Parent retirement residence category.
A residence option for parents who have an adult child in New Zealand and can meet substantial investment, settlement fund and income requirements.
What is the Parent Retirement Resident Visa?
This category provides a separate residence route for financially eligible parents. You need an adult child who is a New Zealand citizen or resident living in New Zealand, and you cannot have dependent children. An eligible partner can be included. The financial requirements centre on your own resources. This is different from the Parent Category, which uses an Expression of Interest selection process and sponsor income requirements.
What money is required?
The main financial requirements are:
At least NZD $1 million to invest in acceptable New Zealand investments for four years.
An additional NZD $500,000 in settlement funds.
Annual income of at least NZD $60,000.
These are separate requirements. The investment amount is not a substitute for settlement funds or annual income. An included partner's qualifying resources may be relevant to the assessment.
Prepare an overall financial picture before gathering individual statements. Separate the investment capital, settlement resources and ongoing income, and identify which person owns each asset. This helps reveal whether the same funds are being relied on twice.
How do you demonstrate where the money came from?
The application needs a clear explanation of how the nominated funds were lawfully earned or acquired and how they will reach New Zealand.
Think of the evidence as a connected financial history. Depending on the source, useful records may include property sale documents, business accounts, inheritance records and bank statements. A closing bank balance alone may leave questions about the earlier source of the money.
The transfer must follow the permitted process and remain traceable. Plan the banking arrangements before moving funds, particularly where ownership, currency controls or several accounts are involved.
How should you prepare?
Start with a financial evidence schedule and a list of the decisions still to be made. Separate immigration eligibility from decisions about investment suitability, risk and tax. A product that suits your financial goals must also satisfy the visa rules if it is to count towards this category.
What counts as an acceptable investment?
An investment must satisfy Immigration New Zealand's criteria. It must be in New Zealand, denominated in New Zealand dollars, have the potential to make a commercial return and contribute to the economy.
Qualifying investments can include specified bonds, equities and residential property development. Each has conditions. A familiar investment product is not automatically acceptable simply because it is sold in New Zealand.
Assets for personal use do not qualify. Buying your own family home, car or boat does not meet the investment requirement. A qualifying residential development must be a commercial project that meets the relevant approvals and other criteria.
What happens after approval in principle?
If approved in principle, you normally have 12 months to transfer the required investment funds and place them in acceptable investments. Residence can be granted once the required investment evidence is accepted.
Keep the approval letter, transfer records, purchase confirmations and investment statements together. Record the investment start date rather than assuming it is the date you first submitted the visa application.
What obligations continue after residence is granted?
The qualifying investment must be maintained for four years. Investment evidence is checked at the two-year and four-year stages.
Changing investments can be possible, but the replacement must also qualify. There are rules about reinvestment timing and retaining the proceeds in acceptable investments. Check the position before selling or restructuring an asset.
Travel conditions also need attention during the investment period. Permanent residence may become available after the four-year requirements have been met; it is not automatic on the day the investment period ends.
Notes on this guide…
This guide explains the category in general terms. Immigration instructions can change; eligibility depends on the rules and circumstances applicable to your application.
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