New Zealand To Make Visa Rules ‘Simpler And More Flexible’ For Foreign Investors
New Zealand has recently unveiled significant changes to its visa policies. The country is set to alter its investor visaregulations to draw in global investment and boost economic growth.
The changes, spearheaded by Immigration Minister Erica Stanford, will streamline the nation’s investment immigration system. Effective April 1, these revised policies aim to simplify the application process, making it more attractive to global investors.
In this revised policy, the country also introduced two new investment categories: one for mixed investments and another for high-risk, high-reward ventures. As perMinister Stanford, these changes willmake the visa application procedure“simpler and more flexible,” enabling investors to provide not only money but also knowledge and international contacts.
In addition to that, the new framework is designed to attract a diverse range of investors, including entrepreneurs, venture capitalists, and institutional investors. The focus on high-risk investments aligns with the government’s strategy to foster innovation and drive economic diversification.
These reforms position New Zealand as a more competitive destination for foreign investment, placing it alongside other countries like Australia, Canada, and the United Kingdom.By removing some of the previous barriers, the government hopes to attract significant capital inflowsand stimulate economic growth in key sectors like technology, real estate, and hospitality.
Relaxed Criteria:
No More Median Wage Thresholds:The government has also slashed the previous requirement for employers to meet a median wage threshold for skilled migrant visas. Instead, employers must now offer market-rate salaries for the specific role and location.
Reduced Work Experience Requirement:The government has reduced the work experience criterion for skilled migrants from three years to two years, making it easier for qualified professionals to immigrate to New Zealand.
Extended Visa Duration:The visa period for jobs classified under skill levels 4 or 5 of the Australian and New Zealand Standard Classification of Occupations (ANZSCO) has been extended from two to three years, providing greater stability for these workers.
New visa pathways:The country has also introduced two new visa options to address seasonal labour demands in New Zealand. The first is a three-year multi-entry visa for experienced seasonal workers, andthe other is a seven-month single-entry visa for lower-skilled seasonal workers. These initiatives aim to meet the needs of the seasonal workforce.
Advertising Period:Employers hiring for skill level 4 or 5 roles are no longer required to adhere to a 21-day advertising period through Work and Income.They must still advertise and interview suitable candidates to demonstrate efforts to hire locally.