Waiwera, North Auckland, New Zealand. The government has eased the Foreign Buyer Ban with an exemption for golden visa holders.

getty

New Zealand’s government revised its investment rules for golden visas in early 2025, resulting in a significant surge in interest from Americans, who currently account for 40% of all golden visa applications. Now, the government is relaxing its rules even further, allowing New Zealand golden visa holders to be exempt from the ban on buying property in the country—a move that is expected to attract even more interest.

Living in New Zealand Is An Attractive Proposition

The big draw is the lifestyle, its low population density, its safety, with very low crime rates, and the fact that the country speaks English and has a base in the English legal system. In 2025, Henley and Partners ranked New Zealand’s golden visa in the top ten in terms of how much it protects investors and the ease of starting and doing business there.

New Zealand ranked ninth on U.S. News’ list of the best countries in the World in 2024, and performed highly in categories such as adventure, quality of life, and social purpose. It came in at number two for a comfortable retirement. New Zealanders also seem to be pretty happy people. When asked to rate their general life satisfaction on a scale from 0 to 10, on average, they graded it as 7.3, which is higher than the OECD average of 6.7.

In terms of economics, chances are your money might go a little bit further in New Zealand than in the U.S. In terms of what it means to be wealthy in New Zealand, rent is 38% lower, restaurant prices could be up to 15% lower, and grocery shopping averages out at around 9% less expensive than in the U.S.. The average household net-adjusted disposable income per capita in New Zealand is approximately $39,024 annually, which is lower than the U.S. average of $51,147, but higher than the OECD average of $30,490.

New Zealand Golden Visa Details

New Zealand’s golden visa, officially called the Active Investor Plus visa, offers a number of benefits. For its holders, there is no gift, estate, or wealth tax, and there is no capital gains tax. As per Henley & Partners, residence also applies to a spouse and any dependent children up to the age of 24. Applicants would have to invest a minimum of NZ $5 million (around $3 million), and they would be eligible for citizenship after 5 years of residence.

There are two ways that applicants could invest. The first is by investing NZ $5 million in managed funds and direct business investments for a period of three years. During this time, investors must spend at least 21 days in the country. And the second is through a minimum investment of NZ $10 million (about $6 million) across a broader range of investment options, such as equities, bonds, or property development, for a period of five years. Over this time, investors must spend at least 105 days in the country.

These two investment opportunities were introduced in April 2025 by a government keen to streamline the existing process to “roll out the welcome mat” for new arrivals. Previously, the investment requirement had been higher. The government also scrapped an English language proficiency requirement, which it believed had scared investors off.

These programs have been brought in against a background of increasing emigration out of New Zealand. The New Zealand Productivity Commission estimated that about 1 million New Zealanders lived outside the country as of 2022, which constitutes 20% of the resident population. An article in The Guardian in May 2025 reported that a record number of emigrants left New Zealand in 2023 and 2024.

Golden visa strategy and relocation consultancy, Nash Kelly Global, has seen a spike in American interest since these changes were announced in April. This is corroborated by The Guardian, which quoted Immigration New Zealand, saying that the program had attracted 189 applications (for 609 people) from April to June, whereas prior to the changes, the program attracted 116 applications over 2.5 years.

As of the end of August, there have been 308 applications (covering 1,000 people) as per Immigration New Zealand, amounting to a potential $1.9 billion in minimum investment. While the applications might seem small in terms of number, the total investment amount is staggering. About 40% of applicants are currently from the US.

The Pros and Cons Of Golden Visa Programs

Advocates believe that golden visas promote economic growth by attracting high-net-worth individuals to the country. It can be a way of drawing talent that wouldn’t otherwise come to the country. And it’s also a means of addressing immigration shortfalls due to low population growth.

The latter is true for digital nomad visas too, and New Zealand launched its own version in 2025 that, unlike many other digital nomad visas around the world, does not require a minimum monthly income requirement.

Golden visa programs are sometimes considered unfair because holders of golden visas are able to purchase residency and citizenship in countries while bypassing language proficiency tests and residency requirements needed by the rest of the population.

Also, detractors believe that both golden passports and sometimes digital nomad visas can lead to negative economic outcomes. By working on overseas contracts, holders can sometimes be in a position to pay more for rent, property, and local services, and as a consequence, they price locals out of the market. This is one of the main reasons why Spain ended its golden passport program, because of a perceived impact on housing affordability.

It is also the case that former Prime Minister Jacinda Ardern addressed New Zealand’s issues of housing affordability for locals by prohibiting most overseas buyers from purchasing residential property. Since 2018, only citizens, tax residents, and nationals of Australia and Singapore have been exempt from this condition.

New Zealand Golden Visa Changes, Expected Late 2025

The government is planning to bring in changes that would allow Golden Visa holders to purchase one residential property valued at NZ $5 million or more (roughly $3 million), a move that is intended to make New Zealand more competitive in the global market of investment migration and travel.

“Wealthy families don’t just want a visa—they want a safe haven where they can build a life. Without the ability to purchase a home, we risk losing exactly the kind of long-term investors New Zealand should be attracting,” says Stuart Nash of Nash Kelly Global. “This reform aligns us with competitor programs and strengthens New Zealand’s appeal to ultra-high-net-worth families considering residency.”

New Zealand’s Prime Minister, Christopher Luxon, said the move was about growing the economy by attracting significant investors to contribute to the country by enabling them to own their own home. “If you are a major international investor, New Zealand is just one of 195 countries all competing for your money and your ideas”. Luxon added, “The competition is fierce, and the solution is actually competing harder.”

Business Insider estimates that this easing of the foreign property buyer ban could bring NZ $1.8 billion into the economy. The Straits Times report that about 0.4% of the nation’s housing stock is valued at more than NZ $5 million, and this equates to approximately 7,000 houses across the entire country. The bulk of these are in Auckland, the largest city in New Zealand. About 1,250 are in Queenstown, the ski resort on the South Island.

Nash adds that this exemption is unlikely to compete with local buyers. “New Zealand originally put the foreign buyer ban on because we were seeing planeloads of people coming over and buying houses. But we’re now seeing ultra-high-net-worth people coming in and they’re not competing with first-home buyers. The people coming over under the golden visa scheme are bringing wealth and connections that will create economic development and jobs.”

“Whilst other countries are putting restrictions on golden visas, New Zealand has reduced the barriers. It’s eased the foreign buyer ban, removed the English language test, and reduced the amount of time that you have to spend in the country. In the Growth category, you’ve only got to spend three weeks over three years in order to get your permanent residency. And one thing about New Zealand permanent residency is that once you get it, you never have to reapply—you’ve got it for life—and that is reasonably unique in terms of golden visas globally. Plus, we don’t have a capital gains tax, we don’t have a wealth tax, and we don’t have an inheritance tax.”

The change to the New Zealand golden visa program is expected to take effect at the beginning of 2026 when the reform to the Overseas Investment Act is passed into law.

MORE FROM FORBESForbesDigital Nomad Visa Ranking 2025, Based On New DataBy Alex LedsomForbesArgentina’s Golden Visa Attracts Investors With U.S. Visa Waiver PotentialBy Alex LedsomForbesPortugal Golden Visa: Americans Benefit From Key Court Ruling In 2025By Alex Ledsom