New Zealand’s Active Investor Plus (AIP) visa has attracted 573 applications representing NZ$3.39 billion (approximately US$1.95 billion) in potential investment since the government overhauled the program in April 2025, Immigration Minister Erica Stanford announced on February 14. Of that total, NZ$1.05 billion has already been committed by approved applicants.
The figures represent a stark contrast with the previous program, introduced by the former Labour government, which drew just 116 applications and NZ$70 million over two and a half years.
Stanford called the results evidence that New Zealand is “perfectly placed at the bottom of the world” as a haven for capital during a period of global uncertainty.
Mischa Mannix-Opie, Director of Client Experience at Greener Pastures New Zealand, echoed that assessment, describing the renewed momentum as “more than a policy adjustment” that “reflects growing international confidence in New Zealand as a place to invest, live, and contribute.”
The Numbers in Detail
Immigration New Zealand’s official data, current as of February 11, 2026, show the following breakdown:
The 573 applications cover 1,833 individuals. The Growth category (NZ$5 million minimum, three-year investment period) accounts for the overwhelming majority: 468 applications versus 105 in the Balanced category (NZ$10 million minimum, five years).
Of those, 50 were existing applicants who transitioned from the old settings, while 523 are entirely new.
Processing has been swift. The average time from application to approval in principle is 25 working days. Of the 573 applications, 430 have been approved in principle (358 Growth, 72 Balanced), and 182 applicants have already received resident visas. Six applications have been withdrawn.
What Changed in April 2025
The April 2025 overhaul replaced a single-category structure requiring an investment based on a NZ$15 million valuation with two tiers:
Growth category: NZ$5 million minimum over three years, directed toward higher-risk investments including managed funds and direct business stakes. Applicants must spend at least 21 days in New Zealand over the investment period.
Balanced category: NZ$10 million minimum over five years, encompassing Growth-eligible investments plus listed equities, bonds, philanthropy, and qualifying property developments. The residency requirement is 105 days over five years.
Both categories dropped the previous English language test requirement and the growth categroy reduced mandatory time in-country. Residency requirements can be further reduced with additional investment above the minimum thresholds.
Source Markets
December statistics revealed that Americans leading demand with 182 applications (covering 524 individuals), followed by Chinese nationals with 81 applications and Hong Kong residents with 61. Stanford cited the United States, Germany, Southeast Asia, and China as the program’s principal source markets.
The American dominance is notable. It mirrors a broader trend across the investment migration market: rising demand from US nationals seeking second residency or citizenship, driven by political uncertainty, tax diversification goals, and, more recently, the Trump administration’s second-term policy environment.
Real Estate Carve-Out
In a related development, the government recently passed amendments to the Overseas Investment Act that reverse New Zealand’s seven-year ban on foreign residential property purchases, but only for AIP visa holders and only for homes valued at NZ$5 million (approximately US$2.9 million) or more. The provision takes effect on March 6, 2026.
Stanford said the property provision has not produced “massive peaks” in uptake, and the government has no plans to lower investment thresholds further. Industry observers have offered mixed assessments of the real estate carve-out’s likely impact, with some viewing it as a meaningful complement to the investment requirement and others dismissing it as “mostly noise.”
A Case Study in Program Design
The NZ$3.39 billion figure needs qualifying. It represents the potential minimum investment implied by all applications received, not capital that has arrived in New Zealand. The NZ$1.05 billion committed figure is more operationally meaningful, though still substantial for a country of five million people.
The gap between the old regime and the new one is instructive for other jurisdictions considering program redesign. The previous NZ$15 million threshold priced out a large segment of the global investor pool without attracting proportionally higher-quality applicants.
The revised settings tripled volume while maintaining minimum investments of NZ$5 million to NZ$10 million, well above most competing programs globally.
Mannix-Opie sees the quality of applicants as equally telling, noting that her firm is “seeing high-quality investors prioritising long-term connection over short-term access: some seeking permanent relocation, others building New Zealand optionality while establishing genuine ties here.”
Stanford framed the program’s appeal in geopolitical terms. With Trump-era tariffs unsettling international capital flows, she argued that New Zealand’s political stability, rule of law, and geographic remoteness are selling points rather than liabilities. “These investors bring not just capital, but global experience, expertise, and networks,” she said.
James Hall, Director at ANZ Migrate, who met with Stanford on February 14, said the minister acknowledged the government never anticipated the volume of applications the revised program has generated.
On the separate Business Investor Visa launched in November 2025, Hall said Stanford confirmed the government will not proceed with a previously planned third category for startups, as officials have been unable to develop a suitable framework for it.
New Zealand nonetheless launched the Business Investor Visa offering residency for investments starting at NZ$1 million, further broadening the country’s investment migration architecture.
Less than a year since the revised AIP settings took effect, Mannix-Opie sees no signs of a slowdown, describing momentum as “strong, with no indication of slowing.”
