Migrants looking elsewhere as US investor visas run out
Posted on October 13, 2014
The number of applicants for New Zealand investor visas is set to rise, at least partly due to the US running out of EB-5 investor visas.
Visas have run out due to an unprecedented number of applications, predominantly from Chinese nationals, which have exceeded the maximum quota for the fiscal year.
Demand for this type of visa has doubled every year since 2009, according to the Los Angeles Times, however this is the first time the limit of 10,667 visas has been reached.
Even though there is a new US visa quota from next month, it is thought demand will continue to outstrip supply. Many migrants will now be looking to New Zealand as an alternative.
Immigration expert Sanwar Ali, of Workpermit.com, points out that it is often the case that potential migrants often look to other countries if their preferred choice of destination suddenly becomes unavailable.
There are two types of investor visa available in New Zealand, one requiring an investment of $1.5million, and the other requiring at least $10million be invested into New Zealand’s economy.
It is impossible to say how many migrants will apply to New Zealand – after all there are other countries which offer similar types of visa. Also, the US quota will be reinstated next month, so the impact on immigration to New Zealand is unknown at this stage.
Over the past five years there were 658 Chinese investor residence applications which were approved, as well as 342 entrepeneur applications, which require migrants to have set up a business in New Zealand. The predicted increase in Chinese investors could also have an effect on the New Zealand housing market, with investors buying up expensive property as part of their investments.
However there are visa restrictions on property investments, which state that your investment must be in greenfields (new housing) and can’t include personal accommodation for you or your family.
29 September 2014