New Zealand · Policy & practice
Changing New Zealand AIP investments: when do the 90-day and 30-day limits apply?
An AIP portfolio can change during the investment term, but returned capital cannot remain uninvested indefinitely. Asset categories, start dates and limited exceptions matter.
Reinvestment: 90 days for approved direct investments or managed funds; 30 days for listed equities, philanthropy, property development or bonds. Time runs from the first working day after return; exceptions are explained below.
New Zealand allows Active Investor Plus holders to change acceptable investments during the investment term. Immigration New Zealand specifies 90 days for Invest New Zealand-approved direct investments or managed funds, and 30 days for listed equities, philanthropy, property development or bonds.[1]
Receiving exit proceeds should therefore trigger a review of the applicable category and the next transaction. Eligibility of the former asset does not allow the resulting cash to remain uninvested indefinitely.
The clock starts after the money returns
The periods run from the first working day after funds are returned. The amount to reinvest is the original investment less losses; profits do not have to be reinvested.[1] A settlement statement separating those components is consequently more useful than an unexplained bank credit.
A manager’s exit announcement may precede receipt of the money. Keep both dates and obtain a breakdown of the proceeds. Where distributions arrive in instalments or include complex charges, seek confirmation of the calculation rather than assuming every payment shares one deadline.
Limited exceptions apply to returned capital
Returned direct-investment or managed-fund money may move into an acceptable Balanced investment where less than 6 months remain in the investment period, or the returned amount is below NZ$1 million. Using the latter exception requires prior INZ approval; the transfer and investment must then occur within 30 days of approval.[1]
This treatment concerns the returned funds. It should not be read as a self-executing change of the holder’s entire visa category. The replacement asset must still meet the relevant acceptable-investment requirements.
Consider the next exit as well as the next deadline
INZ warns that direct investments and managed funds are typically illiquid and can involve commitments extending beyond the minimum visa investment period.[2] When selecting a replacement, ask about future distributions, transfer rights and exit restrictions as well as whether the subscription can close in time.
A working schedule should show receipt of funds, the applicable deadline, the proposed investment and its expected completion. It makes a gap between receiving capital and completing a subscription visible. INZ’s acceptance of an investment serves an immigration purpose; it does not guarantee investment success.[1]
Official sources
This article provides general information, not individual legal, tax or investment advice. Applicable rules and the competent authority’s assessment govern each case.