Do you want to retire and not work in New Zealand?
The right visa will entitle you to live in New Zealand as retiree.
New Zealand provides two visa programs specifically tailored for retirement migrants: The Parent Retirement Category and the Temporary Retirement Category.
While the Parent Retirement Category is a genuine permanent residence program, the Temporary Retirement Category is a special visitor visa and entitles the holder to stay in New Zealand for the duration of two years.
Both programs require the successful visa applicant to be of good health and character, place an investment in New Zealand, and demonstrate ownership of additional settlement or maintenance funds.
Applicants under the Parent Retirement Category must also have a New Zealand citizen or resident adult child, who is willing to sponsor them.
If you hold a Temporary Retirement Visa, you need to apply for a further Temporary Retirement Visa after two years. The subsequent visa will be granted under the provision that you still meet policy provisions when the application is submitted.
The downside of this visa is, that it will not give you peace of mind in the long run, as the policy, your health or financial situation might change over the years and you might then no longer be eligible for a visa.
More pathways to retirement in New Zealand
If you want to live in New Zealand longterm, but don`t have an adult child who is a New Zealand citizen or resident, have already reached the age limit of the Skilled Migrant Category (56 years), or do not want to consider finding a job until you reach your retirement age, you might still be able to apply for a visa.
One of the following policies might be an option for you:
- Entrepreneur Work & Residence Visa pathway
- Investor 1 Category
- Investor 2 Category
- Temporary Retirement Visa
While the Entrepreneur pathway will require you to run a business for a number of years before you will be able to fully retire, the Investor 1 Category visa application requires substantial funds of NZ$10 millions to be invested for 3 years. Investor 2 category requires a lower investment of NZ$2.5, but has an age limit of 65 years for the principal applicant.
Compare the different visa types to see whether you might be able to spend your retirement years in New Zealand:
|
Investor Category 2 |
Investor Category 1 |
Entrepreneur Work & Residence Visas |
Parent Retirement Category |
Temporary Retirement |
|
|
Good health |
Required |
Required |
Required |
Required | Required |
|
Good character |
Required |
Required |
Required |
Required | Required |
|
Investment funds |
Minimum of NZ$ 3.0millions for 4 years (discount of NZ $ 0.5 millions if you commit to partly invest in "growth investments") |
Minimum of NZ$ 10 millions for 3 years |
Minimum of NZ$ 100,000 - can be waived |
Minimum of NZ$ 1 million | NZ$ 750,000 |
|
Settlement funds |
Not required |
Not required |
Sufficient Maintenance Funds for the first three years |
NZ$ 500,000 | NZ$ 500,000 |
|
Maximum age |
65 |
No requirement |
No requirement |
No requirement | Must be 66 years or older |
|
Minimal English language |
IELTS level 3 |
No requirement |
IELTS level 4
|
No requirement | No requirement |
|
Minimum time to be spent in NZ |
146 days each year |
44 days each year |
No requirement – but you have to be self employed in New Zealand on a full-time basis for 2 years to qualify for an Entrepreneur Residence Visa.
|
No requirement | No requirement |
|
Business Experience |
Required |
Required |
Required |
No requirement | No requirement |
|
Business Plan |
No requirement
|
No requirement
|
Required |
No requirement | No requirement |
|
Annual income |
No requirement |
No requirement |
No requirement |
NZ$60,000 | NZ$60,000 |
Ask Dr.Carsten Hallwass which of these visa options might be best suited for you.
Ask our Business and Investor Migration Expert
If you want to find out more about establishing your own business in New Zealand, contact Dr. Carsten Hallwass, the Business and Investor Migration Adviser at NZIC.
Ask Dr.Carsten Hallwass for a Free Assessment