New Zealand reopens golden visa scheme with changes

WELLINGTON: New Zealand has reopened its golden visa scheme with changes to attract foreign investment.

For the first time in seven years, foreigners are once again eligible to purchase property in New Zealand — provided the price tag is NZ$5 million (US$2.93m) or higher.

The move follows recent changes to the country’s Active Investor Plus visa, aimed at reviving investment and restoring confidence in a subdued housing market.

The “golden visa,” first launched in 2022 and enhanced in April 2025, now requires a minimum investment of NZ$5m — down from the earlier NZ$15m — and offers a pathway to residency and eventual citizenship after three to five years.

As of late August, Immigration New Zealand had received 329 applications, mostly from Americans (42%), Chinese (15%), and Hong Kong nationals (12%), representing potential investments worth nearly NZ$2bn. So far, 51 applicants have transferred funds and secured visas.

The latest rule change grants these visa holders the right to buy or build luxury homes worth NZ$5m or more. Analysts caution, however, that the impact on the broader property market will be minimal.

“We estimate only about 0.4% of all dwellings in New Zealand are valued above NZ$5m,” said property economist Kelvin Davidson. “It’s a very small segment, so the changes aren’t likely to spark a new boom.”

New Zealand’s housing market has cooled significantly since the pandemic, with average prices down 17.2% from their January 2022 peak. Auckland and Wellington have been hit hardest, while Christchurch has seen modest gains.

Still, experts predict foreign demand could boost activity in high-end hubs such as Auckland, Queenstown, Bay of Islands, and Hawke’s Bay, where estates, vineyards, and architecturally designed residences are on offer.

Developers are also eyeing luxury lifestyle projects, including golf course communities like Te Arai Links near Auckland and The Hills near Queenstown, anticipating demand from US investors taking advantage of a strong dollar.

New Zealand’s appeal as a “safe haven” remains strong, particularly among Americans and Europeans unsettled by political volatility and global instability. The country’s lifestyle, natural beauty, and isolation continue to attract retirees, remote workers, and investors seeking long-term security.

While concerns persist about foreign influence on property prices, many observers argue that multimillion-dollar homes lie beyond the reach of most locals. “By the time an investor secures residency and purchases a home, that’s NZ$10m flowing into our economy,” said Dominic Jones of Greener Pastures New Zealand.