The Parent Resident Visa now closed – opens again from February 2020

/ / Our very latest posts, Retirement Visa Options for New Zealand, Uncategorised

The New Zealand government has decided to temporarily close the Parent Resident visa.

This decision took effect on Monday, 7 October 2019, which means INZ is no longer accepting Expressions of Interest from this date.

The Parent Resident visa will open again in February 2020, but with new criteria for applicants and sponsors to meet.

How is the Parent Resident visa changing?

INZ is making a number of significant changes to the Parent Resident visa. These changes include:

  • Limiting the number of people who can get the visa each year to 1000.
  • Standardising the Expression of Interest process and removing the 2-tier system.
  • Changing the financial requirements that sponsors and applicants have to meet.

Of all these changes, the financial requirement changes affect an applicant’s chances of joining their children the most. For this reason, we’ll discuss these changes in detail below.

The new financial requirements for sponsors and applicants

The Parent Resident visa’s new financial requirements can only be met through the income of the sponsor and their partner. Applicants will no longer have the option to apply for the visa based on their settlements funds or a guaranteed lifetime income.

The income levels that sponsors need to meet will also increase. In addition, sponsors will also need to:

  • meet the income criteria for two out of the three years before their parents applied for residence, and
  • provide evidence of their annual income by providing Inland Revenue tax statements.

What is the new income levels?

INZ will update the income levels for sponsors each year based on the New Zealand median income.

The current median income is NZD $53,040, which means the expected income levels for 2020 are as follows:

If your sponsorship is based on your personal income, you’ll need to each before tax:

  • NZD106,080 to sponsor one parent – Twice the median salary.
  • NZD159,120 to sponsor two parents – Three times the median salary.

If you’re using both you and your partner’s income, you’ll need to earn between the two of you:

  • NZD159,120 to sponsor one parent – Three times the median salary.
  • NZD212,160 to sponsor two parents – Four times the median salary.

What if you’ve already submitted an Expression of Interest (EOI)?

If you already have an EOI in the queue, you’ll have three choices:

  • Update your EOI to meet the new requirements, or
  • Withdraw your EOI, or
  • Leave your EOI in the queue, if you think you’ll meet the new requirements.

INZ will publish more information on how to update your EOI by November. If you update your EOI or keep it in the queue, or submit a new EOI next year, it will be eligible for selection from May 2020.

If you decide to withdraw your EOI, you’ll be able to request a refund. Information regarding this is available on INZ’s website. Please contact your Intergate Emigration advisor to discuss this process if you lodged your EOI under the Parent Residence category as a client of ours.

What are the other available options?

If you won’t meet the new requirements, you can still apply for the Parent Retirement visa or the Parent and Grandparent Visitor visa.

The Parent Retirement visa offers temporary residency and could lead to permanent residency. You’ll have to be able to invest certain amounts in New Zealand.

The Parent and Grandparent Visitor visa on the other hand is a 3-year multiple-entry visa that enables you to stay in New Zealand for up to 6 months at a time.

Stay up to date with developments

To be the first to get future updates on the Parent Resident visa, simply sign up for our newsletter or follow us on Facebook or LinkedIn. Our newsletter is free and you can unsubscribe at any time.

Get your FREE initial assessment here

Visit Our Main Site

Return to our Research Page

TOP