New Zealand Active Investor Plus Visa Changes: What Investors Need to Know from 28 September 2026

New Zealand has introduced further changes to the Active Investor Plus Visa, strengthening the rules governing managed funds and direct investments under the country's investor residence programme.

The new requirements took effect on 28 September 2026 and are particularly relevant to international investors considering the Growth category, fund managers seeking Active Investor Plus capital, and New Zealand businesses seeking investment from AIP applicants.

The changes follow the major reset of the Active Investor Plus programme in April 2025 and the Government's September announcement that qualifying Build to Rent investment will become available through approved managed funds under the Growth category from December 2026.

For prospective investors, the latest changes make it increasingly important to understand not only how much must be invested, but where capital can be invested, how an investment qualifies and whether it continues to satisfy AIP requirements.

What is the New Zealand Active Investor Plus Visa?

The Active Investor Plus Visa is New Zealand's principal residence-by-investment programme for high-net-worth international investors.

It is sometimes informally referred to internationally as the New Zealand Golden Visa, although Active Investor Plus is the official programme name.

Since April 2025, applicants have had two principal pathways.

Growth Category

The Growth category requires a minimum NZ$5 million investment over a minimum investment period of three years.

Acceptable Growth investments can include:

• approved managed funds;
• approved direct investments; and
• philanthropy, subject to the applicable 20% limit.

Growth investments are generally intended to direct international capital towards productive New Zealand businesses and investments.

Balanced Category

The Balanced category requires a minimum NZ$10 million investment over a minimum investment period of five years.

It allows a wider range of acceptable investments, which can include:

• direct investments;
• managed funds;
• listed equities;
• bonds;
• qualifying property development; and
• philanthropy.

Balanced applicants can also invest in investments that qualify under the Growth category.

What changed on 28 September 2026?

The latest changes primarily affect managed funds and direct investments.

They are designed to strengthen the quality of acceptable investments and give Invest New Zealand greater oversight of investments participating in the Active Investor Plus programme.

There are four particularly important changes.

1. Managed funds must have investment deployment plans

Managed funds seeking approval for AIP Growth investment must now provide an investment deployment plan.

The purpose is to demonstrate how the fund expects to deploy investor capital into New Zealand rather than simply raising capital without a sufficiently developed investment strategy.

This is important for AIP investors because it creates greater scrutiny around how their capital is expected to reach underlying New Zealand investments.

It also means fund managers need to demonstrate a credible investment pipeline and the ability to deploy capital.

2. Invest New Zealand has stronger ongoing oversight

Acceptance as an AIP investment should not be viewed simply as a one-time approval.

Invest New Zealand now has stronger mechanisms for monitoring acceptable managed funds and direct investments.

Approved investments can be required to provide further information, and acceptable status can potentially be suspended or revoked if programme requirements are no longer satisfied.

For investors, this reinforces the importance of carrying out appropriate professional due diligence before committing capital.

Inclusion on an Invest New Zealand acceptable-investment list is not an investment recommendation or Government guarantee.

3. Declined applications face a six-month stand-down

Managed funds and direct investments that are declined under the revised process generally face a six-month period before reapplying.

This increases the importance of properly preparing an application before submitting it to Invest New Zealand.

For businesses and fund managers seeking AIP capital, the objective should therefore be to establish that the proposed investment genuinely meets the programme criteria before seeking acceptance.

4. Growth and Balanced investments are being more clearly distinguished

The September changes provide additional clarity around the characteristics expected of Growth investments.

This matters because not every New Zealand investment automatically qualifies simply because it involves a New Zealand business, fund or property.

An investment that does not satisfy the Growth requirements does not automatically qualify under Balanced, and vice versa.

The correct investment structure needs to be established against the applicable Active Investor Plus rules.

What does this mean for AIP investors?

The Active Investor Plus programme now offers international investors a growing range of potential investment opportunities.

But that does not necessarily make the investment journey simpler.

An applicant may need to coordinate:

• Immigration New Zealand;
• Invest New Zealand;
• a licensed immigration adviser or immigration lawyer;
• fund managers or investment providers;
• investment advisers;
• New Zealand lawyers;
• tax specialists;
• banks;
• foreign exchange providers; and
• other professional advisers.

The investment decision also needs to work alongside the applicant's wider immigration, family, tax, business and relocation plans.

This is why understanding the complete investor journey is increasingly important.

Are managed funds acceptable under Active Investor Plus?

Yes, but there are important differences between Growth and Balanced.

For a managed fund to qualify as a Growth-category managed fund investment, the managed investment scheme must be on the Acceptable Managed Fund List maintained by Invest New Zealand.

Invest New Zealand maintains a growing list of acceptable managed funds across areas including venture capital, private equity, private credit and other New Zealand investments.

However, being on the acceptable list does not mean the Government recommends the fund or guarantees its investment performance.

Investors should obtain appropriate professional investment, legal and tax advice before investing.

Can AIP applicants invest directly into New Zealand companies?

Potentially.

Direct investments can qualify under Active Investor Plus, subject to the applicable criteria and Invest New Zealand approval.

A qualifying direct investment may include investment into an appropriate privately held New Zealand business.

This potentially creates opportunities both for international investors seeking direct exposure to New Zealand companies and for New Zealand businesses seeking growth capital.

Again, however, not every capital raise or New Zealand company will qualify.

What is happening with Build to Rent?

Another significant Active Investor Plus change is scheduled for December 2026.

The Government has announced that qualifying Build to Rent investments will become available under the Growth category.

The Growth minimum will remain NZ$5 million.

However, there is an important restriction:

Build to Rent Growth investments will be available through approved managed funds only.

Direct investment by an AIP applicant into a Build to Rent development will not qualify through this new Growth pathway.

Invest New Zealand has stated that its Acceptable Managed Funds Guidance Notes will be updated with the detailed Build to Rent requirements once those requirements are available.

Investors should therefore avoid assuming that a particular property or development will qualify before the final rules are confirmed.

Why are these changes important?

New Zealand's investor residence environment is evolving quickly.

The April 2025 AIP reset simplified the programme.

Further changes have subsequently expanded investment options and strengthened the framework governing acceptable investments.

For international investors, the result is potentially greater choice — but also a need for careful coordination.

The question is no longer simply:

“How do I obtain a New Zealand investor visa?”

Increasingly it is:

“How do I coordinate my immigration, investment, tax, legal, banking, property and relocation decisions as one New Zealand project?”

That is the problem New Zealand Life Investment Partners was created to help solve.

How NZLIP helps Active Investor Plus applicants

New Zealand Life Investment Partners provides an independent Investor Project Management and Concierge Service for international investors and families considering New Zealand.

Our role is to help coordinate the overall journey.

NZLIP can work alongside the investor's licensed and regulated professional advisers across areas including:

• immigration;
• investment;
• legal;
• taxation;
• banking;
• foreign exchange;
• property;
• business;
• relocation; and
• lifestyle establishment.

We Work for the Investor.

NZLIP does not provide regulated immigration, legal, tax, financial or investment advice.

Instead, we help investors assemble and coordinate the appropriate specialist team and maintain a central point of coordination throughout the New Zealand journey.

Considering New Zealand's Active Investor Plus Visa?

If you are considering the NZ$5 million Growth category, the NZ$10 million Balanced category, or are still determining whether New Zealand is appropriate for your family and investment objectives, an initial confidential discussion can help you understand the journey ahead.

Arrange a confidential consultation with New Zealand Life Investment Partners.

Important information

This article provides general information only and does not constitute immigration, investment, financial, legal or tax advice.

Active Investor Plus requirements and acceptable-investment criteria can change. Prospective applicants should obtain current advice from appropriately licensed and qualified New Zealand professionals before making immigration or investment decisions.