New Zealand New Retirement Visa.

New Zealand, New Retirement Visa.

by Ashley Clark, Director

British people hoping to spend come or all of their retirement in New Zealand will be able to apply for residency under a new type of visa.

This new retirement category is open to those aged 65 and over, and takes the form of either a parent retirement visa for those with family in the country or a temporary retirement visa for those who have no relationship with New Zealand.  

Prior to this Immigration New Zealand did not have a fixed retirement policy, and didn’t accept British migrants over the age of 56.

Holders of the temporary retirement visa are given a two-year permit for British people who wish to spend some of their retirement in New Zealand, with a proviso that they invest in the country.

The investment criteria are nz$750,000(£345,000) in qualifying investments, $500,000 for maintenance and an annual income of at least $60,000 from pensions and other investments.  The visa can be renewed after two years, if settlers continue to meet the criteria.  

Holders of the parent visa have permanent residency if they have equal number or more of their family inside New Zealand than anywhere else.  There are financial criteria to be met; at least nz$1 million in qualifying investments over four years, as well as $500,000 for maintenance and an income of at least $60,000 a year.  It is unclear how many people this will be encouraged to retire to New Zealand, as the financial criteria are onerous.

In short, if you are rich, they what you to go and spend your hard earned UK money there, if you are poor (most of us don’t have a million!) its “go back home tourist”.

Useful links:

Contact us - Book Callback - Free Consultation - Newsletter - Money MOT - Discounts

Back to News Summary