US, China, Hong Kong lead rush for NZ's 'golden' visas
What's the story
New Zealand has witnessed a surge in applications for its revamped foreign investor migrant visa scheme. The government hopes to attract high-net-worth individuals to boost economic growth. Immigration Minister Erica Stanford said there has been a "flood of formal interest" in the new "golden" visa. The government relaxed the rules in April, reducing the minimum investment requirement to secure residency from NZ$15 million ($8.8 million) to NZ$5 million ($2.95 million) and scrapping the English language requirement.
Global interest
Huge jump from 116 applications received under previous rules
The new visa scheme has attracted a total of 189 applications in under three months. This is a huge jump from the 116 applications received over two-and-a-half years under the previous rules. The majority of these applications have been from United States citizens, with 85 submissions. Mainland China and Hong Kong follow with 26 and 24 applications, respectively.
Economic growth
New Zealand's economy shows signs of recovery
The surge in visa applications comes as New Zealand's economy shows signs of recovery. Official data released last week showed that the economy grew faster than expected in the first quarter. This is a welcome development for policymakers who are trying to stabilize an economy that fell into a technical recession last year. The two-quarter GDP decline was the worst since 1991, barring pandemic-related downturns.