Overseas investors have committed up to $416 million under the Government’s Business Migration scheme, Immigration Minister Dr Jonathan Coleman has claimed.
He said the amount represented potential investment capital that is poised to flow into the New Zealand economy.
He said in a press statement that the policy package made New Zealand an attractive destination for business migrants, which indicated their confidence in this country’s economy at a time when the international financial market remained nervous.
‘The scheme has been operating for 16 months and has attracted more than twice the amount of potential investment capital accrued under the previous (Labour) Government,” he said.
According to Dr Coleman, overseas investors had transferred more than $102 million as at the end of last year under the Business Migrant Policy.
He said a further amount of $133 million has been approved for funds transfer.
Applications from investors worth an additional $181 million are being processed, he added.
“The Government’s Scheme identified the need to make it easier for people to invest in New Zealand without compromising the security and integrity of the Immigration System. We have improved and integrated three previous categories into two streams,” Dr Coleman said.
He claimed that the new system accounted for more realistic requirements for capital, language skills and the time spent (by investors) every year in New Zealand.
“We are committed to policies that attract investment and make it easier to do business in New Zealand,” he said.
ANZ Managing Director (Wealth) John Body said the Government’s investor policy was attracting not only investors’ wealth, but also their business nous.
“‘We have worked with a large number of individuals from different parts of the world who have entered New Zealand under the Government’s investor policies. These policies are attracting people to New Zealand with fantastic skills and international networks,” he said.
Phil McCaw, Chairman of Angel Association of New Zealand, an organisation that provides support and advice to new businesses, said the Business Migration package was an ideal vehicle to provide New Zealand entrepreneurs with the much-needed capital.
‘‘I see the investor migrant programme as a potential game changer for young New Zealand businesses. I have had the pleasure of meeting a few individuals coming in under this programme and they are world class.
‘‘The combination of their expertise, global networks and cash available for investment has the potential to provide the fuel that many New Zealand businesses currently need,” he said.”