New Zealand Golden Visa: Active Investor Plus in 2026

Active Investor Plus is a residence-class visa issued under the Immigration Act 2009 and INZ's residence instructions. It first launched on 19 September 2022, replacing the older Investor 1 and Investor 2 categories, which stopped taking applications on 27 July 2022^[22]. That 2022 version required a weighted NZ$15 million, an IELTS 5.0 English score and 117 days in New Zealand over four years. It attracted few applicants^[22].

On 1 April 2025 the government rebuilt it into two categories, Growth and Balanced. It lowered the entry point to NZ$5 million, dropped the English requirement and cut the time-in-country obligations^[2]. Three bodies are involved:

• Immigration New Zealand decides the visa: health, character, source of funds and investment compliance^[1].
• Invest New Zealand (formerly the investor-migrant team at NZTE) decides which managed funds and direct investments are acceptable for the Growth category. It also runs an investor introduction service, but it does not give investment advice^[8].
• The Overseas Investment Office (part of LINZ) handles consent if an AIP holder wants to buy a home worth more than NZ$5 million^[10].

Status on 2 October 2026: open, with no annual cap. Growth dominates demand: of the 949 applications (covering 3,092 people) received by 24 September 2026, 813 were Growth and 136 were Balanced, and 496 had been approved^[2]. The largest source markets to 24 September 2026 were the USA (305 applications), mainland China (180), Hong Kong (121), Germany (61) and Taiwan (49)^[2].

Both categories lead to the same resident visa. They differ in amount, holding period, permitted assets and days in New Zealand^[1][3].

In practice, most Growth applicants buy into an approved managed fund. INZ reports that managed funds make up 80% of capital committed under Growth (about NZ$1.2 billion). Private credit accounts for 70.1% of that managed-fund money^[2]. Balanced investors mostly choose bonds, at 83% of committed Balanced capital (about NZ$523.6 million)^[2].

Picking a fund now needs more care than it did in 2025:

• DIMS removed (4 December 2025). Discretionary Investment Management Services, the bank and broker portfolios that could hold large cash balances, are no longer acceptable for new Growth investments. Money already in DIMS before that date is grandfathered^[8][23].
• Deployment plans (28 September 2026). Approved managed funds must now provide and maintain an investment deployment plan. Invest New Zealand can suspend or revoke a fund's or direct investment's eligibility. Declined funds and direct investments must wait six months before reapplying^[6], and Lane Neave reports the same stand-down applies after a revocation^[16]. Lane Neave reports a new test: a 'growth asset' must carry higher risk and target higher returns than capital-preservation or income assets, and funds must deploy capital substantially in line with their plan within 12 months^[16]. Conservative, income-focused products are therefore more likely to be refused.
• Build to Rent (December 2026). Approved managed funds that back Build to Rent housing will become an acceptable Growth investment in December 2026. Direct Build to Rent investment will not count, and INZ has not yet published the exact date or the full criteria^[7].
• Philanthropy (1 June 2026). Growth applicants may put up to 20% of the total into approved New Zealand philanthropy. That money is a gift and is not returned^[3][8].

Before you commit, ask the manager three things. What are the fees and carried interest? How long does capital actually stay locked up? Private equity, venture capital and private credit funds often run well past the 36-month visa period, and INZ itself warns that Growth assets are typically illiquid^[3]. Also ask what happens to your visa if the fund loses its approval. If you sell an investment during the period, you must reinvest the original amount, minus any losses, within 90 days for funds and direct investments, or within 30 days for listed equities, bonds, property and philanthropy^[4].

For a Growth applicant, the realistic outlay is the NZ$5 million investment plus about NZ$45,000–85,000 in fees and advisers. That covers NZ$27,470 to INZ, adviser fees, medicals and translations. Add travel for the 21 days in New Zealand and any foreign-exchange spread on converting NZ$5 million. On a large transfer, a 0.5% spread alone costs NZ$25,000. If 20% goes into philanthropy, the NZ$1 million gifted is a sunk cost. At today's exchange rate the qualifying sum alone is about US$2.8 million^[5][3].

To qualify, the principal applicant must^[1]:

• Hold at least NZ$5 million (Growth) or NZ$10 million (Balanced) available to invest, earned or acquired lawfully, and transfer it to New Zealand in NZ dollars.
• Be a fit and proper person of good character, with police certificates under six months old.
• Meet health standards, including a medical examination and chest X-ray.
• Invest only in acceptable investments that are not for personal use^[3].

No English requirement, no age limit and no business-experience test apply since 1 April 2025^[2]. Note that an older NZTE FAQ page still mentions IELTS 5.0. That reflects the 2022 rules and is out of date^[25][22].

Source of funds after the August 2026 update

From 12 August 2026, INZ applies stricter evidence rules^[17][18][27]:

• Borrowed funds must come from the same country or jurisdiction as the assets that support the application.
• You must show the money was earned or acquired lawfully and moved through proper banking channels.
• Gifted funds must be unconditional and lawful where the gift was made.
• For managed funds, a legally binding agreement with the manager or nominee is enough to show commitment; it no longer has to be non-revocable.

Source-of-wealth work is usually the slowest part of an application. Applicants whose wealth came from a business sale, inheritance or several jurisdictions should start assembling bank, tax and corporate records early.

One application covers the family^[1]:

• Partner: married, civil-union or de facto, in a genuine and stable relationship, having lived together for at least 12 months.
• Dependent children: aged 24 and under. Children born after approval can, since August 2026, be added to later permanent resident, travel-condition or resident visa applications^[18].
• Family members must first enter New Zealand within 12 months of the visa being granted.

Each person needs medicals and police certificates as applicable. The investment counts in full if it is jointly owned with your partner or dependent children on the same application^[3]. The government fee is listed per application, not per person^[5]. If both the principal applicant and their partner hold the visa, each can rely on their own visa for one qualifying house purchase with OIO consent^[10].

The AIP is a two-stage process: approval in principle, then investment and visa grant^[1][4][15].

Holding an AIP visa does not by itself make you a New Zealand tax resident. Most investors who spend only the minimum days in the country never become one^[15]. Tax residence starts on the earlier of having a permanent place of abode in New Zealand or spending more than 183 days there in any 12-month period^[13]. Some approved managed funds may still require you to file a New Zealand return on fund income^[15].

If you move to New Zealand

• Transitional resident exemption: new residents who were not tax resident in New Zealand for the previous 10 years get up to 48 months of exemption on most types of foreign-sourced income^[13].
• Foreign investment fund (FIF) rules: after that, offshore share portfolios are normally taxed on a deemed 5% return. The Revenue Account Method, enacted in 2026 with effect from 1 April 2025, lets some new migrants tax eligible unlisted foreign shares held before arrival on dividends plus 70% of realised gains instead. A broader second stage is under consultation^[14].
• No general capital gains tax, no inheritance or gift tax. Residential property sold within 2 years is taxed under the bright-line test (main home excluded)^[21].
• Income tax tops out at 39%. GST is 15%.

Get advice in your home country as well. US citizens in particular should model how FIF and PFIC rules interact before moving.

New Zealand's foreign-buyer ban has a carve-out. Announced on 1 September 2025 and in force since 6 March 2026, it lets AIP (and legacy Investor 1 and 2) visa holders buy or build one residential property where the land price, or land plus build cost, exceeds NZ$5 million. Holders do not have to become tax resident to use it^[9][10][11]. OIO consent is normally decided within five working days and the purchase agreement must be conditional on it. If you build, the house must be finished within three years of consent unless the OIO agrees to a longer period^[10]. The home can be lived in or used as a holiday home, but it does not count toward the AIP investment^[10][15]. The OIO had approved 13 consents by 30 April 2026, with interest focused on Queenstown, Wānaka and the Bay of Islands^[11].

The AIP resident visa already lets you live, work and study in New Zealand indefinitely. Its travel conditions last 4 years (Growth) or 6 years (Balanced) from first arrival^[1]. Once the 36- or 60-month investment period is complete, the evidence is filed and the time-in-country requirement is met, you can apply for a Permanent Resident Visa. That visa removes the travel expiry and has no further investment condition^[1].

Permanent residency is not the same as naturalisation. Becoming a New Zealand citizen requires physical presence of at least 240 days in each of the last five years and 1,350 days in total as a resident^[19]. Someone spending only the AIP minimum of 21 days will not meet that. We cover the naturalisation route, timelines and dual-nationality rules on our New Zealand citizenship guide.

If you want to buy and run a New Zealand business rather than hold a passive portfolio, the Business Investor Work Visa has been open since November 2025, after it was announced on 27 August 2025. It replaced the Entrepreneur Work Visa, which closed to new applications^[12].

• NZ$1 million in an existing business, leading to residence after 3 years; or NZ$2 million, with a 12-month fast track to the Business Investor Resident Visa.
• The business must be bought outright or at least 25% acquired, must have been trading for at least 5 years, must have at least 5 full-time-equivalent staff, and must create at least one new full-time job^[28]. Franchises, fast food, convenience stores, home-based and several other business types are excluded.
• Applicants must be 55 or younger, have IELTS 5.0 or equivalent and at least 3 years of business experience, and hold NZ$500,000 in reserve funds. The total fee is NZ$12,380^[12][28].

It costs far less but asks far more: you must actively run the business, meet language and age tests, and live in the country. The AIP suits investors who want residence rights without relocating. This route suits families who will move and operate.

Good fit: internationally mobile families with US$3 million or more of liquid, well-documented wealth. It suits those who want a secure second residence and an option to relocate later, are comfortable with private-market risk for three years or more, and value New Zealand's stability and lifestyle. US and Hong Kong investors are the largest groups so far^[2].

Look elsewhere if: you need a cheaper entry point, you want your capital in property you can use (the AIP excludes your own home), or you need liquid or low-risk assets. The Balanced category allows bonds, but only at NZ$10 million. Look elsewhere too if your real goal is a second nationality quickly, or if your funds are hard to trace or borrowed across jurisdictions.

Comparable investor residence routes, by region and budget:

• Australia's National Innovation visa: the Business Innovation and Investment Program closed in July 2024, and the replacement route is nomination-based rather than a fixed investment.
• Singapore's Global Investor Programme: an eight-figure business or fund route aimed at established entrepreneurs.
• Hong Kong's Capital Investment Entrant Scheme: an asset-based residence route with a similar passive-investment logic.
• USA EB-5 investor green card: US$800,000 in a targeted employment area leads to a green card, but processing is slower and depends on nationality.
• Canada's Quebec investor programme: a five-year investment plus a non-refundable contribution, with French-language requirements and a tight, often-paused intake.
• Portugal golden visa fund route: a much lower ticket at €500,000, with Schengen travel and a similarly light minimum-stay rule.
• UK Innovator Founder visa: the British business route, if you will actually run a company.

For side-by-side numbers see our ranking of low-cost residence-by-investment programmes, the programmes with the fastest route to a passport, the guide to residence versus nationality by investment and the global investor residence programme directory.