Acceptable investments for an Active Investor Plus Visa
If you apply for an Active Investor Plus Visa you must invest in acceptable investments under the Growth or Balanced category.
What makes an investment acceptable
An acceptable investment for the Active Investor Plus Visa means an investment of the funds that:
- is not for your personal use
- is invested in New Zealand in New Zealand dollars (NZD), and
- is on the list of acceptable investments for either the Growth or Balanced category.
We determine if the investment is acceptable at the time the investment is made. The investment must continue to meet the requirements of an acceptable investment throughout the investment period (36 months for the Growth category and 60 months for the Balanced category).
We determine the value of the investment in NZD at the time it is made, inclusive of investment fees (such as management fees), brokerage fees and transaction fees charged.
If you are not sure if your investment meets the requirements to be an acceptable investment, you can contact a licenced immigration advisor or lawyer.
Growth category
You must invest at least NZD $5 million for the Growth category in acceptable investments in New Zealand.
Acceptable investments for Growth category can include:
- direct investments, or
- managed funds.
Note
The Growth category includes higher-risk investments, including managed funds and direct investments in New Zealand businesses. These investments are typically illiquid (not easily converted to cash) and may require a long-term commitment, which may extend beyond the minimum investment requirements of the Active Investor Plus visa.
Balanced category
You must invest at least NZD $10 million for the Balanced category in acceptable investments in New Zealand.
Acceptable investments for Balanced category can include:
- direct investments
- managed funds
- listed equities
- philanthropy
- bonds, or
- property developments.
- listed equities - where the principal applicant is a wholesale investor and there is a separate wholesale offer to the public listing
- an equity security (such as shares in a company) in an investee entity (a New Zealand based company that is not listed on a public stock exchange), or
- another financial product that allows you to purchase shares in a company at a later date (for example, a convertible note, preference share or Simple Agreement for Future Equity) that will be converted, or is convertible, into an equity security in an investee entity.
- your investment in listed equities as a wholesale investor was pre-approved by them before your funds were invested, or
- your investee entity is an acceptable direct investment.
- have direct ownership interest in the company
- have sole beneficial interest in a trust whose trustee has direct ownership interest in the company, or
- have set up and appointed a nominee company whose role is to hold the shares in the company on your behalf.
- a managed fund that is on the acceptable managed fund list maintained by New Zealand Trade & Enterprise (NZTE), or
- a discretionary investment management service that is on the acceptable managed fund list maintained by NZTE.
- a managed fund that is on the acceptable managed fund list maintained by NZTE
- a discretionary investment management service that is on the acceptable managed fund list maintained by NZTE
- a managed fund that holds acceptable listed equity investments
- a managed fund that holds acceptable property development investments, or
- a managed fund that holds acceptable bond investments.
- acquire managed investment products in an acceptable managed investment scheme, or
- receive a discretionary investment management service (DIMS).
- part of legal agreement between you and the fund manager or their nominee
- managed by you or on your behalf by a bank, investment broker or financial advisor, and
- maintained at the NZD amount that you have committed to invest (minus any amount that has already been invested into the managed fund).
- be able to be liquidated (sold) at the request of the fund manager
- be invested in New Zealand in New Zealand dollars, and
- be invested in either acceptable listed equities or bonds.
- you are selling the on-call investments to transfer to the fund manager
- you are transferring them to another acceptable on-call investment, or
- you are using the funds to pay costs such as taxes or fees.
- are in addition to the minimum amount required for acceptable investments, and
- were nominated in your original application.
- you will be able to place your committed funds in bank accounts or term deposits for a maximum of 6 months altogether before they are called on by the fund manager.
- during the compliance check you must show that the funds in your on-call investments are equal to the amount you have committed to the managed fund, minus any funds that have already been paid to the managed fund.
- shares or stock of a company
- an ETF, or
- a managed fund that holds acceptable listed equities, and that is licensed by the Financial Markets Authority.
- listed by a market operator licensed by the Financial Markets Authority
- offered through a crowdfunding provider licensed by the Financial Markets Authority, or
- an equity in a New Zealand registered bank.
- are a registered charity with at least 2 years of annual financial returns, and
- have current Inland Revenue donee status.
- issued by the New Zealand government or a local authority (such as a city or district council)
- issued by a New Zealand Resident Entity and traded on the New Zealand Debt Securities Market (NZDX)
- issued by a New Zealand firm with at least a BBB- or equivalent credit rating from an internationally recognised credit rating agency
- issued by New Zealand registered banks, or
- in finance companies that meet our criteria for finance company bonds.
- be a wholly-owned subsidiary of
- raise capital solely for, and
- have all its debt securities unconditionally guaranteed by a New Zealand Stock Exchange listed company or a local authority.
- a new residential property development
- a new commercial property investment
- a new industrial property development
- an existing commercial property development (with the purpose of improving the property), or
- an existing industrial property development (with the purpose of improving the property).
- be for new developments on new or existing sites that will increase the housing stock of New Zealand (they must be for multiple dwellings), and
- be for the purpose of making a commercial return in the open market (this includes rental returns).
- be renovations or extensions to existing buildings
- be lived in by you or anyone included in your investor visa application
- be lived in by anyone related to you, or
- be lived in by anyone related to someone included in your investor visa application.
- be for residential use (people cannot live in the development)
- be for vacant land (unless plans for the development have been submitted to regulatory authorities and work has started)
- be lived in by you or anyone included in your investor visa application
- be lived in by anyone related to you, or
- be lived in by anyone related to someone included in your investor visa application.
- direct ownership
- ownership through a New Zealand company that you own
- through an established New Zealand company, or
- through a managed fund.
- raise funds for residential, commercial, or industrial property development
- invest in New Zealand companies only, and
- be a managed fund investment product offered by a financial institution, or invested in equities or debt and managed on your behalf by a fund manager or broker.
- that consent for the purchase has been granted under the Overseas Investment Act (2005), or
- that the transaction is exempt from the requirement for consent under the Overseas Investment Act.
- a notice published by the regulator under the Overseas Investment Act 2005 (Land Information New Zealand), or
- a letter from a New Zealand lawyer confirming that an exemption applies.
A direct investment is an investment in which the decision to invest is made by you, into a privately-held business. Direct investments must be approved by New Zealand Trade & Enterprise (NZTE).
Acceptable investments — NZTE website
A direct investment must be invested in:
Investments for wholesale investors — Financial Markets Authority
NZTE must also confirm that:
Once the funds have been invested you must:
A managed fund invests in various assets on your behalf. These assets are picked by the fund's manager and their team.
Managed funds — Financial Markets Authority
Managed fund investments for the Growth category must be invested in:
Acceptable investments — NZTE website
Managed fund investments for the Balanced category must be invested in:
Check the other sections on this page for more information on what an acceptable listed equity, property development or bond investment is.
Agreement with a fund manager
You must have a legal agreement with the fund manager or their nominee (such as an investment company) that shows you have agreed to:
Any funds covered by this legal agreement that you have committed to invest are considered invested (for the purpose of your investor visa application) once the agreement has been signed by both parties.
On-call investments
If you have committed to invest funds in a managed fund under the Growth or Balanced category, you must invest the funds in on-call investments while they are waiting to be used by the fund manager.
Any funds used for on-call investments must be:
On-call investments must also:
Any income or profit that you make from your on-call investments can also be used to invest in managed funds, when they are called on by the fund manager.
You can also place up to 25% of your committed funds in a New Zealand bank account or a term deposit while they are waiting to be used by the fund manager.
For example, if you have committed NZD $5 million to a managed fund, you can have NZD $1.25 million in a New Zealand bank account or term deposit so that it is available when needed. The remaining NZD $3.75 million must be placed into acceptable listed equities or bonds.
You cannot withdraw committed funds in on-call investments unless:
Note: Fund transfers between acceptable on-call investments must be completed within 30 days. During this time they can be held in a New Zealand bank account or term deposit.
If a you are using a discretionary investment management service, the fund manager, custodian or nominee of that service must ensure that the funds comply with all on-call investment requirements until these funds are placed in acceptable investments.
Investing additional funds into on-call investments
You can invest more funds into on-call investment than what you have committed to the managed fund, as long as the funds:
You must have enough funds in your on-call investments to meet any capital calls from your fund manager. If the NZD value of your on-call investment falls below the amount you have committed to, you can also nominate additional funds to make up the difference. On-call investments do not need to be topped up each time their value decreases. However, you must ensure that sufficient funds are available in your on-call investments when the funds are called upon by the fund manager.
Any additional funds you nominate must meet our ownership requirements and must have been acquired legally.
Transferring investment funds: Active Investor Plus Visa
If you applied between 1 April and 9 June 2025
If you applied for your visa between 1 April 2025 and 9 June 2025, the previous requirements will apply to you. This means:
If you want the new requirements to apply to your visa during your investment period, you will be offered a variation of conditions (VOC) when we assess your transfer and investment documents. This review happens when your resident visa is granted. If approved you will receive a confirmation outlining your new conditions.
Listed equities are equities listed on a public stock exchange (such as the New Zealand Stock Exchange). They can include shares in an individual company or exchange traded funds (ETFs).
Listed equity investments must be invested in:
Managed funds — Financial Markets Authority
The investment must be for a New Zealand resident entity (such as a company) that is:
Tax residency status for companies — Inland Revenue
Market operators — Financial Markets Authority
Crowdfunding service providers — Financial Markets Authority
Note: If a listed equity investment is in a managed fund which is not on the NZTE approved list and it has international exposure, only the proportion of the investment that is placed in New Zealand will be considered an acceptable investment. For example, if 50% of a managed fund is invested in New Zealand, 50% of your investment will be considered acceptable.
Philanthropy is a donation to a New Zealand registered charity.
Philanthropy investments must be donated to organisations that:
Bonds are when you lend money to a bond issuer (such as a government, council or company), for a set period of time at a fixed interest rate.
Bonds — Financial Markets Authority
Bond investments must be:
Government Securities — The Treasury
Investors — New Zealand Local Government Funding Agency
Tax residency status for companies — Inland Revenue
Bonds — Financial Markets Authority (page 19 has an explanation on bond credit ratings)
Investing in bonds through a managed fund
Managed funds in bonds are considered an acceptable investment under the Balanced Category if the funds are invested in bonds that meet our requirements above.
If a bond investment is in a managed fund which is not on the NZTE approved list and it has international exposure, only the proportion of the investment that is placed in New Zealand will be considered an acceptable investment. For example, if 50% of a managed fund is invested in New Zealand, 50% of your investment will be considered acceptable.
Finance company bonds
If you invest in finance company bonds the company must:
Note: We will also treat perpetual preference shares and convertible notes as bonds.
Property developments are projects that aim to build more residential, commercial or industrial property in New Zealand.
Property development investments must be invested in:
If a property development has already started, we may consider it a new development — if you provide evidence showing how your investment funds will help complete the project. You cannot invest into property developments that have already been completed.
Residential property developments
Residential property developments must be for people to live in, and must:
Evidence that consents have been approved or applied for
The development also must have had any required resource consents approved by the relevant regulatory or local authorities. If the development does not have these, you must provide evidence that any required resource consents have been submitted to and accepted for processing by the local authority.
Restrictions for residential property developments
Residential property developments cannot:
Note: House and land packages and off the plans purchases are not considered acceptable investments.
Commercial and industrial property developments
New commercial and industrial property developments
The purpose of new commercial and industrial property development investments must be to generate a commercial return on the open market.
Existing commercial and industrial property developments
The purpose of existing commercial and industrial property development investments must be to improve the property. The improvements must be material in nature and form a substantial part of the investment, which will allow the property to be used for a productive business purpose.
You must provide the improvement plans to us for approval. These plans should outline the details of the property, what the planned improvements are and what the investment funds will be used for. You can provide these plans when you submit your evidence of funds being transferred and invested.
Note: Earthquake strengthening or full renovation work meets our requirements for improvement plans. However fixing general wear and tear (for example replacing carpets or curtains) does not meet our requirements for improvement plans.
Evidence that consents have been approved or applied for
The development also must have had any required resource consents approved by the relevant regulatory or local authorities. If the development does not have these you must provide evidence that any required resource consents have been submitted to and accepted for processing by the local authority.
Restrictions for commercial and industrial property developments
Commercial and industrial property developments cannot:
Industrial properties can include (but are not limited to) warehouses, manufacturing, distribution, and logistical facilities.
Ownership structures for property investments
You can own your property investments in New Zealand in a number of different ways.
This can include:
Using a company to invest in property
You can invest in property developments through a New Zealand company if you applied on or after 9 June 2025. This may be through either equities (i.e. shares) you own in the company, through debt you are owed by the company (i.e. bonds) or through a combination of both.
You can also establish your own New Zealand company for the purposes of investing in property development. To do this you must be the sole owner of the company - or share ownership of the company with someone else included in your visa application.
Note: Setting up a New Zealand company to invest in property development does not count as a Direct Investment and does not require approval from New Zealand Trade and Enterprise (NZTE).
Investing in property through a managed fund
Managed funds in property must:
The underlying investments of the fund must also meet our requirements for an acceptable property investment.
You must provide a legally binding, non-revocable agreement between the yourself and the fund manager or a nominee (such as an investment company) made under New Zealand law.
Information for fund managers
If you are a fund manager who has a managed property fund, you can use our guide to find out if your fund is acceptable under the Active Investor Plus category.
On-call investments
If you are investing in property through a managed fund or directly into a property development project, and you have funds that are waiting to be called-on by the fund or developer, you should put these funds into on-call investments.
Check the "Managed funds" section on this page for more information about on-call investments.
If you already own property
If you already own commercial or industrial property in New Zealand and you want to make improvements to it, this may be considered an acceptable investment. For example you may own a commercial property that is worth NZD $4 million, and you want to invest NZD $6 million into the property so that it can be used for a productive business purpose.
If you already own shares in a New Zealand company that is involved in ongoing property development, and the property development meets our requirements for an acceptable property investment - this may also be considered acceptable.
Purchasing land to build on
You can purchase land and then hire a company to build on your land, as long as the development meets our requirements for an acceptable property investment.
Investing in a property development with other people
There is no limit on the number of investors that can be involved in a development project. As long as you meet the requirements for the Active Investor Plus Visa and invest the required amount, you can invest in a project with multiple other investors.
Property developments on sensitive land
If the property development you invest in is located on sensitive land you must have evidence:
Evidence can include:
Identifying sensitive land — Land Information New Zealand
If your property development investment is on sensitive land and meets these requirements at the time of investment, we will continue to consider it an acceptable investment throughout the 60-month investment period.
If the development is not finished at the end of the investment period
There is no requirement for the property development to be completed during the investment period. However, you must provide evidence that shows the property development is ongoing. You must also provide evidence that shows your investment funds are being used to fund the property development.
If your investment funds are shared with other people
The value you can claim for your investment funds, depends if they are owned by you, or jointly by you and another person.
If you own an investment jointly with:
- your dependent children who are included in your visa application, you can claim the full value of the investment
- your partner who is included in your visa application, you can claim the full value of the investment
- someone who is not your partner or dependent child, you can only claim for the percentage of the investment that you own.
Providing evidence that your funds have been invested into acceptable investments
Once you have invested your funds into acceptable investments you must send evidence of this to us. You must send your evidence within 6 months of receiving your approval in principle letter.
Email your evidence to: InvestorFundsQueries@mbie.govt.nz
Note
We may request more information from you that is not listed here, as part of our assessment.
- bank statements that show funds have been transferred to the Direct Investment
- a letter from NZTE confirming that the direct investment is approved by them
- the company register extract
- a shareholder agreement or share subscription agreement.
- bank statements that show your funds have been transferred to the Managed Fund
- your legal agreement between you and the fund manager or a nominee (such as an investment company).
- bank statements that show your funds have been transferred to an investment portfolio
- trade reports, transaction reports, holding reports and cash account transaction reports from your investment portfolio.
- bank statements that show your funds have been transferred to the organisation
- a letter from the charity organisation confirming the funds have been donated
- evidence that the charity has current Inland Revenue donee status.
- bank statements that show your funds have been transferred to an investment portfolio
- trade reports, transaction reports, holding reports and cash account transaction reports from your investment portfolio.
- evidence that funds have been transferred to the property development project.
- a sales and purchase agreement, if applicable.
- property development plans including a design plan, or improvement plan (if commercial).
- evidence required consents have been gained.
- a letter from a New Zealand lawyer confirming that a class exemption applies, if the development is on sensitive land and a notice has not been published on the Overseas Investment Office website that consent has been gained or is exempt.
- evidence that funds have been transferred to the New Zealand company, property developer or have been placed into acceptable on-call investments.
- evidence that you own 100% of the company's shares or that the shares are jointly owned by you and a secondary applicant. For example - a company registration and shareholder agreement.
- confirmation that the company meets the definition of a New Zealand resident entity (BN7.10.20).
- evidence that the property development you are investing into meets our requirements for an acceptable investment (BN7.10.30(a-i)).
- evidence that you have committed to the property development for example, a contract for the acquisition of land, contract with the developer, or contract with a construction company.
- evidence of underlying business activities, development project plans including design plans, or improvement plans (if commercial), and evidence that the required consents have been granted.
- evidence funds have been transferred to the New Zealand company or have been placed into acceptable on-call investments.
- confirmation that the company meets the definition of a New Zealand resident entity (BN7.10.20).
- evidence of shareholding for example, a company register and shareholder agreement or if investing via a debt instrument, then an example could be a loan agreement or convertible note deed.
- evidence of underlying business activities, development project plans including design plans, or improvement plans (if commercial), and evidence that the required consents have been granted.
- evidence that funds have been transferred to the property development project or have been placed into acceptable on-call investments.
- evidence that you have committed to the property development for example, a contract with a developer or a contract with a construction company.
- a sales and purchase agreement, if applicable.
- property development plans including design plans, or improvement plans (if commercial/industrial).
- evidence showing that required consents have been gained or if resource consents are not available, provide evidence that resource consents have been applied for and accepted by the relevant local authority.
- a letter from a New Zealand barrister or solicitor confirming that a class exemption applies, if the development is on sensitive land and a notice has not been published on the Overseas Investment Office website that consent has been gained or is exempt.
- evidence that funds have been transferred to the managed fund or have been placed into acceptable on-call investments.
- a fund information memorandum and offer documentation to ensure that the fund is compliant.
- a legally binding, non-revocable agreement between you and the fund manager or a nominee (such as an investment company) made under New Zealand law.
- improvement plans that show the details of the property, what the planned improvements are and what the investment funds will be used for.
You should provide:
You should provide:
You should provide:
You should provide:
You should provide:
General evidence requirements for property investments
You should provide:
Investing through a New Zealand company that you own
If you have invested in property through a New Zealand company that you own, you should provide:
Investing into an established property development company
If you invested into an established property development company, you should provide:
Investing directly into a property development project
If you invested directly into a property development project, you should provide:
Managed funds
If you invested in property through a managed fund, you should provide:
Making improvements to an existing property
If you are investing in a project that aims to make improvements to an existing commercial or industrial property, you should provide:
Further information
More information on each investment type can be found on the New Zealand Trade & Enterprise (NZTE) website.