Over the last decade or so, we predict that around $10 billion has been invested into New Zealand under the Investor 1 and Investor 2 Immigration Categories. In numerical terms that equates to $10,000,000,000. This is hardly chump change. In rough terms, it is less money than New Zealand’s richest man Graeme Hart is apparently worth.
Queen City Law has been at the forefront of this wave of millionaires and the odd billionaire to New Zealand. We believe that we have acted on more successful Investor 1 applications than any law firm in New Zealand. Most of our clients have been from Japan, China (including Hong Kong and Taiwan), Indonesia and South Korea. A couple of these clients have been very highly ranked in their own countries’ rich lists. Most of these families have come to New Zealand for lifestyle reasons as opposed to business initiatives but over time have been taking bigger positions in our economy.
The Government’s policy settings for the millionaire categories are designed to encourage semi-active investment here in New Zealand. Under previous frameworks, rich migrants could simply put their money in a term deposit with the trading banks, which would then invariably lend this money to Kiwis (at a profit of course) and this fuelled our residential property sector. This is now expressly precluded.
The majority of the $10 billion worth of investment funds have ended up on the New Zealand stock exchange. A few braver souls have bought commercial properties, had a crack at property development, or actually employed Kiwis.
Queen City Law is widely regarded as the market leader in this area of immigration. Over the last 10 years, the firm’s specialist lawyers have presented at more New Zealand law conferences on these topics than anybody else and enjoy presenting and sharing their expertise in business immigration. For example, in late March, Marcus chaired the Legalwise Seminar titled “Immigration Law: Visa Updates”, and Bradley presented on the Investor and Entrepreneur categories. A copy of Bradley’s PowerPoint presentation is available here.
At the time of publication of this blog, there is a lot of uncertainty about the world’s economy and the health of its inhabitants. It is hard to predict what the future may look like now with any certainty, but Marcus believes that the odds are that New Zealand will become an even more desirable destination.
Queen City Law remains highly focused and passionate about serving its high net worth clients. The firm has a proven track record for almost two decades here in New Zealand which is second to none. QCL is uniquely positioned to provide first-class legal services to international businesspeople and entrepreneurs and enjoys an excellent network of fellow professionals. Unlike immigration advisors, as lawyers, QCL can attend to any downstream legal services including property law, asset planning, company and commercial law, litigation and so on and therefore has created a good number of loyal and long-term clients.
Currently in New Zealand, there is talk that New Zealand is the only western country with the chance of eradicating COVID-19. But who can predict what the world will look like in 6 months with any certainty? One thing is for sure, New Zealand will remain a highly sought-after destination or even a bolt-hole for at least some of the globe’s UHNWs.