Jonathan Coleman

The government's two new retirement visas aim to increase investment and stimulate the economy, Immigration Minister Jonathan Coleman said today.

"The new Immigration Retirement Package delivers on one of National's manifesto promises by enabling high income people of retirement age to come and live in New Zealand," Dr Coleman said.

The new package, which takes effect on 29 March, consists of two categories: Temporary Retirement and Parent Retirement.

The Parent Retirement Category allows Immigration New Zealand to prioritise high net worth individuals who are already seeking to migrate to New Zealand under the Family Category. The Temporary Retirement Category creates a two year permit for people who want to spend some of their retirement in New Zealand, provided they invest here and indemnify the government against possible health and welfare costs.

Parent Retirement visa holders will be required to invest a minimum of $1 million in New Zealand over four years, whereas Temporary Retirees will need to invest $750,000 over the two year term of their permit. Temporary Retirees will be able to renew their permits as long as they continue to meet criteria including investment funds, income and health insurance.

"This government is committed to the ongoing review and improvement of immigration to ensure we are maximising immigration's contribution to economic growth."

Full details of the two new immigration categories can be found at: www.immigration.govt.nz/migrant/general/generalinformation/news/retirementpolicies.htm