WELLINGTON: The New Zealand government said on Wednesday that it had created a new investor migrant visa to attract experienced, high-value investors to invest in domestic businesses.

The new Active Investor Plus visa will replace the old investment visa categories and would require migrants to make investments in New Zealand businesses, Economic and Regional Development Minister Stuart Nash said in a statement.

He said the old visas had often resulted in migrants investing in shares and bonds rather than directly into New Zealand companies.

New Zealand’s inflation hits 3-decade high, raising bets on sharper rate hikes

“We want to encourage active investment into New Zealand, which generates more high-skilled jobs and economic growth compared to passive investment,” Nash said.

Eligibility criteria for the new visa includes a minimum NZ$5 million ($3.1 million) investment and only 50% of that can be invested in listed equities.

The visa category will open on 19 Sept. 19 2022.