New Zealand’s Active Investor Plus (AIP) visa — launched on 1 April 2025 as a replacement for the old Investor 1 and Investor 2 categories — has become one of the most closely watched golden visa programs in the world. One year on, the reform has delivered an unprecedented surge in high-net-worth capital: as of 31 March 2026, Immigration New Zealand has received 635 applications representing NZD $3.73 billion in potential investment, and the rules have actually been loosened in several important respects since launch.
For investors comparing Oceania against European or Caribbean pathways, the 2026 picture looks very different from the “tightening” narrative of early coverage. Below is an updated, practical breakdown of where the program stands in April 2026, what actually qualifies, how the application process works, and how AIP fits alongside other investor-residency options we advise on at Vardanyan & Partners.
At a glance: New Zealand Active Investor Plus (April 2026)
- Two tiers unchanged since launch: Growth (NZD $5M / 3 yrs) and Balanced (NZD $10M / 5 yrs).
- Government application fee: NZD $27,470 (same for both tiers).
- Physical presence: 21 days (Growth) or 105 days (Balanced), reducible to 63 days at NZD $13M+.
- Processing: 80% of applications reach Approval in Principle within 3 months; real-world average 31 working days.
- Demand: 635 applications, NZD $1.42B deployed and NZD $3.73B in the pipeline as of 31 March 2026.
- No English test for the principal applicant; no capital gains, inheritance, gift, or wealth tax in New Zealand.
What actually changed in April 2025 — and what has moved since
On 1 April 2025, New Zealand consolidated its investor residency into two streams designed to channel capital into productive parts of the economy while dropping the friction points that had stalled the previous regime. Since then, the core framework has held steady, with one material mid-cycle amendment on 9 June 2025.
The June 2025 amendment introduced a 75/25 on-call rule — a maximum of 25% of the investment may sit in bank accounts or term deposits, with at least 75% held in listed equities or bonds — and expanded asset eligibility so that AIP holders may invest in New Zealand-registered property development companies via equity or debt, not just direct project participation. Pre-June applicants were offered a no-cost variation window to restructure.
A further, high-profile policy shift was announced on 26 February 2026: the government has indicated that AIP visa holders — including those based overseas — will be permitted to purchase or build one residential property in New Zealand valued at NZD $5 million or more, carving out a targeted exception to the general ban on foreign residential buyers. This Overseas Investment Act amendment is a significant tax and lifestyle planning factor and should be discussed with counsel before any purchase commitment.
Growth vs. Balanced: side-by-side comparison
| Feature | Growth | Balanced |
|---|---|---|
| Minimum investment | NZD $5 million | NZD $10 million |
| Investment term | 36 months (3 years) | 60 months (5 years) |
| Mandatory stay | 21 days over the term | 105 days (reducible to 91 at $11M, 77 at $12M, 63 at $13M+) |
| Eligible assets | NZTE-approved direct investments in NZ businesses; NZTE-approved managed funds | All Growth options plus NZ government/local/corporate bonds, NZX-listed equities, philanthropy, and new residential/commercial/industrial property developments |
| Government fee | NZD $27,470 | NZD $27,470 |
| English language | No test required for the principal applicant under the April 2025 reforms | |
What qualifies as an acceptable investment
The program explicitly favours “active” capital deployment. Acceptable investments must be capable of generating a commercial return, must be made in New Zealand dollars, and cannot be for the personal use of the investor or their family.
Growth-tier assets are narrower and more activist: direct investments in New Zealand businesses and managed funds, both requiring NZTE (New Zealand Trade & Enterprise) approval. Balanced-tier assets include everything eligible under Growth plus New Zealand government, local authority and corporate bonds; NZX-listed equities; approved philanthropic contributions; and new residential, commercial or industrial property developments. A large share of Balanced-tier capital to date has flowed into managed funds and bonds.
Critically, QDII and QDLP schemes remain excluded. Funds must be transferred through acceptable channels. Portfolios that rely on passive repatriation structures will need to be restructured before an application can proceed.
How the application process actually works
Applications must be submitted from outside New Zealand through Immigration New Zealand’s online system. Once Approval in Principle (AIP) is granted, the applicant has six months — extendable by a further six months — to transfer and deploy the committed capital. The resident visa is granted shortly after transfer is confirmed.
Realistic end-to-end timeline from document preparation to resident visa grant is typically six to nine months. Actual AIP processing averages 31 working days for the decision itself, with 80% of applications cleared within three months.
Core document checklist
- Identity: valid passports and two head-and-shoulders photos per applicant.
- Health: INZ-approved medical examination and chest X-ray.
- Character: police certificates from every country of citizenship and every country of 12+ months’ residence in the last 10 years (no older than six months; certified English translations where needed).
- Fit and Proper declaration: confirming no SFO investigation, dishonesty convictions, or financial fraud.
- Source of funds: 3–5 years of tax returns, audited business financials, bank statements evidencing funds held for at least 12 months, third-party verification, and a structured cover letter with source-of-funds table, document index, and wealth-accumulation narrative.
- Investment plan: detailed deployment plan with NZTE approval evidence (for Growth) and fund transfer plan.
- Family members: relationship and custody evidence, INZ 1242 partner form, and separate police certificates for every family member aged 17+.
Including family members
A married or de facto partner (with at least 12 months of cohabitation) must be included in the application and receives the same resident visa. Dependent children are eligible up to age 24: children aged 17 or under qualify automatically; those aged 18–20 must be single and childless; and children aged 21–24 must be single and financially dependent. All family members must enter New Zealand within 12 months of the visa grant or apply again separately. Newborns post-approval can be added through a Dependent Child Resident Visa.
Tax and wealth-preservation picture
Holding the AIP visa does not automatically make you a New Zealand tax resident. Tax residency is determined by Inland Revenue under two tests: the 183-day rule (more than 183 days in New Zealand in any 12-month rolling period) and the Permanent Place of Abode test, which can trigger residency even at low day counts if the applicant acquires a home or establishes strong economic ties. The new NZD $5M+ residential property purchase right meaningfully raises PPOA exposure and should be evaluated alongside tax counsel before committing.
Once tax resident, worldwide income becomes taxable at rates topping out at 39% on income above NZD $180,000. New residents benefit from a four-year foreign-income exemption, and New Zealand levies no capital gains tax, no inheritance or estate tax, and no wealth tax — features that are genuinely scarce among comparable OECD residency programs and one of the main reasons wealthy Americans now account for roughly 35% of applications.
Path to permanent residency and citizenship
Once the investment commitment has been satisfied (three years for Growth, five years for Balanced), the Section 49 conditions on the resident visa can be removed at no cost, converting it into an unconditional resident visa. Full permanent resident visa status follows standard NZ rules.
Citizenship requires five years holding a residence-class visa and at least 1,350 days of physical presence, with a minimum of 240 days in each of the five years. This is materially higher than the AIP minimum stay and means a Growth investor should plan for a realistic citizenship horizon of eight to ten years or more. For applicants whose primary objective is a passport rather than tax residency, this is an important calibration point when comparing New Zealand against faster-track programs.
How the reform has performed so far
The pre-April-2025 framework collected only 43 approvals by early February 2025, totalling roughly NZD $545 million committed with approximately NZD $70 million actually deployed into the economy across its 2.5-year life. By contrast, the reformed AIP had gathered 189 applications and an NZD $1 billion pipeline within three months of launch.
By 31 March 2026, Immigration New Zealand reported:
- 635 applications received — 524 Growth, 111 Balanced.
- 520 approved in principle; 237 resident visas granted; 108 still under assessment.
- NZD $1.42 billion deployed capital with NZD $3.73 billion in the total pipeline.
- 31 working days average AIP processing time.
The NZD $1.8 billion pipeline target floated in mid-2025 has been comfortably exceeded. The applicant mix has also shifted dramatically: the United States is now the largest source country with 225 applications, followed by China (104), Hong Kong (87), Germany (46), Taiwan (35), Singapore (28), South Korea (17), Vietnam (16), Japan (15) and Great Britain (11). The pre-2022 regime was dominated by Chinese applicants who at one point accounted for 72.6% of approvals.
How New Zealand fits into a wider RBI strategy
New Zealand’s AIP sits at the top of the global residence-by-investment pyramid by capital threshold. It is best suited to ultra-high-net-worth investors who value institutional stability, a zero-CGT environment, and long-term family relocation — and who can commit NZD $5M or more without disrupting their broader portfolio. For applicants looking for a significantly lower capital entry point, faster processing, or an EU footprint, other programs may be a better fit. We regularly advise clients comparing New Zealand against Armenia’s own residence-by-investment pathway, special residency, and long-term options like Armenian citizenship, as well as parallel European programs.
Frequently asked questions
What are the minimum investment and term under the two AIP tiers?
How much is the government application fee?
How long does the application actually take?
Do passive funds like QDII or QDLP qualify?
Is there still an English-language test?
Can I include my family in the application?
Does New Zealand have citizenship by investment?
Can AIP holders buy residential property in New Zealand?
Conclusion
One year into the Active Investor Plus era, New Zealand has quietly become one of the most successful investor migration programs in the OECD — not because it has tightened, but because it has become more predictable, more flexible, and more attuned to where ultra-high-net-worth capital actually wants to go. For the right profile, it remains one of the cleanest long-term relocation pathways available. For everyone else, it is a useful benchmark against which to weigh faster, lower-threshold alternatives.
If you are weighing New Zealand alongside other investor residency options, speak with our team for a practical comparison tailored to your profile and objectives.
