Are you a parent of New Zealand permanent resident or citizen? Do you want to stay with your children after retirement? Are you looking for the best visa option to stay with your children and grandchildren? If yes, then you can apply for a visa under the New Zealand parents retirement category. This visa category is specifically designed for those parents who are looking to join their adult children in New Zealand.
This visa lets you live, study, and work in New Zealand. An added bonus of this parent retirement visa is that you can even include your partner in your visa application. To avail this parent retirement visa, you must able to prove that you have enough funds in place to join your children in New Zealand. Below, we help you take through the New Zealand parents retirement visa requirements, application criteria, benefits of the visa, and much more.
New Zealand parents retirement category visa at a glance
New Zealand Immigration minister has announced two different visa categories such as temporary retirement visa and parent retirement visa. The parent retirement visa is introduced by keeping the people in mind who have a family in New Zealand.
On the other hand, temporary retirement visa is specially designed for those people who do not have any kind of relationship with the country. If you wish to apply for New Zealand recruitment visa, it is important to know the recruitment visa in the New Zealand visa policy.
The main objective of these visa categories is to support and encourage investment as well as stimulate the New Zealand country. The parent retirement visa offers a permanent residence for people who have family or relative already in New Zealand.
An individual who applies for parent retirement visa should be a member of the family, which has either New Zealand permanent residents or citizens. To get the parent retirement visa, the applicant should be ready to invest at least one million New Zealand dollars in the nation for a period of five years.
Similar to the temporary retirement visa, he or she is grateful to show at least 0.5million New Zealand dollars in the settlement funds. In addition to, the applicant should have a minimum income of 60000 New Zealand dollars per year. Once you have completed the four-year investment time, then you will be eligible for the New Zealand permanent residence.
Everything you need to know about parent retirement visa
If you are willing to apply for parent retirement visa, then you should know the visa requirement, eligibility criteria, and much more. To help you greatly, we have come up with all information related to New Zealand parent retirement visa.
Requirements for New Zealand parent retirement visa
Do you wish to get approval for your visa application under the parent retirement category? Well, the applicant must:
- Nominate assets or funds equivalent to the value of at least 1million New Zealand dollars and ready to invest them in the New Zealand over a period of 5years.
- Show ownership of those assets or funds that they have been acquired or earned legally
- Transfer and place the assets or funds in the acceptable investment according to the instructions available at acceptable investments
- Nominate 0.5million New Zealand dollars of settlement funds and display ownership of those assets or funds
- Show an annual income of at least 60000 million New Zealand dollars
- Finally, meet the family requirement mentioned below
The applicant must be the parent of the children who reside in New Zealand and they should be New Zealand permanent residence cardholder or citizen of New Zealand. Their residence class visa card should not be subjected to the conditions under section 49 of the immigration act 2009.
In addition to, they either should have no dependent children and all of their children are permanently and legally outside the nation in which they belong to or the center of gravity of their whole family in New Zealand. The principal visa applicant and any of their secondary applicants who included in the applicant should meet the character and health requirements.
Definition of acceptable investment
The acceptable investment represents the investment, which:
- Is capable of the commercial investment under the normal circumstances
- It should not access for the applicant personal use
- Is invested in New Zealand particularly in New Zealand currency
- Is invested in managed funds or lawful enterprises, which comply with all related laws in force in the country
- Has the capacity to contribute to New Zealand’s economy
Acceptable investment should include:
- Bonds issued by the following authorities
- Government or local authorities
- Finance companies
- Registered banks in New Zealand
- Companies traded on the NZ debt securities market
- Residential property development
- Equity in New Zealand firms
- Eligible NZ venture capital funds
- Equities in New Zealand registered banks
Principal income applicant under the parent retirement visa category must show that they have the capacity to support themselves as well as their partner included in the visa application for the four-year investment period in the country.
The settlement fund should be 500000New Zealand dollar. It is additional to the 1million New Zealand dollar investment figure. You need similar proof according to the investment amount to demonstrate, which you have 500000 New Zealand dollar.
The annual income may be the combined incomes of the principal visa applicant and partner included in the visa application or solely earned by the principal visa applicant. You can include evidence of annual income but it is not at all limited to the following.
- Share market trading
- Interest from investments
- Earnings from rental properties
- Profits from investments
- Dividend from share portfolios
After 4 years
Once you have kept enough funds invested for four years in the acceptable investment and met your obligations, you may be qualified for the New Zealand permanent resident visa.
What are the eligibility criteria to avail parent retirement visa?
If you are going to apply for the parent retirement visa, then you should meet the following eligibility criteria.
- You should not have any dependent child
- You should be sponsored an adult child who is a citizen or permanent resident of New Zealand
- You should have enough balance to survive in the nation and settlement funds or assets and acceptable investment
- Have the annual income of at least 60000New Zealand dollar
The application process of NZ parent retirement visa
You will have to submit the application for the parent retirement visa. If the application is approved successfully, then you will obtain an approval in principle. When you receive this, you will need to transfer 1million New Zealand dollar within 12months to invest in New Zealand. You will become the NZ permanent resident at the end of the 4-year investment period. Note: If you wish to come to New Zealand to investigate possible investment opportunities, then you will require applying for a work visa. In case, if your partner also wishes to come with you, then they will need to apply for their own visitor or work visa.
Things you can do with parent retirement visa
If you obtain the parent retirement visa, then you can do the following things
- You can live, study, and work in New Zealand
- You can even apply for permanent residence after four years of keeping your funds invested in NZ
- You can include your partner in your parent retirement visa application
Need to apply for parent retirement visa? Contact us
Once you have decided to apply for parent retirement visa, you will contact us to get professional assistance to do all your visa paperwork and fund transfers. We will help you with utmost care to avail the parent retirement visa to stay without your adult child. Before applying for the visa, you can even check the detailed eligibility criteria on our website by pressing check criteria. You can go through all the eligibility norms and ensure the right way to get the visa.
If you hire us to help you avail the visa, then we will make a decision about your application whether it meets all the norms and conditions according to the New Zealand immigration visa process. If the application is successful, then we will approve it in principle. When you get your application approval in principle, you will have twelve months to transfer your funds to New Zealand and should invest in the acceptable investment.
After we grant your parent retirement visa, check in whether you meet the condition of your visa such as keeping your funds or assets invested in New Zealand. When you have met all the conditions at the end of four-year investment, you may be eligible for the New Zealand permanent resident visa. Apart from this visa, we also provide guidance and help to apply for other visas available in New Zealand.