Active Investor Plus: $4 billion attracted in just 13 months

New Zealand’s Active Investor Plus (AIP) visa has attracted more than $4 billion in committed investment since the programme was refreshed in April 2025. As of early May 2026, Immigration New Zealand has received 688 applications covering 2,260 people, with a potential minimum investment of $4.015 billion.

To put that in context, the previous settings launched in 2022 attracted around $70 million over 2.5 years. The current programme has changed the trajectory significantly.

Two investment categories

The AIP programme has two categories. The Growth category requires a minimum investment of NZ$5 million over three years into New Zealand’s private equity market, including approved managed funds and direct investments. The principal applicant must spend at least 21 days in New Zealand during the investment period. Family members included in the application are not required to meet this presence requirement.

The Balanced category requires NZ$10 million over five years and allows a wider range of investments, including government bonds, listed equities and some types of property. The principal applicant must spend at least 105 days in New Zealand, though this can be reduced by making additional investments into Growth category funds.

Approximately 80% of applicants are choosing the Growth category, reflecting a preference for the lower capital threshold and shorter timeframe.

Tom Zhou from New Zealand Immigration Partners recently joined Lee Harris from Martelli McKegg for a webinar covering how the AIP visa works and what the March 2026 property changes mean in practice.

Who is applying

US investors are currently leading applications, followed by China and Hong Kong. Applications from China have more than doubled since August 2025. Other significant source countries include Germany, Taiwan, Singapore and Japan.

Residential property acquisition

From 6 March 2026, eligible AIP, Investor 1 and Investor 2 visa holders can apply for consent to purchase or build a residential property in New Zealand valued at NZ$5 million or more. This change came into effect under the reformed Overseas Investment Act.

The property must be classified as residential or lifestyle on the district valuation roll and must not trigger any other sensitive land provisions. There is no requirement that the property be used as a primary residence.

Approval is expected within five working days in most cases. The property purchase is separate from the investment requirement and does not count toward it.

There are restrictions on the number of properties that can be acquired and how associated parties are treated. Penalties for breaching the Overseas Investment Act are significant and can include loss of residence status, so it is important to assess each property carefully before proceeding.

Key practical points

• Residence is granted when investments are made, not at the end of the investment period.

• Permanent residence is granted at the end of the three or five-year investment period once all requirements are met.

• Dependent children up to 24 may be included if they are single and financially dependent.

• Obtaining New Zealand residence is not the same as becoming a New Zealand tax resident. Investor migrants should take tax advice early in the process.

• Applications lodged under the current settings are protected from future policy changes.

Timing

History would suggest people who delay in applying miss opportunities. If you would like to understand how the AIP programme applies to your clients or your own situation or when is the right time to apply, our investor team can assist.