Parent Retirement Category - New Zealand Immigration Lawyers and Advisers /ニュージーランド政府公認移民アドバイザー : New Zealand Immigration Lawyers and Advisers /ニュージーランド政府公認移民アドバイザー

Parent Retirement Category

If you are the parent(s) of New Zealand citizen or New Zealand residence class visa holder, you may be able to apply for a residency class visa under this category.

The objective of the Parent Retirement Category is to provide a residence class visa to those with family links to New Zealand who wish to make a significant contribution to New Zealand’s economy.

So, what is the requirement?

For an application to be approved under the Parent Retirement Category, the principal applicant must:

i nominate funds and/or assets equivalent in value to at least NZ$1 million and undertake to invest them in New Zealand for a period of four years; and

ii demonstrate ownership of these funds and/or assets and that they have been legally earned or acquired; and

iii transfer and place the funds in an acceptable investment in accordance with the instructions at *(2); and

iv nominate NZ$0.5 million of settlement funds and demonstrate ownership of these funds and/or assets; and

v demonstrate an annual income of at least NZ$60,000; and

vi meet the Family requirements as set out at *(1).

*(1). Family requirements

a. The principal applicant must:

i be the parent of an adult child who is in New Zealand and is a New Zealand citizen or the holder (or deemed to be the holder) of a residence class visa that is not subject to conditions under *section 49 of the Immigration Act 2009; and either

ii have no dependent children and all of their adult children are lawfully and permanently outside the country in which they, the parents, are lawfully and permanently or

iii the centre of gravity of their family is in New Zealand.

The principal applicant and any secondary applicant included in the application must meet health and character requirements.

Investment funds

a. The principal applicant must invest a minimum of NZ$1 million in New Zealand for a period of four years.

b. The principal applicant must:

i nominate funds and/or assets equivalent in value to NZ$1 million; and

ii demonstrate ownership of these funds and/or assets.

c. All invested funds must meet the conditions of an acceptable investment as set out under*(2).

Ownership of nominated funds and/or assets

a. Nominated funds and/or assets may be owned either:

i solely by the principal applicant; or

ii jointly by the principal applicant and partner who are included in the resident visa application, provided a business immigration specialist is satisfied the principal applicant and partner have been living together for 12 months or more in a partnership that is genuine and stable.

If so, the principal applicant may claim the full value of such jointly owned funds or assets for assessment purposes; or

iii jointly by the principal applicant and dependent children who are included in the residence visa application.

a. If nominated funds and/or assets are held jointly by the principal applicant and a person other than their partner or dependent child, the principal applicant may only claim the value of that portion of funds and/or assets for which they provide evidence of ownership.

b. The principal applicant may only nominate funds and/or assets that they earned or acquired legally, including funds and/or assets which have been gifted (with the exception of New Zealand based-funds or assets) to them unconditionally and in accordance with local law. Where nominated funds and/or assets have been gifted to the principal applicant

c. business immigration specialist must be satisfied that the funds and/or assets being gifted were earned legally by the person(s) gifting the funds and/or assets.

d. The nominated funds and/or assets must be unencumbered.

e. The nominated funds and/or assets must not be borrowed.

Note: New Zealand-based funds or assets cannot be gifted under these instructions.

Definition of ‘funds earned or acquired legally’

a. Funds and/or assets earned or acquired legally are funds and/or assets earned or acquired in accordance with the laws of the country in which they were earned or acquired.

b. Business immigration specialists have discretion to decline an application if they are satisfied that, had the funds and/or assets been earned or acquired in the same manner in New Zealand, they would have been earned or acquired contrary to the criminal law of New Zealand.

Definition of ‘unencumbered funds’

Unencumbered funds are funds that are not subject to any mortgage, lien, charge and/or encumbrance (whether equitable or otherwise) or any other creditor claims.

Funds already held in New Zealand

a. Funds held in New Zealand at the time the application is made may be included in investment funds. However, periods of investment in New Zealand before approval in principle cannot be taken into account when calculating the four-year investment period.

b. Funds held in New Zealand must originally have been transferred to New Zealand through the banking system, or a foreign exchange company that uses the banking system from the country or countries in which they were earned or acquired legally, or have been earned or acquired legally in New Zealand.

Evidence of the principal applicant’s nominated funds and assets

a. Principal applicants must provide evidence of net funds and/or assets to the value of the required investment funds.

b. All documents provided as valuations of assets must be:

i no more than three months old at the date the resident visa application is made; and

ii produced by a reliable independent agency.

c. A business immigration specialist may seek further evidence if they:

i are not satisfied with the valuation provided; or

ii consider that the nominated funds and/or assets fail in some other way to meet the rules for investment funds.

*(2). Definition of ‘acceptable investment’

a. An acceptable investment means an investment that:

i is capable of a commercial return under normal circumstances; and

ii is not for the personal use of the applicant(s) (see *(3)); and

iii is invested in New Zealand in New Zealand currency; and

iv is invested in lawful enterprises or managed funds that comply with all relevant laws in force in New Zealand (see *(4)); and

v has the potential to contribute to New Zealand’s economy; and

vi is invested in either one or more of the following:
– bonds issued by the New Zealand government or local authorities; or

– bonds issued by New Zealand firms traded on the New Zealand Debt Securities Market (NZDX); or

– bonds issued by New Zealand firms with at least a BBB- or equivalent rating from internationally recognised credit rating agencies (for example, Standard and Poor’s);

or

– equity in New Zealand firms (public or private including managed funds) (see *(4) ); or

– bonds issued by New Zealand registered banks; or

– equities in New Zealand registered banks; or

– residential property development(s) (see *(5)); or

– bonds in finance companies (see *(2) (c)).

Note: For the purposes of these instructions, convertible notes are considered to be an equity investment. New Zealand registered banks are defined by the New Zealand Reserve Bank Act 1989.

b. Notwithstanding (a) above, where an investment fails to meet one of the acceptable investment requirements, a business immigration specialist may consider, on a case by case basis, whether the failure was beyond the control of the principal applicant and if satisfied that this was the case, may consider the investment acceptable.

c. A Business Immigration Specialist may consider bonds in finance companies as an acceptable investment where the finance company:

i is a wholly-owned subsidiary of,

ii raises capital solely for, and

iii has all its debt securities unconditionally guaranteed by a New Zealand Stock Exchange listed company or a local authority.

Note: The value of an investment is based on the net purchase price (for example, less any accrued interest, commission, brokerage and/or trade levy), not on the face value of the investment.

*(3) Personal use of investment funds

Personal use includes investment in assets such as a personal residence, car, boat or similar.

*(4) Managed funds

a. For the purposes of these instructions, managed funds are defined as either:

i a managed fund investment product offered by a financial institution; or

ii funds invested in equities that are managed on an investor’s behalf by a fund manager or broker.

b. In order to be acceptable as a form of investment managed funds must be invested only in

New Zealand companies. Managed fund investments in New Zealand with international exposure are acceptable only for the proportion of the investment that is invested in New Zealand companies.

Example: Only 50 percent of a managed fund that equally invests in New Zealand and international equities would be deemed to be an acceptable investment as set out in *(7).

*(5) Residential property development

For the purposes of these instructions, residential property development(s) is defined as property(ies) in which people reside and is subject to the following conditions:

a. the residential property must be in the form of new developments on either new or existing sites; and

b. the residential property(ies) cannot include renovation or extension to existing dwellings; and

c. the new developments must have been approved and gained any required consents by any relevant regulatory authorities (including local authorities); and

d. the purpose of the residential property investments must be to make a commercial return on the open market; and

e. neither the family, relatives, nor anyone associated with the principal investor, may reside in the development; and

f. the costs associated with obtaining any regulatory approval (including any resource or building consents) are not part of the principal applicant’s acceptable investments.

*(6) Settlement funds and annual income

Principal applicants under the Parent Retirement Category must demonstrate that they have the ability to support themselves and their partner, and/or dependent children included in the resident visa application during the four year investment period in New Zealand.

Requirement for settlement funds and annual income

In addition to their nominated investment funds, principal applicants must demonstrate:

a. ownership of a minimum of NZ$0.5 million; and

b. an annual income of at least NZ$60,000 at the time of application.

Ownership of settlement funds

a. Funds may be owned either:

i solely by the principal applicant; or

ii jointly by the principal applicant and their partner and/or dependent children who are included in the resident visa application.

b. The principal applicant may claim the full value of jointly owned funds or assets for assessment purposes provided a business immigration specialist is satisfied the principal applicant and partner have been living together for 12 months or more in a genuine and stable partnership.

c. If funds or assets are held jointly by the principal applicant and a person other than their partner or dependent child, the principal applicant may only claim the value of that portion of the funds or assets for which they provide evidence of ownership.

Evidence of settlement funds

*(7) Annual income

Annual income may be:

a. earned solely by the principal applicant; or

b. a combined income of the principal applicant and partner who is included in the resident visa application.

Evidence of annual income

Evidence of annual income may include, but is not limited to:

* This category requires a specialized knowledge of Business and Immigration Law, where the expert in this field may need to assist your application. Please consult with YIS if you are interested in applying for a visa under this category.

©2016 Y.I.S Yoko Immigration Service Ltd. All Rights Reserved
Powered By Crescentek