19 December 2025
Active Investor Plus visa explained: New Zealand’s updated residency-by-investment regime
One of the most significant developments in New Zealand’s immigration settings in 2025 was the introduction of the Active Investor Plus (AIP) visa. This is New Zealand’s “residency by investment” regime, commonly referred to as the “Golden Visa”.
The AIP visa effectively allows a non-New Zealand resident to obtain a pathway to New Zealand residency by making a qualifying investment of as little as NZD5 million under the “Growth” Category. And, under very recent changes to New Zealand’s overseas investment regime, AIP visa holders are also expected to be able to buy a residential property in New Zealand provided it has a value of more than NZD5 million.
A new Government agency, Invest New Zealand (Invest NZ), has pre-approved a number of funds that qualify as Growth Category investments. The AIP visa has attracted significant interest from high-net-worth individuals offshore and is intended to support the attraction of foreign investment into New Zealand.
AIP categories
The Government revised New Zealand’s residency-by-investment programme in April 2025 with the introduction of the AIP visa. The AIP visa has two categories:
- Growth Categor, requires a minimum investment of NZD5 million for a minimum period of three years. Investments in the Growth Category include certain managed funds pre-approved by Invest NZ and certain direct investments.
- Balanced Categor, requires a minimum investment of NZD10 million for a minimum period of five years. Balanced Category investors may invest in any Growth Category investments, as well as:
- New Zealand bonds (Government, local government, and corporate);
- New Zealand listed equities;
- Donations to a New Zealand charity; and
- New Zealand property development (new residential or new or existing commercial or industrial property).
Invest NZ has helpfully provided a table which summarises the features of these two categories:
| Key Features | Growth Category | Balanced Category |
|---|---|---|
| Minimum investment amount | NZD5 million | NZD10 million |
| Acceptable investments |
|
Applicants under the Balanced Category may also invest in Growth Category investments, being:
|
| Time to transfer and invest | 6 months from the date of Approval in Principle, with the option to apply for a 6 month extension | Retain investment for 60 months |
| Additional conditions |
|
Spend a minimum of 105 days in New Zealand over the investment period, unless eligible for a reduction as a result of placing funds above the minimum threshold into direct investments or managed funds |
| Investment retention checkpoints | 24 months and 36 months | 24 months and 60 months |
We have seen widespread interest in the regime, as shown in the chart below.
Active Investor Plus Visa category applications received by nationality
(Top ten countries, as of 15 December 2025)
*Other includes: Netherlands, Switzerland, Canada, Russia, Austria, Finland, Belgium, Czech Republic, France, Grenada, Iceland, Indonesia, Ireland, Malaysia, Malta, Poland, Romania, South Africa, Spain, Tonga, Turkey, Ukraine.
Source: Immigration New Zealand, Active Investor Plus Visa data 15 December 2025
A look into the numbers
- As of 15 December, 491 applications have been received under the new settings for 1,571 applicants, 91 in the Balanced category and 400 in the Growth category.
- These applications amount to a potential total minimum investment of NZD2.91 billion.
- As of 15 December, 129 applications have been approved and applicants have been granted resident visas, 30 in the balanced category and 99 in the growth category.
- The majority of the investments to date have been into Invest New Zealand approved managed funds, and bonds.
Pre-approval for funds
Growth Category funds are pre-approved and put on a list maintained by Invest NZ. Investments in funds on the Invest NZ list will qualify as approved AIP investments. Investments in Growth Category funds have been more attractive than direct investment or Balanced Category investments – the pre-approval provides investors with a high level of certainty that their investment will be acceptable for AIP visa purposes.
The current ‘Acceptable Managed Funds List’ is available on the Invest NZ website.
Most pre-approved funds are New Zealand limited partnerships (NZLPs), managed by some of New Zealand’s leading asset managers across a range of sectors, including:
- private equity managers (including Pioneer and Pacific Channel);
- venture capital managers (including Icehouse Ventures, Movac, Altered Capital, Bridgewest Ventures, 2040 Ventures and Motion Capital);
- private credit fund managers; and
- infrastructure managers (most notably, Amber Infrastructure).
Tax implications
A further benefit of the AIP visa is that investors are only required to be physically present in New Zealand for:
- a minimum of 21 days under the Growth Category over the three-year investment period; or
- a minimum of 105 days1 under the Balanced Category over the five-year investment period.
This means that, in most cases, these investors can obtain a visa without becoming a New Zealand tax resident. However, as most pre-approved funds are NZLPs, investors may be required to file New Zealand tax returns and pay New Zealand income tax in relation to activities undertaken by the NZLP.
Depending on the investor’s home jurisdiction, a foreign tax credit may be available for New Zealand tax paid – potentially mitigating double taxation.
AIP investors can also purchase New Zealand residential properties
In conjunction with the above, recent amendments to the Overseas Investment Act 2005 (OIA) will enable AIP visa holders to buy or build a house in New Zealand valued at more than NZD5 million. These changes are expected to come into force in early 2026.
Consent under the OIA must be obtained before buying the residential house/land, and any agreement to purchase must be conditional on obtaining consent. The required consent is expected to be granted within five working days. Where a new property is purchased under these rules, any other property previously acquired under the same settings must first be sold.
While AIP investors will be able to apply for consent to purchase or build a residential property for personal or family use, such property will not be treated as an acceptable investment for AIP visa purposes.
Practical considerations
DLA Piper has advised a number of fund managers seeking pre-approval for Growth Category funds, as well as offshore investors looking to take advantage of the AIP visa.
This remains a new and developing area, with rules and processes continuing to evolve. In particular, the Invest NZ and Immigration New Zealand have distinct roles within the regime, Invest NZ is responsible for approving eligible Growth Category investments, while Immigration New Zealand assesses visa applications.
1A Balanced Category investor will be eligible for a 14-day reduction to the period for each NZD1 million above the minimum NZD10 million threshold, up to a maximum reduction of 42 days.
