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Changes to Immigration Operational Policy – April 2010
A continuing professional development workbook for people giving immigration advice
Residence Policy: Parent Retirement Category
The objective of the Parent Retirement Category is to provide residence to those with family links to New Zealand who wish to make a significant contribution to New Zealand's economy.
Applicants approved under the new Parent Retirement Category will be included as part of the annual allocation of places for the Family Sponsored stream of the New Zealand Residence Programme (NZRP).
Parent Retirement Category applications will be given priority over Family Parent applications.
See the policy at F8 in the operational manual. The form Parent Retirement Category Residence Application (INZ 1170) and Parent Retirement Category Guide (INZ 1171) are available from the website now, and will be available in printed form shortly.
Applicants must have an adult child who lives in New Zealand and is a New Zealand citizen or resident. There are no sponsorship requirements.
The applicant’s centre of gravity must be in New Zealand.
Investment and settlement funds and/or assets
Applicants must nominate funds and/or assets equivalent to at least:
- NZ$1 million for investment funds, and
- NZ$0.5 million for settlement funds
They must also be able to show an annual income of NZ$60,000 at the time of application.
The funds must:
- be unencumbered, ie not subject to any mortgage, lien, charge and/or encumbrance (whether equitable or otherwise) or any other creditor claims
- have been earned or acquired legally
- be transferable through the banking system.
Investment funds have to be placed in an acceptable investment(s) in New Zealand. If the application is approved the investment funds must be retained in an acceptable investment(s) for four years.
All applications will be processed by INZ’s Business Migration Branch.
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