The government's two new retirement visas aim to increase investment and stimulate the economy, Immigration Minister Jonathan Coleman said today.

"The new Immigration Retirement Package delivers on one of National's manifesto promises by enabling high income people of retirement age to come and live in New Zealand," Dr Coleman said.

The new package, which takes effect on 29 March, consists of two categories: Temporary Retirement and Parent Retirement.

The Parent Retirement Category allows Immigration New Zealand to prioritise high net worth individuals who are already seeking to migrate to New Zealand under the Family Category.  The Temporary Retirement Category creates a two year permit for people who want to spend some of their retirement in New Zealand, provided they invest here and indemnify the government against possible health and welfare costs.

Parent Retirement visa holders will be required to invest a minimum of $1 million in New Zealand over four years, whereas Temporary Retirees will need to invest $750,000 over the two year term of their permit.  Temporary Retirees will be able to renew their permits as long as they continue to meet criteria including investment funds, income and health insurance.

"This government is committed to the ongoing review and improvement of immigration to ensure we are maximising immigration's contribution to economic growth."

Who can apply?

People who meet the criteria for Family Parent Category (have a child who is a New Zealand resident or citizen, have the balance of their family in New Zealand, and have good health and character), and who also meet the additional criteria for Parent Retirement Category (can invest a minimum of $1 million in New Zealand over four years, can demonstrate an annual income of at least $60,000 at the time they apply, and settlement funds of at least $500,000).

The applications of people applying for Parent Retirement Category will be prioritised, in recognition of the benefit to the economy they are expected to bring.

People will be able to apply for the Temporary Retirement Category if they have good health and character, can invest a minimum of $750,000 in New Zealand over two years, can demonstrate an annual income of at least $60,000 at the time they apply, and assets of at least $500,000.  They must also be over the age of 65, and must hold comprehensive health insurance for the duration of their permit.  Temporary Retirees will be able to renew their permits as long as they continue to meet criteria including investment funds, income, and health insurance.

How do I apply?

From 29 March 2010 application forms and guides will be available from Immigration New Zealand branches and from Terra Nova Consultancy Ltd.

An application fee of $2,600 is applicable.

(Source - Beehive, Jonathan Coleman, Minsiter of Immigration)