New Zealand AIP: moving from the investment period to permanent residence

The investment anniversary does not issue a new visa

The Growth and Balanced categories have investment periods of 36 and 60 months respectively. INZ states that applicants must meet the relevant conditions and have their section 49 conditions removed before applying for a Permanent Resident Visa, or PRV.[1]

Completion of the investment period, removal of conditions and grant of a PRV therefore need separate confirmation. This guide addresses the current Growth and Balanced categories; earlier investors should check their own approval letters and applicable rules.

Establish the correct starting date

INZ’s investment guidance starts the period when nominated funds are placed in acceptable investments. Where an acceptable investment predates approval in principle, the period instead starts when the application is approved.[2]

Read the approval letter, eVisa, investment confirmation and correspondence together. A submission date, approval date and investment date may describe different events. Any apparent discrepancy should be resolved before calculating deadlines.

Do not leave the interim review until the end

Immigration instructions require evidence at 24 months and at the end of the applicable 36- or 60-month investment period. The submission deadline is three months after each checkpoint.[3]

As an illustration, a Growth investment period confirmed to begin on 1 October 2026 would reach its interim checkpoint on 1 October 2028, with the three-month evidence deadline on 1 January 2029. This hypothetical calendar explains the calculation; it is not a reason to delay submission until the last day.

Show the investment history, not only the closing balance

The instructions identify information such as the applicant’s name, the amount in New Zealand dollars, the investment date and type, and evidence of investments and transfers. INZ may request further information.[4]

An evidence folder for each holding can connect the initial investment, subsequent changes and current position. Consistent names and dates help reconcile a fund confirmation with payment records or a business holding with its investment documents.

If capital has been returned, redeemed or moved, retain the complete sequence and check the applicable reinvestment requirements. A closing statement alone may not explain what happened between review dates.

Track the questionnaire separately

The principal applicant must also complete post-investment questionnaires at 24 months and at the end of the investment period, within three months of each point. These address additional investment and the investor’s experience, among other matters.[5]

Sending investment evidence does not complete the questionnaire. A shared record can separately track evidence sent, questionnaire submission, requests for further information and INZ’s responses. This remains useful when different advisers assist with different tasks.

Obtain written confirmation before the PRV step

A request to remove section 49 conditions requires a covering letter, relevant valid passport copies, compliance evidence and address evidence. Removal itself carries no fee; the PRV is a separate application.[1] The instructions provide for written notification once INZ is satisfied and the conditions are removed.[6]

Family members from the original residence application still need individual identity and character assessment. Someone who was originally included as a dependent child but no longer qualifies as dependent must submit their own PRV application.[7] Family records should reflect current circumstances.

Check travel conditions and passport validity while the process continues. Separately, review the investment’s contractual exit terms: satisfying immigration requirements does not rewrite a fund’s redemption provisions. Keeping those decisions distinct helps the family plan beyond the final investment anniversary.

Official sources

1. Immigration New Zealand: AIP conditions, their removal and permanent residence

2. Immigration New Zealand: investment-period start and ongoing evidence

3. Immigration instructions BN10.1: evidence checkpoints and deadlines

4. Immigration instructions BN10.5: information required in investment evidence

5. Immigration instructions BN10.17: post-investment questionnaires

6. Immigration instructions BN10.25: written confirmation of compliance

7. Immigration New Zealand: Permanent Resident Visa applications and family members

General information. Check the applicable rules, documentary requirements and fees for the individual application.