The government's refreshed Active Investor Plus Visa has drawn in nearly $4 billion in funds already invested or committed, in its first year.

Changes to the so-called 'Golden Visa', which gives wealthy foreigners residency if they directly invest in local companies, took effect last April.

Investors in the growth category have to put in $5 million over three years, or a separate balanced category required lower-risk investments of $10m over five years.

Further changes announced in September allowed visa holders to buy a home worth at least $5m.

Since last April, the government had received 609 applications from 1988 people.

Immigration minister Erica Stanford said in the first year of the refreshed scheme, $1.49b had already been invested, with a further $2.415b in the pipeline.

Stanford said the investments in private credit, which were now at almost $900m, had a significant impact for businesses "looking to diversity their sources of capital, and and access more flexible lending arrangements, but who did not want to dilute equity in their business".

Aged care and healthcare, horticulture, data centres, digital media and technology, tourism, FMCG (fast-moving consumer goods) exporting, manufacturing, and dental tech had already been invested in.

"Private credit matters because it helps unlock productive capital for New Zealand businesses through private lending, giving firms another option alongside bank finance which is often asset based. This enables expansion, acquisitions, recruitment, investment in plant and equipment, and working capital," she said.

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