 do not apply [BN6.15].

Effective 1 April 2025.

Travel conditions after grant

Holders of resident visas under the Active Investor Plus category, who are subject to section 49(1) conditions, may apply for a variation of travel conditions under RV3.15. A 24-month variation may be granted if the holder's first day in New Zealand as a resident was at least 24 months before the application, and they continue to meet the investment conditions, unless RV3.1(d) applies. [RV3.15]

Key definitions

These definitions apply throughout the Active Investor Plus category instructions [BN7].

• Acceptable direct investment — an investment in an Investee Entity that is acceptable to Invest NZ and meets the criteria in Appendix 15 [BN7].
• Acceptable investment — an acceptable managed fund or an acceptable direct investment [BN7].
• Acceptable managed fund — a managed investment scheme listed on Invest NZ's list of acceptable managed funds [BN7].
• Applicant — the principal applicant [BN7].
• Business immigration specialist — a New Zealand immigration officer with a written delegation to determine applications under the Active Investor Plus category [BN7].
• Financially significant — an investment of at least NZD $5 million [BN7].
• Investee Entity — a body corporate that is a New Zealand Resident Entity, is not listed on any securities or stock exchange, and qualifies for direct investment [BN7].
• Invest NZ — the New Zealand government agency responsible for promoting New Zealand as an investment destination and certifying direct investments [BN7].
• Investing funds — nominated funds that have been converted to NZD, transferred to New Zealand through the banking system or an acceptable foreign exchange company, are unencumbered, and are invested in acceptable investments [BN7].
• Managed fund — a managed investment scheme as defined in the Financial Markets Conduct Act 2013 [BN7].
• Managed investment scheme — has the meaning given in the Financial Markets Conduct Act 2013 [BN7].
• New Zealand Resident Entity — a New Zealand Entity that also meets one of the requirements in BN7.10.20: a New Zealand tax resident company; a company registered under the Companies Act 1993 with a controlling interest held by New Zealand tax residents, a New Zealand tax resident director, and a New Zealand bank account; a limited partnership with a New Zealand tax resident general partner, a New Zealand bank account, and tax residence in New Zealand; or a listed entity that meets equivalent tests [BN7].
• Nominee — a person (including a custodian, authorised NZX broker, or entity) that holds acceptable investments on behalf of the principal applicant under a nominee instrument approved by Invest NZ [BN7].
• Principal applicant — the person who makes the application for the Active Investor Plus visa [BN7].
• Total investment period — the period during which the principal applicant must maintain acceptable investments, as set out in BN8 and BN10.5 [BN7].

Citations

• BN — Active Investor Plus Category
• BN1 — Objective
• BN2 — Applying for Active Investor Plus
• BN3 — Active Investor Plus visa category requirements
• BN3.1 — Determination of applications
• BN4 — Health and character requirements
• BN6 — Nominated funds and/or assets
• BN6.1 — Ownership of nominated funds and/or assets
• BN6.5 — Funds and/or assets earned or acquired legally
• BN6.10 — Unencumbered funds and/or assets
• BN6.15 — Funds and/or assets already held in New Zealand
• BN6.20 — Evidence of the nominated funds and/or assets
• BN7 — Definitions
• BN7.1 — Key features of the investment categories
• BN7.5 — On-call investments
• BN7.10 — Acceptable investments
• BN7.10.1 — Listed equities
• BN7.10.5 — Philanthropy
• BN7.10.10 — Managed funds
• BN7.10.15 — Direct investments
• BN7.10.20 — New Zealand resident entity
• BN7.10.25 — Personal use of investment funds
• BN7.10.30 — Property development
• BN7.10.35 — Bonds
• BN8 — Approval in principle and transfer of funds
• BN8.1 — Aim and intent
• BN8.5 — Approval in principle
• BN8.10 — Transfer of the nominated funds or funds from the sale of nominated assets
• BN8.15 — Timeframe for transferring and investing nominated funds and/or funds from the sale of nominated assets
• BN8.20 — Nominating additional funds and/or assets
• BN8.25 — The investment period
• BN8.30 — Evidence of the principal applicant's acceptable investments
• BN8.35 — Temporary visa to arrange transfer and/or investment of funds
• BN9 — Grant of resident visas
• BN9.1 — Resident visas subject to conditions under section 49(1) of the Immigration Act
• BN9.5 — Investment transfers during the investment period
• BN10 — Section 49(1) Conditions
• BN10.1 — Requirement for principal applicants to provide evidence of section 49(1) conditions being met
• BN10.5 — Evidence that the principal applicant's acceptable investments meet the section 49 conditions of their visa
• BN10.10 — Retention of acceptable investment
• BN10.15 — Minimum period of time spent in New Zealand
• BN10.17 — Requirement to complete Immigration New Zealand's "Post Investment Questionnaire"
• BN10.20 — Noncompliance with section 49(1) conditions
• BN10.25 — Compliance with section 49(1) conditions
• RV3.15 — Variation of travel conditions for principal applicants with investment conditions under Section 49(1)