A slowing economy seems to be forcing New Zealand to further ease rules to attract wealthy migrants, at a time when most developed nations are curbing Golden Visas, or citizenship/residency rights in lieu of investments, a Moneycontrol analysis has showed.
On February 9, New Zealand had announced lowering of certain barriers for its visa requirement. The move comes at a time when the country's economy has been contracting, and fewer people are opting for visas under investor or entrepreneurship categories.
Last calendar year, only 924 people opted to apply for a New Zealand visa under the investor and entrepreneur category, despite rising acceptance rates. The visa acceptance rate is the percentage of visa applications that get approval, and varies across countries and categories. Applications were down 24 percent from the previous year, and nearly 35 percent lower than two year ago, even as acceptance rates jumped to 71 percent.
Compared to the pre-pandemic period of 2015-2019, applications under both the categories in New Zealand were nearly half from the average 2,171 per annum. Acceptance rates were also lower at 66 percent during this time.
Indian Investors are Going Kiwi
The new rules may help Indian investors, whose numbers, though minuscule as per MC analysis, but when compared to overall applications, are on an uptrend.
In the three years since the pandemic, on an average, 16 visa applications have been approved under the investor and entrepreneur category, compared with the average of eight per annum until 2019.
New Zealand has become more welcoming of Indians in other categories as well.
More Indians Turning to New Zealand
Data shows that the share of Indians in total accepted applications for residency in the country has increased after the pandemic. Around 17 percent of total accepted residence applicants in New Zealand were Indians until 2019, a share that rose to 24.8 percent in 2022, and 28.2 percent in 2024.
However, Students Not so Keen
Fewer students are opting for New Zealand as a study destination, the analysis has shown. While the number of students visiting New Zealand under Student Visa has come down, the ratio of Indian students too also declined.
From a high of 23 percent in 2014, Indians comprised just 17 percent of students to New Zealand in 2024.
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