27 Jul 2015

Investor immigrants having to dig deeper

11:02 am on 27 July 2015

Investors wanting to immigrate here are having to dig deeper as the minimum investment required to apply has risen faster than Auckland house prices.

Consultancy firm, PWC, said the number of investors with less than $10 million to invest, is far exceeding the maximum 300 applications New Zealand accepts a year.

Partner at PWC Michael Bignell said category-2 investors would normally need just $1.5 million to apply, but strong demand in the past four months has investors requiring at least twice as much to get past the first hurdle.

"If they're expecting themselves to get through with $1.5 million, and go through the start of the process, which can be a little bit expensive, they're unlikely to have any success at this point."

Mr Bignell said it was positive for New Zealand to have interest from people with money to invest in the productive economy.

"The more they have to invest to get through the first net, the better for [New Zealand]."

From November, skilled migrants with a job offer outside Auckland and entrepreneurs planning to set up businesses in the regions will get extra visa points.

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