Retiring to New Zealand

The New Zealand Government has announced new New Zealand Retirement Visas for migrants aged over 65.

Eligibility for New Zealand permanent residence and most of the New Zealand work visas ends at 55. This works in well with eligibility requirements for New Zealand Superannuation, the New Zealand state retirement pension – although this is not a major concern for migrants from the UK, who can either claim their UK State Retirement pension in New Zealand or use their years spent living in the UK to meet the residence requirement for New Zealand Superannuation.

However, there has been a call for a New Zealand Retirement Visa for some time, and in March 2010 a Temporary Retirement Category and a Parent Retirement Category were introduced.

Temporary Retirement Category

People can apply under the Temporary Retirement Category for a two-year renewable visitors visa if they:

• are aged over 65
• meet health and character requirements
• can invest a minimum of NZ$750,000 in New Zealand over two years in an acceptable investment
• can demonstrate an annual income of NZ$60,000
• have assets of NZ$500,000 at the time they apply
• hold comprehensive health insurance for the duration of their visa

Parent Retirement Category

The Parent Retirement Category is a visa which allows fast-tracked entry to people seeking to emigrate to New Zealand under the current Family Category. Requirements are that applicants must:

• meet the requirements for the Family Category, including health and character and family living in New Zealand
• can invest a minimum of NZ$1 million in New Zealand over four years in an acceptable investment
• can demonstrate an annual income of NZ$60,000
• have settlement funds of NZ$500,000

For more information see the New Zealand Immigration website.

Acceptable Investments

Acceptable Investments for the purpose of these visas are the same as those for the Migrant Investment category visas, i.e.

1. is in either one or more of the following:
   • bonds issued by the New Zealand government or local authorities, or
   • bonds issued by New Zealand firms traded on the New Zealand Debt Securities Market (NZDX), or
   • bonds issued by New Zealand firms with at least a BBB- or equivalent rating from internationally recognised credit rating agencies (for example, Standard and Poor's), or
   • equity in New Zealand firms (public or private), including managed funds
     and:
2. is capable of a commercial return under normal circumstances and has the potential to contribute to New Zealand's economy, and
3. is invested in New Zealand in New Zealand currency, and
4. has the potential to contribute to New Zealand's economy, and 
5. is invested in lawful enterprises or managed funds that comply with all relevant laws in force in New Zealand, and
6. is not for the personal use of the applicant(s), and
7. is not (directly or indirectly) invested in residential property or deposit taking financial institutions (eg banks or finance companies).

Other Options:

There are two other visa categories which allow people over 55 to emigrate to New Zealand - Investor Visas and the Family Visas.

Investor Migrant Category

If you are interested in investing in New Zealand and have at least NZ$1.5 million to invest, the Investor Migrant Category has an upper age limit of 65, and the Investor Plus category (NZ$10 million to invest) has no upper age limit. You and your family will still have to meet New Zealand Immigration's health and character requirements.

Family Visas

Under the Family Category of New Zealand's permanent residence visas, people who are permanent residents in New Zealand for a minimum of 3 years can sponsor their siblings, parents and adult children to live in New Zealand. The sponsored family members still have to meet health and character requirements, and the New Zealand-based sponsor needs meet a minimum income requirement, which is typically quite low.

There is also a "centre of gravity" test – so, for example, if you are the parents of a New Zealand permanent resident who is applying to sponsor you, New Zealand Immigration will look at how many children you have living outside New Zealand to determine your family's centre of gravity. If you have two children, and one of them is living permanently in New Zealand, you can still apply under this category. But if you have three children, and two of them are still living in the UK, your family's centre of gravity will be the UK.

Please contact us if you have any questions about the financial side of life in New Zealand, and don't forget to order your free copy of our comprehensive New Zealand Guide.