GROWTH
Capital for business growth
Approved direct investments and managed funds form the core. These assets typically carry higher risk and limited liquidity; commitments can exceed three years.
01 / PATHWAYS
Investment comparison
| Key conditions | GrowthCATEGORY | BalancedCATEGORY |
|---|---|---|
| Minimum investment | NZ$5million | NZ$10million |
| Investment period | 36months | 60months |
| Total presence | 21days | 105days¹ |
| Investment scope | Approved direct investments / funds; eligible philanthropy ≤20% | Direct investments, funds, equities, bonds, eligible property and philanthropy |
| Upper age limit | None | None |
| English requirement | None | None |
| Business experience | Not required | Not required |
| Investment evidence | Months 24 & 36 | Months 24 & 60 |
¹ Each extra NZ$1m in qualifying Growth assets, excluding philanthropy, reduces Balanced presence by 14 days, up to 42 days. Nominate the extra funds before approval in principle and retain them for 60 months.
Balanced presence reductions
| Total investment | Total presence |
|---|---|
| NZ$10m | 105 days |
| NZ$11m | 91 days |
| NZ$12m | 77 days |
| NZ$13m | 63 days |
AIP has no age limit, English test or business-experience requirement. Health, character, fit-and-proper and source-of-funds checks still apply. The required days must be spent in New Zealand as a resident visa holder during the investment period.
02 / INVESTMENT
Eligible investments and key risks
Investments must meet immigration requirements. Eligibility does not guarantee capital protection or liquidity.
BALANCED
A broader investment universe
Eligible equities, bonds, property development and philanthropy sit alongside Growth assets. Broader choice does not imply capital protection or immediate redemption.
Eligibility and due diligence
Investments must be held in New Zealand in NZD and cannot be for personal use. Growth funds must be on Invest NZ's acceptable list, and direct investments must meet its eligibility rules. Managed funds require a legally binding agreement under New Zealand law and evidence of committed or invested capital. Fund agreements no longer need to be non-revocable; direct-investment contracts have separate requirements.
Committed but uncalled fund capital must be held in qualifying New Zealand on-call investments, with enough available to meet capital calls. Bank accounts and term deposits generally cannot exceed 25% of the initial commitment; the balance must meet the eligible-equity or bond rules. Ongoing compliance is required throughout the investment period.
Review approval status, assets, manager, fees, valuation, distributions and exit terms. Immigration eligibility is not a government guarantee of capital, returns or success.
Philanthropy: the June 2026 change
From 1 June 2026, new Growth applicants may allocate up to 20% to eligible philanthropy: up to NZ$1m on a NZ$5m commitment. Balanced permits any proportion, subject to its rules.
Charities must meet registration, reporting, tax and domestic-use criteria. Disclose conflicts of interest. Budget donations as non-recoverable expenditure.
Maturity, reinvestment and early repayments
The immigration period is not the fund's maturity date. If an asset is sold during the period, the original investment less losses generally needs to be reinvested; profits need not be.
The usual reinvestment window is 90 days for approved direct investments and funds, and 30 days for equities, bonds and other specified classes, starting on the first working day after repayment. Check exceptions and approval requirements.
03 / POLICY
Policy updates
Changes already in force and announced policies that have not yet taken effect.
28 SEP 2026
Investment eligibility rules now in force
Funds must provide and maintain deployment plans; declined investment-eligibility applications face a six-month stand-down. The changes strengthen Invest NZ oversight and clarify investment categories.
DEC 2026
Build to Rent planned for Growth
Build to Rent is scheduled to enter Growth through approved managed funds only. Direct investment is excluded; applicants and family cannot live in developments funded by their investment. It is not shown as a currently available option.
Checked on 17 October 2026. Current rules and announced changes not yet in force are shown separately. Confirm investment eligibility again when committing capital.
04 / FUNDS & COSTS
Source of funds and application costs
Applicants must document the lawful source, ownership and transfer trail of their funds.
| Evidence category | What to establish |
|---|---|
| Ownership | Ownership, beneficial share and value of nominated assets |
| Source of wealth | How earnings, dividends, sale proceeds, inheritances or gifts arose |
| Transfer trail | Traceable liquidation, bank transfers and final investment |
| Cross-border compliance | Legal, tax and transfer requirements in both jurisdictions |
Dividends, portfolios and property
For dividends, connect share ownership, distribution resolutions, tax evidence and receipts. For portfolios, connect valuations and original funding. For property, connect title, valuation, sale contracts and acquisition funds. Asset valuations should be externally prepared and no more than three months old at application.
Joint assets, gifts and borrowing
Qualifying investments jointly held with an included partner or dependent child may count in full; other joint holdings count only to your share. Gifts must be lawful and unconditional with donor-source evidence; relevant funds already or previously in New Zealand are restricted.
Borrowing is acceptable only under specific conditions: funds must come from a bank or commercial lender acceptable to INZ, be secured against nominated assets, and be obtained in the same country or jurisdiction as those assets. Liquidation must be economically unviable or impractical. INZ assesses eligibility case by case.
Transfers and the six-month window
Normally transfer and invest within six months of approval in principle. A further six-month extension may be requested before expiry, with evidence of reasonable efforts.
Use the international banking system with SWIFT or telegraphic-transfer evidence. Offshore conversion followed by domestic payment in New Zealand is not accepted. Passive QDII-style investments subject to repatriation obligations are unsuitable.
Application fees and the total budget
| Cost item | Amount / basis |
|---|---|
| AIP official application cost | From NZ$27,470 |
| Removal of section 49 conditions | No INZ charge |
| Permanent Resident Visa application | From NZ$315; separate application |
| Investment and transaction costs | As specified in investment documents |
| Medical, certificates & translation | Depends on people and documents |
| Professional services | Scope and fees confirmed in writing |
Investment thresholds are not the total budget. Allow for services, tax, FX, banking and living costs. Philanthropy is non-recoverable. Government figures are published starting prices, not a fixed per-person total; reconfirm for the application.
Do investment fees count towards the threshold?
INZ values investments in NZD when made, inclusive of charged investment, brokerage and transaction fees. Confirm each product's fee structure and qualifying amount; immigration service fees are not investment capital.
05 / FAMILY
Partners and dependent children
Eligible partners and dependent children aged 24 or younger may be included.
Partner
An eligible partner may be included, with evidence of a genuine, stable relationship and at least 12 months living together.
Dependent children
Eligible single children aged 24 or younger may be included. Those aged 18+ must have no children of their own; ages 21–24 also require financial dependency.
Health, character and suitability
The principal applicant must meet fit-and-proper requirements, including business and tax compliance. Relevant health and character standards also apply to family members.
People aged 17+ need police certificates from citizenship countries and other countries where they spent 12 months or more in the past ten years. Certificates generally must be less than six months old. Medical, X-ray and translation requirements depend on the applicant and INZ instructions.
First entry and family timing
Included family members must enter within 12 months of visa grant; otherwise a new residence application may be needed. Keep child ages, relationship changes and newborn children under review during preparation and processing.
Dependent children born after the principal applicant's AIP residence grant may first obtain a Dependent Child Resident Visa. After entering New Zealand on that visa, eligible children may be included under the current non-principal-applicant rules in their parent's permanent residence, travel-condition variation or subsequent resident visa application.
Tax residence and exemptions
Tax residence is a separate test
Immigration status does not determine tax residence. Consider more than 183 days in any 12 months and a permanent place of abode. Short stays do not automatically mean tax exemption; specific non-resident visitor exceptions have conditions.
Transitional resident exemption
Eligible new tax residents may receive about four years of exemption on most foreign income, generally after ten years of non-residence and only once. Foreign employment and personal-service income are not covered.
Review cross-border assets before moving
Have a tax professional assess shareholdings, overseas companies, trusts, portfolios, income sources and family residence together. Confirm exemption dates and subsequent reporting. A visa, day count or broad capital-gains slogan does not establish your tax position.
06 / RESIDENCE
Application process and permanent residence
The main stages are application, approval in principle, investment, visa compliance and permanent residence.
Prepare
Confirm route, family and fund ownership; prepare source evidence and application.
Approval in principle
INZ assesses the application. Approval in principle starts the transfer stage; it is not the final resident visa.
Transfer & invest
Normally complete qualifying deployment within six months and supply evidence as instructed. The 36- or 60-month period generally starts when all qualifying investments are completed, or at approval in principle if completed earlier. INZ records the applicable start date in its conditions letter.
Residence & compliance
Meet presence and investment conditions, providing evidence and post-investment questionnaires at review points.
Conditions removal & permanent residence
After 36 or 60 months and all other conditions, request removal of section 49 conditions and apply for permanent residence.
Processing and investment reviews
As checked on 17 October 2026, INZ reports 80% of approvals in principle within 11 weeks. This changing measure is not an individual promise and excludes preparation, fund transfer and completion of investment.
Reviews occur at months 24/36 for Growth and 24/60 for Balanced. Investment evidence and questionnaires are generally due within three months of each review date.
Residence, permanent residence and citizenship
RESIDENT VISA
Resident visa
Live, work and study subject to investment and travel conditions. Travel conditions normally run for four years from first entry for Growth, or six for Balanced.
PERMANENT RESIDENT VISA
Permanent resident visa
After the relevant investment period and all conditions are met and approved, travel is indefinite with a valid passport. AIP does not automatically convert after two years.
Permanent residence and citizenship
Permanent residence and citizenship are different legal statuses. Citizenship has separate presence, language and character requirements; AIP's 21 or 105 days cannot replace them. The government has announced a test for most citizenship-by-grant applicants from late 2027, subject to implementation rules.
07 / NEXT STEPS
Frequently asked questions
Can a home purchase replace the investment?
A home for personal use cannot replace an eligible AIP investment. Qualifying investor visa holders can separately apply for overseas investment consent under the over-NZD 5 million home pathway, subject to property, land-sensitivity and contract requirements.
Can I switch between Growth and Balanced?
INZ permits one category change, before approval in principle or within the first six months afterwards. Additional funds and investment requirements must satisfy the new category.
Are approval, capital or returns guaranteed?
No. INZ decides visa applications. Eligibility is not a government guarantee. Investments may lose value or delay exits, and donations are not repayable. Obtain independent legal, tax and investment review before committing.
How do I begin?
Start with family composition, investment budget, asset jurisdictions and intended presence. Do not submit passports or bank statements through a public form. Share sensitive evidence after scope and data handling are confirmed.
This page provides general official-policy information. Personalised New Zealand immigration advice requires an appropriately authorised professional. Investment, legal and tax matters require their respective specialists.
INZ · Acceptable investments ↗INZ · Managing investments ↗NZ Government · Build to Rent ↗IAA · Who can give advice ↗LINZ · Investor home purchases ↗
New Zealand investor visa enquiries
Ask about the AIP application process, required documents and service fees.
Contact usFor your first enquiry
- Investment budget
- Expected amount and timing.
- Source of funds
- Salary, business dividends, asset sales or other sources.
- Accompanying family
- Partner and children, including their ages.
This page provides general policy information. Individual immigration advice must be provided by an appropriately authorised person; investment, legal and tax matters require their own review. This is not a government website. Approval, capital and returns are not guaranteed. Architectural interpretations do not depict investment offerings or imply institutional endorsement.