What makes Parent Retirement Category Resident Visa different from other resident visas?
This type of visa is given priority as it is viewed as beneficial for New Zealand economy.
The applicants under this category must meet a range of the conditions to be successful, and namely
|Children||They should not have any dependent children; they should have a child who is either a citizen of New Zealand or a resident here who is not subject to section 49 conditions (these are usually applicable to investor visas, Skilled Migrant Category visas and some other types).|
|Funds or assets||These should be owned in the amount of no less than NZ$1 million, and the applicant should undertake to invest them in an acceptable way for a period of 4 years. The funds or assets must be owned by the applicant (solely or jointly with a partner, who is included in the application, on condition that they have lived together for at least 12 months in genuine and stable partnership), must have been acquired without breaking any laws, must be transferred to New Zealand and placed in an acceptable investment there.|
|Settlement funds||In addition to the funds or assets above, the applicant should own at least NZ$0.5 million which may be used to help settle in New Zealand.|
|Annual income||This should not be below $60 thousand a year|
|Health and character||Must be of good health and have no character issues (e.g. convictions, etc.)|
When an approval in principle is granted, the applicant, together with their partner (if applicable), can apply for a 12 month-work visa to enable them to arrange for the transfer of funds, settlement, etc.
Can the applicant buy a home for the family using the investment funds?
The answer is no, since an acceptable investment cannot be for the personal use of the person who is applying.
When the visa is issued, will it have any conditions attached to it?
Yes, it will. Unlike some of the visas what come with no strings attached, yours will be conditioned under section 49(1) of the Immigration Act 2009, which in essence means you will need to keep the funds you transferred to New Zealand in an acceptable investment throughout the required period and also provide some evidence thereof when you are halfway through it.
Is it important to comply with the section 49(1) conditions on your visa? What can happen if they are ignored?
The importance of compliance shouldn’t be underestimated as should the breach occur, the holder of the resident visa issued under the Parent Retirement Category may be liable for deportation.
If you are still feeling confused, please rest assured that it is quite normal, as the convolutions of getting through immigration policies may turn out to be disheartening. Let’s talk about the details and find a way out of the maze together. Book you free 30-minute consultation with our highly professional immigration expert today.