New Zealand’s Active Investor Plus (AIP) Visa continues to evolve, with recent changes providing greater clarity around investment requirements, the source of funds and the evidence investors need to provide as part of their application.

The changes are designed to make New Zealand’s investor migration programme more transparent and easier for high-net-worth individuals to navigate, while maintaining a strong focus on attracting genuine investment into the New Zealand economy.

Since the major Active Investor Plus reforms came into effect on 1 April 2025, the programme has attracted significant international interest. According to the latest Immigration New Zealand statistics, 837 applications were received between 1 April 2025 and 23 July 2026, with approximately NZD $4.845 billion added to the investment pipeline or committed to investment in New Zealand.

For prospective investors, understanding the latest rules is essential. The AIP Visa is not simply about having sufficient capital. Applicants must also demonstrate the lawful source of their funds, transfer those funds through appropriate channels and ensure that their chosen investments meet New Zealand’s definition of an acceptable investment.

What Is the Active Investor Plus Visa?

The Active Investor Plus Visa is a New Zealand residence pathway designed for experienced investors who are prepared to make a substantial investment into New Zealand.

The current programme has two investment categories:

• Growth Category: Minimum investment of NZD $5 million for at least 36 months.
• Balanced Category: Minimum investment of NZD $10 million for at least 60 months.

The Growth Category focuses on higher-risk investments, including direct investments and managed funds. The Balanced Category provides a broader range of acceptable investment options, including bonds, listed equities, property developments and philanthropy.

One of the major changes introduced in 2025 was the reduction of the previous NZD $15 million threshold into these two more accessible investment options. The reforms also removed the English-language requirement and reduced some of the immigration requirements for investors choosing more active investment options.

Key Active Investor Plus Visa Changes

The latest changes provide greater certainty around how applicants can demonstrate the origin and movement of their investment funds.

1. Borrowed Funds Must Come From the Same Jurisdiction as the Assets

Borrowing can be used in certain circumstances to support an investor’s financial position.

However, the rules require borrowed funds to come from the same country or jurisdiction as the nominated assets being used to support the application.

Borrowed funds must also meet specific requirements, including being obtained from an acceptable bank or commercial lending institution and being secured against nominated assets in the application.

This means investors need to carefully consider their financing arrangements before submitting their application.

The relationship between the assets, the borrowing and the jurisdiction in which both are located should be clear and properly documented.

2. Investors Must Prove the Lawful Source of Their Funds

One of the most important aspects of an Active Investor Plus Visa application is demonstrating where the investment capital came from.

Applicants must be able to provide evidence that their nominated funds or assets were earned or acquired lawfully.

This can be particularly important for applicants whose wealth has been accumulated over many years through multiple businesses, investments, property transactions or other sources.

Evidence may include documentation relating to:

• Business ownership
• Company sales
• Dividends
• Employment income
• Investment returns
• Property sales
• Inheritance
• Existing investment portfolios
• Bank accounts
• Other legally acquired assets

The objective is to establish a clear and credible financial trail.

Applicants should not assume that having the required amount of money in a bank account automatically satisfies the source-of-funds requirement.

The applicant needs to be able to explain and substantiate how the wealth was generated and how it became available for investment.

3. Additional Requirements for Gifted Funds

Gifted funds can also be used in certain circumstances, but applicants need to provide appropriate evidence.

Where investment capital has been gifted, the applicant must demonstrate that the gift was:

• Unconditional, and
• Made in compliance with the laws of the country where the gift occurred.

This is particularly relevant where parents, family members or other individuals have provided capital to support an investor’s New Zealand residence application.

Applicants should ensure that the documentation surrounding any substantial gift is clear and consistent with the financial evidence submitted elsewhere in the application.

4. Managed Fund Agreements Have Been Simplified

The rules for managed fund investments have also been clarified.

Investors using managed funds need a legally binding agreement with the fund manager or an appropriate nominee.

The previous requirement for the agreement to be non-revocable has been removed under the updated approach.

The agreement must still establish the investment commitment and provide sufficient evidence of the amount of capital committed or transferred.

This change provides greater clarity for investors using managed funds while maintaining safeguards around the investment commitment.

What Investments Are Acceptable Under the Active Investor Plus Visa?

Not every investment product qualifies for the Active Investor Plus Visa.

An acceptable investment must:

• Not be for the applicant’s personal use.
• Be invested in New Zealand.
• Be invested in New Zealand dollars.
• Meet the requirements for an acceptable investment under either the Growth or Balanced Category.

Immigration New Zealand or Invest New Zealand determines whether an investment qualifies.

Importantly, approval of an investment for immigration purposes does not mean that Immigration New Zealand or Invest New Zealand guarantees its financial performance.

An investment that does not qualify under one category does not automatically qualify under the other. Investors should therefore assess their proposed investment structure against the specific requirements of the category they intend to use.

Growth Category: NZD $5 Million Investment

The Growth Category requires a minimum investment of NZD $5 million.

The investment must be maintained for at least 36 months.

Acceptable Growth Category investments can include:

• Direct investments
• Approved managed funds
• Philanthropy, up to a maximum of 20% of the total investment

The Growth Category is designed around higher-risk investments and focuses particularly on investments that can contribute to New Zealand businesses and economic growth.

Investors should be aware that direct investments and some managed funds can be less liquid and may require a longer-term commitment than the minimum immigration investment period.

Balanced Category: NZD $10 Million Investment

The Balanced Category requires a minimum investment of NZD $10 million.

The investment must be maintained for at least 60 months.

The Balanced Category offers a broader range of investment options, including:

• Direct investments
• Managed funds
• Listed equities
• Philanthropy
• Bonds
• Property developments

The wider range of investment types can provide greater flexibility for investors who want to construct a diversified New Zealand investment portfolio.

Direct Investments

A direct investment generally involves investing directly into an eligible New Zealand business.

Direct investments must meet the relevant requirements and, where required, receive approval from Invest New Zealand.

An investment can involve:

• Equity securities in a New Zealand-based private company
• Certain listed equity investments where the applicant qualifies as a wholesale investor
• Convertible notes
• Preference shares
• Simple Agreements for Future Equity and similar qualifying instruments

Once invested, the applicant must have an appropriate ownership interest in the company, either directly, through a qualifying trust structure or through a nominee company.

Because direct investments can involve complex commercial arrangements, applicants should ensure that the proposed investment structure is assessed before committing their capital.

Managed Funds

Managed funds are another important investment option, particularly under the Growth Category.

A managed fund pools investor capital and invests it across selected assets under the management of a professional fund manager.

For Growth Category investors, the managed fund generally needs to be on the acceptable managed fund list maintained by Invest New Zealand.

Under the Balanced Category, acceptable managed fund investments can also include funds that hold qualifying:

• Listed equities
• Property development investments
• Bond investments

The specific structure and underlying investments of the fund are important. Simply investing in a fund does not necessarily mean the investment will qualify for immigration purposes.

Important: DIMS Investments Are No Longer Acceptable for New AIP Applications

A significant change concerns Discretionary Investment Management Services (DIMS).

DIMS investments are no longer considered acceptable investments for Active Investor Plus Visa applications made on or after 4 December 2025.

There are transitional provisions for certain investments made before the relevant dates.

Investors who previously used DIMS should therefore carefully review their investment arrangements before assuming that those investments remain suitable for a new AIP application.

On-Call Investments and the 25% Rule

Investors using managed funds may have capital that has been committed to a fund but has not yet been called by the fund manager.

Specific rules apply to these funds.

Under the current requirements, up to 25% of committed managed fund capital can be held in a New Zealand bank account or term deposit while waiting to be called.

The remaining 75% generally needs to be invested in acceptable listed equities or bonds.

Example

An investor commits NZD $5 million to managed funds.

Up to:

NZD $1.25 million can be held in a New Zealand bank account or term deposit.

The remaining:

NZD $3.75 million must generally be invested in acceptable listed equities or bonds until the fund manager requires the capital.

This is an important change from the previous system, where committed funds could be held in bank accounts or term deposits for a specified period. The current 25% cap provides a clearer framework for managing capital while it is waiting to be called.

Listed Equities

Listed equities can include investments such as:

• Shares in companies
• Exchange-traded funds
• Certain managed funds holding qualifying listed equities

The underlying investment must meet the relevant New Zealand requirements.

Where a managed fund has international exposure, only the portion of the investment that is invested in New Zealand may qualify as an acceptable investment in certain circumstances.

Investors therefore need to examine the underlying composition of a fund rather than relying solely on the name or description of the investment product.

Philanthropy

Philanthropy is now available as an investment option under the Growth Category, subject to a maximum of 20% of the total investment.

This change took effect from 1 June 2026.

Eligible philanthropic investments can include donations to qualifying New Zealand registered charities or specified Department of Conservation initiatives.

Charitable organisations must meet specific requirements, including relevant registration, reporting and Inland Revenue donee status requirements.

Investors must also disclose any pre-existing affiliation with an organisation they intend to donate to.

A donation cannot be structured in a way that provides an inappropriate private benefit to the applicant or their family.

Bonds

Bonds are available under the Balanced Category.

A bond generally involves lending money to an issuer for a specified period in exchange for interest.

Acceptable bond investments can include qualifying bonds issued by:

• The New Zealand Government
• Local authorities
• Certain New Zealand resident entities
• New Zealand registered banks
• Qualifying finance companies

The specific issuer, credit rating and structure of the bond must meet the applicable immigration requirements.

Bonds can also form part of an acceptable managed fund investment where the underlying investments meet the relevant requirements.

Property Development Investments

Property development is available under the Balanced Category, but there are important restrictions.

The AIP Visa does not simply allow an investor to purchase residential property for personal use.

Eligible property development investments can include:

• New residential developments
• New commercial developments
• New industrial developments
• Existing commercial developments undergoing qualifying improvements
• Existing industrial developments undergoing qualifying improvements

Residential developments generally need to increase New Zealand’s housing stock and involve multiple dwellings.

Property developments must also meet relevant regulatory and consent requirements.

What Property Investments Are Not Acceptable?

There are important restrictions around property investment.

For example, applicants cannot use the AIP Visa to simply purchase a completed residential property for themselves or their family.

Residential property developments cannot:

• Be simply renovations or extensions to an existing building
• Be occupied by the investor or their family
• Be occupied by people related to the investor or included applicants
• Consist simply of a house-and-land package
• Be an off-the-plan purchase

Commercial and industrial property investments must similarly satisfy the requirements for an eligible development.

For existing commercial or industrial properties, improvements must be material and contribute to the property’s productive business use.

Property Development Through a New Zealand Company

Investors can structure qualifying property development investments through a New Zealand company in certain circumstances.

An investor may establish a New Zealand company specifically for investing in property development, subject to the relevant ownership requirements.

This structure does not automatically make the investment a “Direct Investment” and therefore does not necessarily require approval from Invest New Zealand as a direct investment.

The underlying property development must still satisfy the AIP requirements.

Transferring Your Investment Funds to New Zealand

Having the required capital is only the beginning.

After receiving approval in principle, an AIP applicant generally has six months to transfer and invest their nominated funds in New Zealand. An extension may be available in appropriate circumstances.

The funds must be transferred legally and transparently.

The money transferred must generally correspond to:

• Funds nominated in the application, or
• Funds received from the sale of assets nominated in the application.

Applicants should be particularly careful about transferring nominated funds to third parties after receiving approval in principle, as this can make it difficult for Immigration New Zealand to establish that the funds transferred are the same funds identified in the application.

International Banking Transfers

Investment funds must be transferred through the international banking system.

Acceptable methods can include:

• SWIFT transfers
• International telegraphic transfers
• Transfers through qualifying foreign exchange providers where the banking trail can be demonstrated

The transfer needs to be traceable from its original source through to New Zealand.

Applicants cannot simply convert funds offshore and have them deposited into a New Zealand account as though they were a domestic transfer.

Where a foreign exchange company is used, applicants need to retain evidence demonstrating the steps taken to transfer the funds.

This is why maintaining a complete banking trail is so important throughout the application process.

Can Funds Already in New Zealand Be Used?

Yes, funds that have already been invested in New Zealand can potentially support an Active Investor Plus Visa application, provided the applicant can demonstrate that:

• They own the funds.
• The funds were acquired lawfully.
• The investment is an acceptable investment.
• The investment is nominated in the application.

Applicants should therefore not assume that only newly transferred capital can be considered.

The key issue is whether the funds and investment satisfy the applicable immigration requirements and whether the applicant can provide the required evidence.

Can You Change From Growth to Balanced?

In certain circumstances, an applicant who has received approval in principle under the Growth Category may be able to move to the Balanced Category.

This can be relevant where an investor decides that the investment options available under Growth are not suitable and prefers the broader range of investment options available under Balanced.

The applicant would need to reach the NZD $10 million Balanced Category threshold and meet the applicable requirements within the relevant six-month transfer period.

This can provide some additional flexibility for investors as they move from the immigration approval stage to the actual investment stage.

What Happens If You Need More Than Six Months to Invest?

Investors who believe they will need more than six months to transfer and invest their funds may be able to request an extension.

The request should be made within the initial six-month period and the investor needs to demonstrate that reasonable efforts have been made to transfer and invest the nominated funds.

For example, if an applicant needs to sell a property before transferring funds, evidence of the sale process and attempts to complete the transaction may help demonstrate why additional time is required.

Why Source of Funds and Documentation Matter

The Active Investor Plus Visa is a substantial financial commitment.

For an investor, the difference between a successful and problematic application may not simply be whether they have NZD $5 million or NZD $10 million available.

It can come down to whether they can prove the origin, ownership, movement and investment of those funds.

A well-prepared application should establish a clear financial story:

How was the wealth created?

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How were the assets acquired?

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Who owns the assets?

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How were the funds transferred?

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Where were the funds invested?

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Does the investment meet New Zealand’s AIP requirements?

This is why preparing the financial evidence before submitting an application can be so important.

Active Investor Plus Visa: Growth vs Balanced

	Growth Category	Balanced Category
Minimum investment	NZD $5 million	NZD $10 million
Investment period	36 months	60 months
Direct investments	Yes	Yes
Managed funds	Yes	Yes
Listed equities	No	Yes
Bonds	No	Yes
Property development	No	Yes
Philanthropy	Up to 20%	Yes

The choice between Growth and Balanced should be based on more than the minimum investment amount.

Investors should consider their preferred investment strategy, liquidity requirements, risk tolerance and the immigration requirements attached to each category.

Why New Zealand’s Active Investor Plus Visa Is Attracting Attention

The changes introduced since April 2025 have significantly reshaped New Zealand’s investor migration programme.

According to Immigration New Zealand, 395 applications had been approved by 23 July 2026, while total applications since the April 2025 changes reached 837. The programme had generated approximately NZD $4.845 billion in investment pipeline and committed capital.

This demonstrates the level of international interest in New Zealand as an investment and migration destination.

The programme also provides investors with considerably more flexibility than the previous framework, particularly through the Balanced Category.

For investors who are considering New Zealand residence, this makes understanding the current rules more important than ever.

Is the Active Investor Plus Visa Right for You?

The Active Investor Plus Visa is designed for a specific group of high-net-worth investors.

If you have at least NZD $5 million available for investment, the Growth Category may provide a pathway to New Zealand residence.

If you have at least NZD $10 million, the Balanced Category provides a broader selection of acceptable investment options.

However, the investment amount is only one part of the eligibility assessment.

You also need to consider:

• The source of your wealth
• Ownership of your assets
• Any borrowed or gifted funds
• The jurisdiction of your assets and borrowing
• Your proposed investment strategy
• The structure of your investments
• How funds will be transferred to New Zealand
• The evidence available to support your application
• Your ongoing obligations during the investment period

Because the financial amounts involved are substantial, investors should obtain professional advice before committing capital or selecting an investment product.

Planning to Invest and Move to New Zealand?

If you are considering the New Zealand Active Investor Plus Visa, Network Migration Services can help you understand the immigration requirements and determine whether this pathway may be appropriate for your circumstances.

Our team can assist with the immigration side of your application, including understanding the visa criteria, preparing supporting documentation and navigating the application process.

Contact Network Migration Services today to discuss your New Zealand investment migration options.

Contact Network Migration Services

Important: The information in this article is intended as general information and does not constitute personalised immigration, legal, tax or financial advice. Active Investor Plus Visa requirements can change, and the suitability of a particular investment depends on the investor’s individual circumstances. Applicants should obtain professional advice before making significant investment or immigration decisions.

Sources: Immigration New Zealand (https://www.immigration.govt.nz/)