The recent changes to New Zealand's investor visa categories, specifically the exclusion of the Qualified Domestic Institutional Investor (QDII) and Qualified Domestic Limited Partner (QDLP) schemes, have sparked significant debate. I offer some insights into the implications of these changes.

Reasonableness of Exclusion

In my view, the exclusion of QDII and QDLP schemes is not reasonable. The immigration instructions do not explicitly forbid QDII. If the QDII scheme can facilitate the transfer of nominated funds in accordance with instruction BN8.10(c)(iii)—which allows for the transfer of funds through an investment portfolio account in the name of the principal applicant and later invested in acceptable investments—then INZ should not lawfully reject such a proposed course of action to decline the investor visa application.

There seems to be a misconception on the government's part regarding what QDII is and how it operates. The statements made by the Minister of Immigration and INZ, which do not recognise QDII, are not above the actual law. However, it is important to note that the Minister has the power to change the law if deemed necessary.

Impact on Investment from China

The exclusion of QDII and QDLP schemes is expected to have a negative impact on drawing investment from China. QDII constituted a good portion of investments under the old Investor 1 and 2 schemes. The removal of these schemes could reduce the amount of investment flowing from China to New Zealand.

Fairness to Chinese Investors

Regarding the fairness of these exclusions to Chinese investors, I do not consider it unfair, as investors have different investment appetites. My primary concern lies in the discrepancy between the law, the lawmaker, and the government agency. It is crucial to interpret the instructions accurately and offer legal solutions to investors, but such a discrepancy acts as an obstacle and could be counterproductive.

Impact on Business

Despite these changes, interest in New Zealand's investor visa categories remains high, indicating that potential investors are still keen on exploring opportunities in the country.

In conclusion, the exclusion of QDII and QDLP schemes from New Zealand's investor visa categories has generated considerable discussion. While there are concerns about the reasonableness and potential negative impact on Chinese investment, the interest in New Zealand as an investment destination remains robust. This debate highlights the need for clear and consistent government communications that align with the actual law and effectively attract foreign investment.