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America’s elite are increasingly seeking “golden” visas — with one country that offers the opportunity now pushing to open even more doors for the wealthy.
New Zealand parliament members are weighing an exemption to the country’s foreign buyer ban for golden visa holders.
For those individuals, the change would greenlight the purchase of luxury homes, namely homes that go for at least $3 million.
3 EXCLUSIVE ‘GOLDEN’ VISA DESTINATIONS THAT AMERICA’S WEALTHIEST ARE EYEING
The bill that’s under discussion would amend the Overseas Investment Act 2005 to reduce compliance costs and safeguard New Zealand’s “national interest,” according to the New Zealand Parliament’s website (NZP).
Politician David Seymour shared his support of the bill during the first reading of the amendment.
“We are a place where our friends who would like to do business with fellow Kiwis, who would like to invest, to trade value for value, and get stronger together with us are welcome under our laws,” said Seymour.
Others in support of the measure said the country needs foreign investment to grow its economy.
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A politician who is against the bill, Julie Anne Genter, said the government’s adoption of this change would be “disadvantaging ordinary workers and advantaging those who already have money and power.”
“You can get permanent residency for life, and you can live the New Zealand dream.”
In April, the government relaxed its visa rules to attract more high-net-worth individuals, with such changes as removing an English language requirement.
The country also reduced the amount of time required for people to spend in New Zealand, as Fox News Digital previously reported.
Once the golden visa is obtained, it can be held for life. People do not need to reapply.
In under three months, 189 golden visa applications were received, while previous applications were at 116 submissions over the span of more than two-and-a-half years, Reuters reported.
Nearly half the applications were submitted by U.S. citizens, with Chinese citizens having the second-highest number of applications, the same source noted.
Stuart Nash, former New Zealand minister for economic development and co-founder of Nash Kelly Global, told Fox News Digital the visas are becoming more popular.
“You’ve got a war going on in Europe, you’ve got the tinderbox, which is the Middle East,” he said. “You’ve got a change in the U.S. administration, which is causing more polarization than we’ve seen in a long, long time.”
“There are many Americans wanting to settle in New Zealand, as we’re seen as this oasis at the bottom of the world,” he added.
“You don’t have to renounce your U.S. citizenship at all,” he also said.
“You can get permanent residency for life, and you can live the New Zealand dream.”
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