When the Parent Retirement Category allows family links of New Zealand citizens or residents to obtain NZ residence class visa, it also requires the applicants to have enough funds to make significant contribution to the country’s economy. Let us have a look at the funds requirements for applicants of the residence class visa under this category:
- A principal applicant is required to nominate funds or assets equivalent to at least 1 million NZ Dollars.
- The principal applicant is required to demonstrate the ownership of the funds or the assets.
- The applicant must invest the amount in the Kiwi country for a period of 4 years.
Ownership of the funds or assets
- The funds or assets nominated by the principal applicant must be:
- (a) Owned entirely by the principal applicant; OR
- (b) Owned concurrently by the principal applicant and his/her partner who has been included in the NZ residence class visa application. However, in this case, the immigration official should be satisfied that the principal applicant and his/her partner have been in a genuine and stable partnership and living together for 1 year or over; OR
- (c) Owned concurrently by the principal applicant and dependent children who have been included in the NZ residence class visa application.
- In case, the nominated funds or assets are held jointly by the principal applicant, not with the partner or any dependent child, but with some other person, then the principal applicant can claim for his/her portion of funds. For that, the principal applicant must demonstrate his ownership for the portion.
- The principal applicant must only nominate lawfully earned/acquired funds or assets. Gifted funds or assets can also be shown on the applicant, however, in this concern the person who has gifted the funds must have earned that funds or acquired the assets lawfully as well.
- The funds/assets nominated by the principal applicant must be unburdened.
- The funds/assets nominated by the principal applicant must not be borrowed.
If you are interested in applying for a residence permit to New Zealand, mail following information ASAP at [email protected] for a free of charge assessment by Ajay Sharma, principal consultant, ABHINAV.
- Your updated resume if skilled professional, or if businessmen, then brief on business profile along with information on your current personal net worth.
- If married, provide the resume for your spouse as well.
- If applicable, please provide information on children and their age.
- Information on any blood relatives residing in New Zealand. This is not a compulsory requirement to qualify for immigration to New Zealand, but serves as additional positive assessment and suitability factor.