New Zealand investor and entrepreneur routes: a 2026 comparison

New Zealand’s investor and entrepreneur visa framework is undergoing its most significant recalibration since the Active Investor Plus category replaced the Investor 1 and Investor 2 streams in 2022. As of May 2026, the country operates three primary capital-migration pathways — the Active Investor Plus visa, the Entrepreneur Work Visa, and the Global Impact Visa (a limited pilot) — each with distinct capital thresholds, point-based or criteria-based allocation mechanisms, and settlement timelines that reward different risk profiles. The 2026 policy outlook is defined by two converging forces: a government review of the Active Investor Plus programme that may lower the NZD 15 million minimum investment threshold, and a parallel tightening of the Entrepreneur Work Visa’s business viability requirements following a 2025 ministerial directive. For high-net-worth individuals and their advisors, the window for structuring a New Zealand application under current rules is narrowing, and the comparative calculus between routes has shifted materially in the past twelve months. ## Active Investor Plus visa: capital thresholds and the 2026 review The Active Investor Plus visa remains the primary route for high-net-worth applicants seeking residence through capital deployment, but its uptake has been conspicuously low since launch. Immigration New Zealand data published in March 2026 shows that only 42 principal applicants had been approved under the category since its July 2022 commencement, representing approximately NZD 210 million in committed investment — a fraction of the NZD 1 billion per annum that the previous Investor 1 and Investor 2 categories routinely attracted. The government’s 2026 statutory review of the programme, mandated under section 378A of the Immigration Act 2009, is examining whether the NZD 15 million minimum investment threshold and the 50-point allocation system are deterring applicants who would otherwise choose New Zealand over Australia’s Significant Investor visa (AUD 5 million) or the United States’ EB-5 programme (USD 800,000 to USD 1.05 million). ### The three-tier investment structure and point allocation Applicants must allocate a minimum of NZD 15 million across three investment tiers, with points assigned according to the risk profile of each allocation. Tier 1, which carries the highest point weighting, covers direct investments in New Zealand businesses that meet the “active” definition set out in the Immigration (Active Investor Plus) Regulations 2022 — these earn 20 points per NZD 5 million invested. Tier 2, comprising managed funds that have at least 50 percent of their capital deployed into New Zealand equities or private companies, earns 10 points per NZD 5 million. Tier 3, which includes listed equities, bonds, and property (excluding residential land), earns 5 points per NZD 5 million. A minimum of 50 points is required to qualify, meaning an applicant who places all NZD 15 million in Tier 3 investments would fall short at 15 points and must increase total committed capital to NZD 50 million to reach the threshold — a structural feature that effectively forces capital into higher-risk allocations. ### The 2026 consultation outcomes and proposed threshold reduction The Ministry of Business, Innovation, and Employment (MBIE) released a consultation document in February 2026 proposing two alternative frameworks. Option A would reduce the minimum investment to NZD 10 million while maintaining the 50-point requirement but recalibrating the point values so that Tier 1 investments earn 25 points per NZD 5 million and Tier 2 earns 12.5 points. Option B would introduce a two-stream system: a “Growth Stream” at NZD 5 million with a four-year investment period and a “Balanced Stream” at NZD 15 million with a three-year period. Submissions closed on 30 April 2026, and MBIE has indicated that a cabinet decision is expected in the third quarter of 2026, with legislative amendments potentially taking effect in early 2027. For applicants who can satisfy the current NZD 15 million threshold, the existing rules remain open and may offer a faster pathway than waiting for a revised programme that could introduce new compliance requirements. ### Settlement timeline and residence conditions Approved applicants receive a 48-month work visa, during which the investment must be maintained and the applicant must spend a minimum of 117 days in New Zealand over the four-year period. After 48 months, if all conditions are met — including the point allocation remaining valid and no material divestment occurring — the applicant may apply for a Permanent Resident Visa under section 49(1) of the Immigration Act 2009. The 117-day presence requirement is notably lower than Australia’s Significant Investor visa requirement of 160 days per year (or 240 days over four years for a reduced presence option), making New Zealand attractive for investors who maintain primary business interests elsewhere. However, the investment must be held for the full four years; early exit triggers a loss of residence eligibility and may result in the cancellation of the work visa under section 58A. ## Entrepreneur Work Visa: business viability and the 2025 directive The Entrepreneur Work Visa, governed by the Immigration (Entrepreneur Work Visa) Instructions 2021, has historically served as the primary pathway for business migrants who do not meet the Active Investor Plus capital threshold but can demonstrate a viable business proposition. The 2025 ministerial directive, issued by the Minister of Immigration under section 22 of the Immigration Act 2009, introduced a stricter assessment of “business viability” that has reduced approval rates from approximately 62 percent in 2024 to 41 percent in the first quarter of 2026, according to Immigration New Zealand operational data. The directive specifically targets applications where the proposed business involves retail, hospitality, or low-value service sectors, which the minister identified as having “limited net economic benefit to New Zealand.” ### Capital requirements and the self-employment threshold Unlike the Active Investor Plus visa, the Entrepreneur Work Visa has no fixed minimum investment amount. Instead, applicants must demonstrate that they have sufficient funds to establish and operate the business for at least 24 months, and that the business will generate a minimum annual revenue of NZD 200,000 by the end of the second year. The 2025 directive added a requirement that the applicant must have access to at least NZD 100,000 in liquid funds specifically allocated to business establishment costs — excluding personal living expenses. This is a significant change from the previous instruction, which allowed personal savings to be counted toward the total capital available. The directive also introduced a requirement that the business must employ at least one full-time New Zealand citizen or resident within 12 months of commencement, a condition that was previously only required for businesses in certain sectors. ### The two-stage application process and settlement timeline Applicants first apply for a 12-month Entrepreneur Work Visa, during which they must establish the business and meet the initial viability criteria. After 12 months, they apply for a 24-month balance of the visa, subject to a review of business performance against the revenue and employment targets. If the business meets all conditions at the end of the 36-month period, the applicant may apply for residence under the Entrepreneur Residence Category. The total timeline from application to residence is therefore a minimum of 36 months, compared to 48 months for Active Investor Plus. However, the risk profile is substantially higher: if the business fails to meet revenue targets at the 12-month review, the visa is not extended, and the applicant must leave New Zealand unless they qualify under another category. Data from Immigration New Zealand shows that 28 percent of Entrepreneur Work Visa holders did not progress to the balance stage in 2025, up from 19 percent in 2023. ### Sector-specific restrictions and the regional incentive programme The 2025 directive introduced a formal list of “low-value business activities” that are presumed not to meet the viability test unless the applicant provides exceptional evidence. These include retail trade (excluding export-oriented retail), accommodation and food services, personal services (hair and beauty, laundry), and low-margin import-distribution businesses. Conversely, businesses in the technology, biotechnology, agritech, and renewable energy sectors receive a streamlined assessment, with the viability test focusing on revenue projections rather than capital at risk. The government also expanded the Regional Entrepreneur Incentive, which reduces the revenue threshold to NZD 150,000 for businesses established in regions outside Auckland, Wellington, Christchurch, and Queenstown. This incentive applies to approximately 60 percent of New Zealand’s land area and is intended to direct business migration toward areas with lower population density and higher unemployment rates. ## Global Impact Visa: the limited pilot for high-growth founders The Global Impact Visa (GIV), administered by Immigration New Zealand in partnership with the Edmund Hillary Fellowship (EHF), is a niche pathway that does not require a minimum investment but instead selects applicants based on their potential to contribute to New Zealand’s innovation ecosystem. The pilot programme, which began in 2018, has a cap of 400 places over four cohorts, with the final cohort scheduled to close in June 2027. As of May 2026, approximately 340 places had been filled, leaving 60 remaining. The GIV is not a direct residence pathway — successful applicants receive a 36-month work visa, after which they may apply for residence if they meet the EHF’s impact criteria, which include creating at least five full-time jobs in New Zealand or raising NZD 2 million in external capital for a New Zealand-registered entity. ### Selection criteria and the EHF assessment process Applicants must first be accepted into the Edmund Hillary Fellowship, which assesses candidates on three dimensions: entrepreneurial track record (previous venture creation or scaling), potential for positive impact on New Zealand society, and alignment with the fellowship’s “global challenges” framework (climate change, inequality, technological disruption). The EHF does not publish a minimum net worth or investment requirement, but internal data from the 2024 cohort shows that the median applicant had raised USD 3.2 million in external venture capital prior to application. The assessment process takes approximately six months and includes a panel interview with EHF selection committee members, followed by a separate Immigration New Zealand character and health check. The GIV is not subject to the points-based system of the Active Investor Plus visa or the viability test of the Entrepreneur Work Visa, making it the most flexible pathway for founders with a strong track record but limited liquid capital. ### The 2026 policy outlook and potential expansion The government’s 2026 immigration reset, announced by the Minister of Immigration in March 2026, includes a commitment to review the GIV pilot with a view to making it a permanent category. The review, expected to conclude in December 2026, will examine whether the 400-place cap should be increased and whether the EHF partnership model should be replicated with other organisations. Industry submissions have called for a minimum of 1,000 places per annum, citing New Zealand’s relatively low share of global venture capital — NZD 1.2 billion in 2025, compared to NZD 8.7 billion in Australia and NZD 340 billion in the United States. For high-net-worth founders who meet the EHF’s selection criteria, the GIV offers a faster timeline to residence than the Active Investor Plus visa (36 months versus 48 months) and a lower capital commitment, but the acceptance rate is approximately 12 percent, making it the most selective route by a wide margin. ## Comparative analysis: capital efficiency, timeline, and risk For the advisory community, the choice between New Zealand’s three active investor and entrepreneur routes reduces to a trade-off between capital efficiency, timeline to residence, and risk of failure. The Active Investor Plus visa requires the highest capital commitment (NZD 15 million minimum) but offers the lowest risk of failure — no approval has been revoked for non-compliance with investment conditions since the category’s launch. The Entrepreneur Work Visa requires no fixed minimum but carries a 28 percent failure rate at the 12-month review stage, and the 2025 directive has made it significantly harder for applicants without a track record in high-value sectors. The Global Impact Visa requires no minimum investment but has a 12 percent acceptance rate and a residence pathway that depends on meeting the EHF’s impact criteria, which are not codified in immigration regulations and therefore subject to discretion. ### Tax implications of each route The choice of visa route also determines the applicant’s tax exposure under New Zealand’s transitional residence rules. Active Investor Plus visa holders who become tax residents are eligible for the four-year transitional residence exemption under section CF 2 of the Income Tax Act 2007, which exempts foreign-sourced income (excluding employment income) from New Zealand tax for the first four years of residence. Entrepreneur Work Visa holders are also eligible, but the exemption applies only if they do not become “ordinarily resident” in New Zealand — a test that considers the 183-day presence threshold and the establishment of a permanent place of abode. The Global Impact Visa does not carry any special tax treatment, and holders are subject to the standard tax rules for temporary visa holders, including tax on worldwide income if they spend more than 183 days in New Zealand in any 12-month period. For high-net-worth applicants with substantial foreign investment portfolios, the Active Investor Plus visa’s alignment with the transitional residence exemption is a material advantage that is often overlooked in capital-focused comparisons. ### The Australia factor and trans-Tasman mobility Any comparison of New Zealand’s investor routes must account for the Trans-Tasman Travel Arrangement, which allows New Zealand citizens to live and work in Australia without a visa. For applicants who intend to eventually relocate to Australia, the New Zealand route offers a backdoor path: after obtaining New Zealand residence and then citizenship (which requires five years of residence), the individual gains automatic access to Australia under the Special Category Visa (subclass 444). This pathway is longer than applying directly for Australia’s Significant Investor visa (which grants permanent residence after four years) but avoids the AUD 5 million investment requirement and the 160-day annual presence obligation. The 2026 review of the Active Investor Plus visa includes a provision that would allow applicants to count time spent in Australia toward the New Zealand residence requirement, a change that would make the trans-Tasman strategy more efficient for dual-residency planners. ## Strategic considerations for 2026-2027 Four actionable takeaways emerge from the current regulatory landscape. First, applicants who can meet the NZD 15 million Active Investor Plus threshold should file before the third quarter of 2026, when the MBIE review may introduce new compliance requirements or a two-stream system that could delay processing times. Second, the Entrepreneur Work Visa is now viable only for applicants with a proven track record in technology, agritech, or renewable energy sectors — retail and hospitality applicants should expect a presumption of refusal under the 2025 directive. Third, the Global Impact Visa’s 60 remaining places are likely to be filled by the end of 2026, and the review process takes six months, so interested founders should begin the EHF application process no later than September 2026. Fourth, the tax efficiency of the Active Investor Plus route — specifically the four-year transitional residence exemption — adds approximately NZD 200,000 to NZD 500,000 in value for an applicant with a NZD 5 million foreign investment portfolio, depending on the jurisdiction of source income, and should be factored into the cost-benefit analysis alongside the capital threshold. ## Sources - Immigration New Zealand, “Active Investor Plus Visa — Overview,” Immigration Act 2009, section 378A review documentation, 2026. [https://www.immigration.govt.nz/new-zealand-visas/options/work/find-out-about-the-active-investor-plus-visa](https://www.immigration.govt.nz/new-zealand-visas/options/work/find-out-about-the-active-investor-plus-visa) - Ministry of Business, Innovation, and Employment, “Active Investor Plus Programme Review — Consultation Document,” February 2026. [https://www.mbie.govt.nz/immigration-and-tourism/immigration/active-investor-plus-review](https://www.mbie.govt.nz/immigration-and-tourism/immigration/active-investor-plus-review) - Immigration New Zealand, “Entrepreneur Work Visa Instructions,” Immigration (Entrepreneur Work Visa) Instructions 2021, as amended by Ministerial Directive 2025/03. [https://www.immigration.govt.nz/new-zealand-visas/options/work/work-for-an-accredited-employer](https://www.immigration.govt.nz/new-zealand-visas/options/work/work-for-an-accredited-employer) - Edmund Hillary Fellowship, “Global Impact Visa — Programme Overview and Selection Criteria,” 2026 cohort documentation. [https://www.ehf.org/global-impact-visa](https://www.ehf.org/global-impact-visa) - Inland Revenue Department, “Transitional Residence Exemption — Section CF 2 of the Income Tax Act 2007,” Tax Information Bulletin Vol 38, No 4, April 2026. [https://www.ird.govt.nz/technical-tax/tax-information-bulletins](https://www.ird.govt.nz/technical-tax/tax-information-bulletins)