New Zealand plans to introduce a “Golden Visa” program to attract more wealthy migrants to the country, in a bid to boost its economy.
The move is seen as a way to diversify New Zealand’s economy, which has been heavily reliant on a small number of industries such as agriculture and tourism. The country’s government is looking to attract high-net-worth individuals, entrepreneurs, and skilled workers to help drive economic growth and innovation.
The “Golden Visa” program, which is expected to be introduced in the coming months, will offer residency to foreigners who invest at least NZD 1.5 million (USD 945,000) in the country. This amount can be invested in various ways, such as buying property, setting up a business, or contributing to a state-owned enterprise.
The new program is part of the government’s strategy to increase foreign investment in New Zealand and create more job opportunities for its citizens. It is also seen as a way to help address the country’s ongoing challenge of attracting and retaining skilled workers, particularly in key sectors such as technology, health, and education.
The proposal has been met with a mixed reaction from the public, with some people expressing concerns that it could lead to an influx of wealthy foreigners and potentially displace New Zealanders in the job market. Others have hailed the move as a necessary step to boost the country’s economy and create new opportunities for its citizens.
The implementation of the “Golden Visa” program is subject to certain conditions, including the government’s ability to dictate where the investment is made. The government is also working on introducing a points-based system to assess the eligibility of foreign applicants, taking into account factors such as their business experience, education, and investment potential.
The government’s move to introduce a “Golden Visa” program is seen as a bold step to boost the economy and attract new talent to the country. While there may be some concerns about the potential implications, the program has the potential to bring significant benefits to New Zealand and its citizens.