F3.35 Section 49(1) conditions

.F3.35.1 Reminder from Immigration New Zealand to provide evidence of section 49(1) conditions being met

1. Immigration New Zealand will attempt to contact the principal applicant:
   1. three months before the two-year anniversary; and
   2. three months before the expiry of the required investment period requesting evidence that section 49(1) conditions are being met.
2. The evidence must be provided no later than three months after the two-year anniversary and the expiry of the required investment period.

F3.35.5 End of investment period

Conditions imposed under section 49(1) of the Immigration Act 2009 may be lifted if the principal applicant provides evidence of compliance within three months after the expiry date of the investment period.

F3.35.10 Retention of acceptable investment

1. The principal applicant will need to show that they have retained an acceptable investment in New Zealand for the required investment period.
2. Suitable evidence will include documentation from a reliable independent professional (for example, a solicitor or chartered accountant) stating:
   1. the full name of the investor; and
   2. the amount invested; and
   3. the date the investment was lodged; and
   4. the type of investment (in the case of shares or bonds, the names of the companies invested in and the number of shares or bonds purchased must be listed); and
   5. confirmation that the funds were invested in New Zealand for the full investment period or, if transferred, the date of lodgement and withdrawal of the investment.
3. If the principal applicant has established or purchased a shareholding or bonds in more than one business this information should be provided for each of the businesses.
4. If the principal applicant has transferred funds between several organisations during the investment period, they should provide letters from every organisation they have invested with. Lodgement and withdrawal dates will be checked to ensure that funds have been held continuously in New Zealand for the required investment period.
5. A business immigration specialist may request any other information in order to be satisfied that the above requirements have been met.
6. Evidence that the requirements have been met includes:
   1. submission of the evidence required by paragraphs (b) to (e) no later than three months after the two-year anniversary and the expiry date of the required investment period; and
   2. subsequent written confirmation on file (by a business immigration specialist) that the investment requirements have been met.

F3.35.15 Non compliance with section 49(1) conditions

See also Immigration Act 2009 s 159

If section 49(1) conditions have not been complied with at the two-year anniversary check and at the end of the required investment period, the resident visa holder may become liable for deportation under section 159 of the Immigration Act 2009.

F3.35.20 Compliance with section 49(1) conditions

1. When the principal applicant has satisfied an immigration officer that they have met the section 49(1) conditions at the two-year anniversary of the investment period and they will be eligible for a variation of travel conditions to allow travel for a further 24 months (RV3.15).
2. When the principal applicant has satisfied a visa or immigration officer that the conditions imposed on their resident visa under section 49(1) have been complied with, those conditions will no longer apply and the officer will advise the applicant in writing.

Effective 29/11/2010