When the New Zealand Government refreshed the Active Investor Plus (AIP) Visa on 1 April 2025, the objective was clear: make the investor migration pathway more attractive, more accessible, and more effective at bringing international capital into New Zealand. 15 months later, the results suggest the reforms are achieving exactly that.

The latest figures released by Immigration New Zealand paint a picture of a highly successful investor programme that is generating significant interest from global investors while delivering substantial economic benefits to New Zealand. For prospective applicants, the data provides valuable insight into how the programme is performing and why now may be an ideal time to consider an application.

A Simpler and More Flexible Investment Framework

One of the most significant changes introduced in April 2025 was the creation of two distinct investment pathways:

Growth Category

The Growth Category is designed for investors seeking a more active investment approach. Applicants are required to invest a minimum of NZD $5 million for a period of three years into qualifying investments such as:

• Managed funds
• Direct investments into New Zealand businesses

This category has proven particularly popular with investors, accounting for nearly 85% of all applications received since the policy changes took effect.

Balanced Category

The Balanced Category offers greater flexibility for those preferring a more conservative investment profile. Applicants must invest a minimum of NZD $10 million over five years and may access a broader range of investment options, including:

• Bonds
• Listed equities
• Property investments
• Managed funds

This option has appealed to investors prioritising capital preservation alongside residency opportunities.

Strong Demand from Global Investors

Since 1 April 2025, Immigration New Zealand has received 809 Active Investor Plus applications, representing 2,639 individuals.

The breakdown by category is particularly telling:

• 684 applications (84.6%) under the Growth Category
• 125 applications (15.4%) under the Balanced Category

Perhaps even more impressive is the progression of these applications through the immigration system.

As at 7 July 2026:

• 367 applications have been fully approved
• 290 applications have been approved in principle and are progressing to the investment stage
• 37 applications remain in progress
• Only 15 applications have been declined or withdrawn

Overall, the decline rate is low. However, being declined is an expensive process given the nonrefundable INZ application fee of $27,470. Not to mention professional fees, medical and police certificate fees, translations, and other associated costs. Accordingly, sound professional advice from seasoned professionals should always pay dividends. Furthermore, it is evident that a significant number of the applications are being processed by a few firms that are highly specialised in the Golden Visa area. Common sense would dictate that informed applicants engage with lawyers whose advice is able to traverse immigration residency, tax residency, property law, commercial law, and so on. This is particularly so if due diligence is being conducted on the investment target.

Processing Times Remain Competitive

One concern often raised by investor migrants is how long the process will take. Encouragingly, Immigration New Zealand's latest statistics show relatively efficient processing times:

• Average time to Approval in Principle: 37 working days
• Average time from receipt of transfer documents to decision: 37 working days
• Average time from initial application to visa approval: 128 working days

For high-value investor migration programmes, these processing times compare favourably with many competing jurisdictions and provide increased certainty for applicants planning their investment and relocation strategies.

We have observed that certain jurisdictions have taken longer than others. In general terms, North American and European clients seem to be processed expeditiously (in some cases only 1 or 2 weeks from lodgement) whereas Chinese applications have been slower. This is not a hard and fast rule per se, and we have had some exceptionally quick Chinese approvals also. There has been some consideration whether this is connected to INZ and its cohorts approving security clearance documents or not. We are aware that via Official Information Act requisitions that some patterns do seem to be emerging.

Over $2 Billion Already Committed

Perhaps the clearest indicator of the programme's success is the volume of capital already being directed into New Zealand.

As of 7 July 2026:

Funds Already Invested

• Growth Category: NZD $1.53 billion
• Balanced Category: NZD $610 million

Capital Approved in Principle and Awaiting Investment

• Growth Category: NZD $1.245 billion
• Balanced Category: NZD $410 million

Taken together, this represents well over [amount of money in bold] NZD $3.7 billion in committed and prospective investment flowing into the New Zealand economy.

These figures underscore the Government's intention behind the reforms: attracting meaningful foreign investment while providing a credible pathway to New Zealand residence for genuine investors.

Where Are Investors Putting Their Money?

The investment trends are also revealing.

Among Growth Category applicants:

• 97% of funds have been invested in managed funds
• 3% have been invested into direct investments

For Balanced Category investors:

• 83% have been invested in bonds
• 12.9% in listed equities
• 3.5% in property
• 0.13% in managed funds

Notably, there have been no reported investments into philanthropic initiatives for immigration purposes to date. However, the addition of philanthropy is a recent change to New Zealand government’s immigration settings. Nevertheless, from our own client base, we are observing and assisting with some very generous proposed philanthropic activities that would not have come into creation without the nexus with the Golden Visa regime.

Selecting an investment structure that meets immigration requirements while aligning with an investor's broader financial objectives can have a significant impact on both compliance and long-term outcomes. We urge all of our clients to work closely with us to create a bespoke immigration pathway tailored towards their individual considerations.

Important Update on Funds Transfers

Investors should also be aware of a recent operational update from Immigration New Zealand.

In June 2026, Immigration New Zealand issued guidance in response to increasing use of foreign exchange providers that do not utilise traditional banking channels. To comply with immigration requirements, investment funds must now be transferred through a traceable banking system where evidence of a SWIFT or international cross-border transfer is available.

This development reinforces the importance of obtaining professional guidance before transferring investment funds. Errors in the transfer process can cause unnecessary delays and create avoidable compliance issues.

What This Means for Prospective Applicants

The first 15 months of the refreshed Active Investor Plus Visa has demonstrated several important trends:

• Demand remains strong.
• Processing times are relatively efficient.
• Approval rates are high for properly prepared applications.
• Investors are successfully bringing significant capital into New Zealand.
• Immigration New Zealand is continuing to refine operational requirements as the programme matures.

For high-net-worth individuals seeking New Zealand residence, the Active Investor Plus Visa is now a well-established pathway with a growing body of successful applicants and clear processing benchmarks. However, the jury is still out on what may happen in two years’ time when the first wave of Growth investors will be looking for their return on their invested principal.

How We Can Help

While the programme has been simplified, investor visas remain one of the most complex areas of New Zealand immigration law. Successful applications require careful planning around source of funds, investment structures, transfer requirements, documentation, and long-term compliance obligations.

Our team regularly advises investors, family offices, financial advisers, and overseas applicants on navigating the Active Investor Plus framework. We work closely with clients from the initial eligibility assessment through to application preparation, investment implementation, and ongoing compliance requirements. Queen City Law’s client-centric approach is to successfully navigate clients through the immigration maze and then become their trusted advisors in Aotearoa New Zealand. This business model has been extraordinarily successful for the firm for the last 2 decades or so through different business immigration iterations.

Our focus was, and remains, on always adding bottom line value to our clients’ initiatives.

From a consumer protection point of view, we are observing an increased trend for some of our clients to adopt a blended investment approach whereby there are putting some of their investment into managed funds and some into direct investment. The relevant rules provide flexibility over the 3-year investment term and applicants will have different levels of risk appetite, some being focused on wealth preservation.

If you are considering the Active Investor Plus Visa, or would like to understand whether the Growth or Balanced Category is the better fit for your circumstances, we would be pleased to discuss your options.

Contact our friendly team members below today for a confidential consultation and strategic assessment of your eligibility under New Zealand's Active Investor Plus Visa programme.

Marcus Beveridge

Bradley So

Luke Beveridge