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Learn all about the parent retirement visa for joining your child in New Zealand.
Parent Retirement Visa New Zealand
For the parent retirement visa you must be able to prove you have sufficient funds in place to join your child in New Zealand.
Below we take you through the application criteria and benefits of the parent retirement visa for New Zealand.
Information on the Parent Retirement Visa
Who can be included on an application for a parent retirement visa?
The parent of the child may apply along with their partner. You are not able to apply if you have dependent children.
What are the financial requirements for a Parent Retirement Visa?
You must meet be able to show you have:
- An annual income of NZ $60,000; and
- NZ $1 million that you are prepared to invest for 4 years; and
- An additional NZ $500,000 to live on as settlement funds.
See if you qualify for the parents retirement visa with our free initial assessment and consultation.
Proving you have an annual income of NZ $60,000
The annual income of NZ $60,000 can be:
- Your income; or
- The combined income of you and any partner included in the application.
Examples of income sources are:
- Rental properties.
- Profits from owning a company.
- Share market trading profits.
How the NZ $1 million investment works
When making an application for the parent retirement visa you must be able top prove will need to proof that you can meet he minimum investment amount of NZ $1 million. You must also be able to show you have the required additional $500,000 for settlement funds. This means that in total you will need funds of at least NZ $1.5 million.
Note that it is not as simple as transferring the required funds to New Zealand. Below we list the steps in the application as well as the you need to be aware of.
Proving you have the investment funds
You must be able to prove that you have the required funds when applying for your parent retirement visa. that you can Therefore, you must nominate the type, location and value of the funds and/or assets you intend to invest within the application .You must provide documentary proof of such and this may include:
- Bank statements.
- Title deeds.
- Property valuations.
- Share certificates.
- Business ownership documents.
- Asset valuations.
The amount you can claim for each nominated fund or asset does depend on the ownership of it. When it's owned by you or you and your partner (legal marriage, civil union or de facto relationship) you may claim the full amount. When it's owned by a party who is not your partner you may only claim your share.
For more information on appropriate investments and how your NZ$ 1 million dollars must be invested speak to one of our licensed advisers.
Proving source of the funds
Immigration New Zealand want to ensure you have legally acquired the funds you will be investing into New Zealand. Therefore, the source of the funds will need to be proven as part of the application for the parent retirement visa by:
- Tax returns or certificates.
- Pay slips.
- Business accounts and / or business shareholdings.
- Records of property sales.
- Bank Records.
- Share trading profits.
- Evidence of gifted money.
- Evidence of inherited money.
Transferring the investment funds
Once the parent retirement visa has been approved you have 12 months period to transfer and invest the NZ $1 million. This timeframe cannot be extended. The funds must be transferred into a New Zealand bank account through the normal banking system.
Investing the NZ $1 million.
Once your NZ $ 1 million is in New Zealand you must invest it into an acceptable investment.
To match the criteria for an acceptable investment, the investment must:
- Have the possibility of making a commercial return.
- Be invested in New Zealand and in New Zealand dollars.
- Only be invested in lawful enterprises or managed funds.
- Have the potential to contribute to New Zealand's economy.
- Not be for your personal use, for example your home, boat, or car.
Acceptable investments for the NZ $1 million include:
- Bonds issued by:
- Government or local authorities.
- Firms traded on the New Zealand Debt Securities Market.
- Firms with at least a BBB- or equivalent rating from internationally recognised credit rating agencies.
- Registered banks in New Zealand.
- Finance companies.
- Equity in New Zealand firms - these can be public or private.
- Equities in New Zealand registered banks.
- Residential property development - if it meets certain criteria.
- Eligible New Zealand venture capital funds.
Confirmation of your investment is required from an appropriate professional and the investment must be maintained for 4 years. Because the funds are in New Zealand you are permitted to move them between acceptable investments.
After the 4 years
Once you have kept the funds invested for 4 years in an acceptable investment you have met your obligations and you may then qualify for a permanent resident visa.
The settlement fund figure required is NZ $ 500,000 and this is in addition to the NZ $ 1 million investment figure. The NZ $ 500,000 must be accessible from New Zealand.
Similar proof will be required as per the investment amount to show that you have the NZ $ 500,000.
Get help and advice from our licensed immigration advisers with a free initial assessment and consultation to see if you qualify.
Get your FREE initial assessment here
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