NZ Golden Visa Scheme Attracts Record Number of Applicants Amid Global Uncertainty

As geopolitical uncertainty continues to rise globally, New Zealand has seen an increase in applications for its golden visa scheme. With over 700 applications received in the last 14 months alone, this represents a significant jump from the previous three years' total of 115. The Financial Times reported that these wealthy foreigners are eyeing up a move to NZ due to the country's remoteness and stability.

Under the golden visa scheme, applicants must invest at least $5 million in local funds, companies or charities over three years. A different scheme, which requires $10 million invested over five years in passive assets, has garnered 127 applications. Of these applicants, 277 were from the United States, with most of this interest coming from California.

Motion Capital founding partner Lachlan Nixon spoke to the Financial Times about the trend, stating that it 'is becoming a badge of honour in Silicon Valley.' However, not all applicants are pleased with the current setup. Courtney Andelman, an American applicant from Santa Barbara, expressed concerns over New Zealand's tax rules, which could see her family's full global earnings taxed if they spend more than 183 days outside of the country annually.

Andelman also stated that she and her husband had been considering moving to a smaller town in NZ like Nelson, where their investments could have a greater impact. However, under the golden visa rules, applicants can only purchase property worth over $5 million. Andelman emphasized that 'every one of those dollars is mobile' and if NZ doesn't provide the best value, they will invest elsewhere.