Economic Development Minister Gerry Browlee and Immigration Minister Jonathan Coleman announced on Tuesday an overhaul of the business migration policy in an effort to attract more business investment to New Zealand from foreign nationals who wish to gain permanent residence here. "For investor migrants the previously existing three categories are streamlined to two, with more realistic requirements for capital, language skills and time spent in New Zealand annually, as well as a far greater flexibility in terms of investment vehicles," Coleman said. "The last government's business migration policies have not attracted investment. Since 2007, there have only been 23 migrants bought to New Zealand through Labour's business migration policy. Business migration needs to be urgently addressed, and stakeholders' feedback has been extremely positive regarding this new package," he said. Under the new 'Investor Plus' category, the requirements for the business migration scheme will be for the migrant to invest NZ$10 million for three years and spend 73 days of each of the three years in the country. There will be no age requirements, no language requirements, no business experience requirements and no minimum requirement for settlement funds. This option will now be coupled with the 'Investor' category, for which the migrant would have to be 65 or younger, have a minimum three years business experience, invest NZ$1.5 million for four years, spend 146 days in the country in each of the years, have NZ$1 million of settlement funds, and be of an English speaking background. Also introduced is the 'Entrepreneur Plus' category, for which a migrant would have to invest NZ$0.5 million and create three full time jobs. These are replacing three former categories for the scheme; The 'Global Investor', requiring NZ$20 million in investment for four years (no age, language or settlement funds requirements; but with four years business experience, and 20% of each year in NZ); The 'Professional Investor', requiring NZ$10 million for four years (age limit of 64, language requirements, 30% of each yera in NZ); and the 'General Investor', requiring NZ$2.5 million for four years (age limit 54, language requirements, and 40% of each year in the country). The new Investor policy will be implemented from 28 July 2009 and the Entrepreneur Policy from November 2009. What do you think? Will a policy like this have much effect on the NZ economy? Is it unfair on other migrants?
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