The Parent Retirement Resident Visa Explained
The parent retirement resident visa is for people who have child who is a citizen or resident of New Zealand. So long as you meet the requirements of the visa, it allows you to live in the country permanently.
Apart from being a parent of a New Zealander, there are also financial requirements. Firstly, you need an income of NZ $60,000 a year plus NZ $500,000 that you can live on. In addition, you have to invest NZ $1 million in acceptable investments for four years.
What Are Acceptable Investments?
For your investment to be acceptable to Immigration New Zealand, it must be in NZ, in NZ dollars, and must contribute to the economy. It must also have the potential to make a profit.
The type of investments you can make include shares, government or local authority bonds, company bonds (so long as the company trades on the NZCX or has a BBB credit rating), residential developments, and some venture capital funds.
The Application Process
You will need to submit an application for a parent retirement visa. If this application is successful, you will get an approval in principle. Once you receive this you will have 12 months to transfer the NZ $1 million you plan to invest to New Zealand. At the end of the four-year investment period, you can become a permanent resident.
To find out more or to get help or advice, please contact Immigration Advisers New Zealand today.