Business migrants rules relaxed

Rich investors and entrepreneurs will find it easier to get residency in New Zealand following the Government’s decision to relax the rules.

Economic Development Minister Gerry Brownlee and Immigration Minister Jonathan Coleman said since 2007 only 23 people had entered the country under the old business migration policy.

As a result the criteria was being overhauled and the barriers reduced. Now investors with $10 million could get residency in three years without any English skills or business experience and no age limit.

The similar criteria previously required $20 million for four years with four years business experience. Other investor and entrepreneur policy has also been changed.

The ministers said there was anecdotal evidence that New Zealand was missing out on desperately needed capital.