As outlined in Chapter 9, the probability of selection from the Ballot Pool and subsequent approval for a resident visa under the Parent Category is very low. If you are a New Zealand citizen or resident visa holder and wish to sponsor your parent(s) to obtain a resident visa to reunite in New Zealand, the Parent Retirement Category would be the best option to obtain their residence if they meet the relevant requirements.
Requirements
To be eligible for the resident visa under the Parent Retirement Category, your parent(s) must fulfill certain income and investment requirements. These requirements are as follows:
- They must have at least NZ$1 million or more to invest in New Zealand for a period of 4 years. The investment funds must be transferred to New Zealand through the banking system.
- They must have an additional NZ$500,000 as settlement funds, which are not required to be transferred to New Zealand.
- They must have an annual income of NZ$60,000 or more.
In addition to meeting these financial requirements, applicants must also fulfill the health and character requirements.
It may seem straightforward to meet the financial requirements set by Immigration New Zealand (INZ), but in practice, INZ imposes numerous restrictions on the sources of funds and the ways of investment. These restrictions include but are not limited to:
- How the nominated funds and/or assets can be considered acceptable investment funds
- How the acceptable funds are to be transferred to New Zealand
- What kinds of investment are accepted by INZ
It is important to note that any mistakes made during the application process can put your entire application at risk, regardless of how much time you have spent in New Zealand or how much money you have invested. Therefore, seeking professional guidance is strongly advised, particularly for applicants coming from countries with foreign exchange and/or capital controls.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.