Photo: RNZ
International investors could be given residence after 12 months if they buy an existing business and employ at least one more full-time member of staff, under a new visa announced on Wednesday.
The changes will replace the Entrepreneur Visa, the government saying the new Business Investor Visa will have clearer settings.
Investors would get a 12-month fast-track to residence pathway through a $2 million investment and with a three-year wait, could get residence with $1m.
The business they were buying would need to have existed for more than five years, meet financial financial thresholds and have been employing at least five full-time staff.
Immigration Minister Erica Stanford said the new Business Investor Visa would have clearer settings than the Entrepreneur Visa it was replacing. Migrant investors would need to meet English language requirements and have business experience.
"This new visa will bring overseas investment to maintain and create jobs, grow incomes, and breathe new life into existing businesses across the country," she said. "We are introducing a more targeted pathway for experienced businesspeople with capital to invest and the hands-on experience and skills needed to run a successful business."
The new visa is in addition to the Active Investor Plus visa, launched earlier this year, which requires between $5m and $10m in capital.
Stanford said the entrepreneur category it replaced had low application volumes, high decline rates and did not deliver strong economic impacts.
Critics said the visa had vague criteria which deterred investors worried about the potential for losing their money as well as their chance at getting residence.
Stanford said work was also underway on a visa pathway for startup entrepreneurs with scalable, innovative business ideas, "designed to complement existing settings and complete the suite".
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