Expatriates thinking of moving to New Zealand can now do so under a new type of visa that allows people to spend some or all of their retirement in the country in return for investment. The temporary retirement visa is geared towards expatriates who have no previous relationship with the country and offers foreigners a two-year permit providing they spend money in New Zealand. The permit can be renewed after two years if expatriates continue to invest. Under previous restrictions, only expatriates under the age of 56 could apply for retirement living in New Zealand.
Foreign settlers must also hold international health insurance in order to apply for residence.
The new retirement requires substantial investment, not just a token. The new retirement visa will allow British pensioners over 65 to settle in New Zealand. There is a parent retirement visa for those with family in the country or a temporary retirement visa for those who have no existing relationship with New Zealand.
It requires at least £345,000 in qualifying investments and an annual income of at least £28,000 from pensions and other investments. It can be renewed after two years, provided that settlers continue to meet the criteria.
There are around 215,000 British expats living in New Zealand, and the UK is the largest source country of migrants approved for permanent residency. However, the rate of migration from the UK has fallen in recent years.
International health insurance: News update: 29 March 2010