BN8.10 Transfer of the nominated funds or funds from the sale of nominated assets (23/06/2024)

1. The principal applicant must transfer the nominated funds or funds from the sale of nominated assets to New Zealand and make the required investments (see BN3(a)(vii) and (viii) and BN8.5(b)(i) and (ii)).
2. The funds must be:
   1. the funds nominated, or the funds from the sale of the assets nominated, in the resident visa application; or
   2. funds secured against the assets nominated in the resident visa application as set out in (e) below.
3. The funds must be transferred through the banking system (including via a foreign exchange company or money transfer business) directly to New Zealand from:
   1. the principal applicant’s bank account(s); or
   2. one of the following third parties providing that the funds can be identified as the principal applicant’s:
      • a solicitor trust account, where the solicitor is acting on behalf of the principal applicant in the transaction of the nominated funds or assets; or
      • a Pension scheme in the name of the principal applicant; or
      • an investment portfolio account, where the account is in the name of the principal applicant.

        Notes:
        -The funds must remain in possession of the principal applicant, or third party in (c)(ii) above and the principal applicant must retain control until placed in holding and/or acceptable investments.
        - Nominated funds and funds from the sale of nominated assets held in a country other than the country in which they were legally earned or acquired must have been originally transferred through the banking system.

4. The transfer of nominated funds or funds from the sale of nominated assets must:
   1. be traceable and transparent, and
   2. not include physical cash transactions.
5. Borrowed funds are acceptable where the principal applicant demonstrates that:
   1. the borrowed funds are from a bank or commercial lending institution acceptable to a business immigration specialist and are secured against the nominated assets in the resident visa application; and
   2. it is not economically viable or practical to liquidate the nominated assets (e.g. sell a business)
6. The principal applicant must provide evidence of possession of the funds from the date when the funds and/or assets were nominated to the date of transfer and investment in New Zealand. This must include all transfer documentation and a statement showing the transfer(s).
7. A business immigration specialist may request any other information to satisfy them that the requirements have been met.

Effective 23/06/2024