New Zealand’s relaxed investor-residency programme has attracted more than 700 wealthy foreign applicants in the 14 months since the government overhauled the rules, with Americans — including a growing number from California — among the most prominent applicants.

The programme, formally known as the Active Investor Plus Visa and commonly described as a “golden visa”, offers residence to people who make qualifying investments in New Zealand.

Applicants in the Growth category must invest at least 5 million New Zealand dollars in local funds, businesses or other approved investments over three years.

A Balanced category requires an investment of at least 10 million New Zealand dollars over five years.

The policy changes took effect in April 2025 and were designed to make the route more attractive after the previous scheme drew limited demand.

The government eased investment settings, reduced the time applicants must spend in New Zealand and widened the range of investments that qualify.

Successful applicants may live, work and study in the country with their partners and dependent children, and can apply for permanent residence after meeting the investment conditions.

Applicants under the revised rules have pledged at least 4.8 billion New Zealand dollars in investment.

That figure represents commitments made through applications, rather than money that has necessarily already reached companies or projects in New Zealand.

The appeal is not confined to the United States, but affluent Americans have become a major source of demand.

For some, New Zealand offers geographic distance from global political and economic instability, a stable legal system and a potential long-term base for their families.

Investors are also being encouraged to support local start-ups and businesses in areas including critical minerals, food technology and green industries.

The influx carries risks as well as opportunities.

New Zealand has long faced political sensitivity over overseas wealth and property, particularly in high-cost areas such as Queenstown.

Critics argue that investor-residency programmes can inflate housing prices and deliver limited local benefit if applicants treat residence as an insurance policy rather than a lasting commitment.

The government argues that the programme can bring capital, skills and commercial networks at a time when New Zealand is seeking stronger investment and productivity growth.

Its challenge now is to ensure that the new arrivals produce durable economic activity while the visa’s investment and residence requirements remain in force.