New Zealand is relaxing the requirements for obtaining its so-called “golden visa,” aiming to attract wealthy investors. Key changes include scrapping the English language requirement and significantly reducing the minimum residency period, the Financial Times (FT) reports.

The publication notes that while “golden visa” programs were previously popular among several European countries, many have since abandoned schemes involving property investment due to rising housing prices. In contrast, New Zealand has decided to ease visa access as part of the new center-right government’s strategy to boost foreign investment amid an economic downturn.

“We need to say ‘yes’ more often and ‘no’ less often in New Zealand,” Prime Minister Christopher Luxon said at a press conference, emphasizing that the changes aim to create a more investor-friendly environment.

Under the new rules, investors must now commit at least NZ$5 million (US$2.8 million) to the local economy, with the minimum residency requirement reduced from 117 days over four years to just 21 days over three years. Another visa option is available for investors who commit at least NZ$10 million over five years, requiring them to spend at least 105 days in the country during that period. Immigration Minister Erica Stanford noted that the previous lengthy residency requirements had discouraged some potential investors.

New Zealand has long used investment visas as a tool for economic development. However, earlier reforms introduced by Jacinda Ardern’s Labour government in 2022 tightened requirements, aiming to channel foreign investments into local businesses rather than passive holdings like stocks and bonds. As a result, only 20 applicants applied under the new scheme within its first year—ten times fewer than the previous scheme attracted. According to Finance and Economic Development Minister Nicola Willis, Ardern’s visa program brought in only NZ$70 million over two years starting in 2022, compared to the NZ$2.2 billion generated during a similar period before 2020.