- This is not current policy -
BI7.10 Ownership of nominated funds and/or assets (04/07/2005)
- The nominated funds and/or assets must be legally owned by the .
- Nominated funds and/or assets may be owned either:
- solely by the principal applicant; or
- jointly by the principal applicant and and/or who are included in the residence application, provided a business immigration specialist is satisfied the principal applicant and partner have been living together for 12 months or more in a partnership that is (see R2.1.15 and R126.96.36.199 (b) and R188.8.131.52 (a)(i)). If so, the principal applicant may claim the full value of such jointly owned funds or assets for assessment purposes.
- If nominated funds and/or assets are held jointly by the principal applicant and a person other than their partner or dependent child, the principal applicant may only claim the value of that portion of funds and/or assets for which they provide evidence of ownership.
- The principal applicant may only nominate funds and/or assets that they , including funds and/or assets which have been gifted to them unconditionally and in accordance with local law. Where nominated funds and/or assets have been gifted to the principal applicant the business immigration specialist must be satisfied that the funds and/or assets being gifted were earned lawfully by the person/s gifting the funds and/or assets.
- The nominated funds and/or assets must be unencumbered (see BI7.10.5 below).
- The nominated funds and/or assets must not be borrowed.
BI7.10.1 Definition of ‘funds earned or acquired legally’
Funds and/or assets earned or acquired legally are funds and/or assets earned or acquired in accordance with the laws of the country in which they were earned or acquired.
Note: Business immigration specialists have discretion to decline an application if they are satisfied that, had the funds and/or assets been earned or acquired in the same manner in New Zealand, they would have been earned or acquired contrary to the criminal law of New Zealand.
BI7.10.5 Definition of ‘unencumbered funds’
Unencumbered funds are:
- funds that are not subject to any mortgage, lien, charge and/or encumbrance (whether equitable or otherwise) or any other creditor claims whatsoever; and
- funds that can be transferred lawfully, and the transfer is in accordance with the policy at BI9.5.