BN9.5 Investment transfers during the investment period

1. Principal applicants may transfer funds in acceptable investments under the Category (Balanced or Growth) they invested in at the time their resident visa was granted (Balanced or Growth), provided:
   1. the investment of the funds continues to meet the acceptable investment requirements for that Category; and
   2. the funds when reinvested continue to meet the conditions imposed under the Immigration Act 2009 as specified in BN9.1.5 or BN9.1.10; and
   3. the transfer is completed within:
      • 30 days for listed equities, philanthropy, property development or bonds; or
      • 90 days for direct investments or managed funds on the NZTE approved list.

        The timeframes referred to in (a) above start from the first working day after the funds are in possession and control of the principal applicant or their representative.

2. The sum of the reinvested funds must be:
   1. equal to the initial amount invested; or
   2. the amount realised where a loss has been suffered; or
   3. the amount required to meet the conditions imposed under the Immigration Act 2009.

      Note: Where the acceptable investment is made up of multiple different investments, some of which have suffered losses and others which have experienced capital gains, there is no requirement to set these gains and losses off against each other to determine the aggregate amount required to be reinvested. Instead, the amount to be reinvested should be calculated by reference to each individual investment.

3. An applicant who has invested in direct investments or managed funds may transfer any returned capital into an acceptable Balanced Category investment (see BN7.10(c)) for the remainder of the investment period if:
   1. there are fewer than six months left in the investment period; or
   2. it is below NZD $1 million (less than 20% of the total NZD $5 million Growth Category investment threshold) and a business immigration specialist is satisfied that it cannot be re-invested into a direct investment or managed fund.
4. Where (c)(ii) applies, the principal applicant will have 30 days from the date that a business immigration specialist confirms that the funds can be placed in an acceptable Balanced Category investment to transfer and invest the funds.
5. Returns of capital during the investment period that do not meet requirements specified in (c) above must be re-invested into an approved managed fund or direct investment. 

Note: Evidence that a principal applicant cannot re-invest returned capital into direct investments or managed funds may include evidence that they have researched and/or engaged with direct investments or managed funds and have found that the returned capital is below their threshold for investment. Business Immigration Specialists will consider this evidence on a case-by-case basis.

Effective 01/04/2025