New Zealand's Investor Visa and the NZ$5m Home Rule
For six years New Zealand's foreign-buyer ban had no carve-out for the wealthy: an investor could put millions into New Zealand businesses and still be unable to buy a family home there. That changed in 2025. A refreshed Active Investor Plus visa launched on 1 April 2025, and in September 2025 the government announced that qualifying investor visa holders could buy or build one home worth more than NZ$5 million.
Here is how the visa works, what the home-purchase right actually covers, and the results so far.
The Active Investor Plus visa, refreshed
Announced on 9 February 2025 and in force from 1 April 2025, the refreshed Active Investor Plus (AIP) visa replaced a complex investment weighting system with two simple categories, dropped the English language requirement and widened the range of acceptable investments. The overhaul was a response to weak uptake: according to the government, only about NZ$70 million was invested under the previous settings from 2022, against NZ$2.2 billion in the two years before Covid-19.
- Growth category: minimum NZ$5 million invested for at least 3 years in higher-risk direct investments in New Zealand businesses and managed funds
- Balanced category: minimum NZ$10 million for at least 5 years across mixed, lower-risk investments
- No English language requirement since April 2025
Strong uptake so far
The numbers suggest the refresh worked. In February 2026 Immigration Minister Erica Stanford reported 573 applications since April 2025, representing NZ$3.39 billion in investment — NZ$1.05 billion of it already invested and most of the balance expected within six months. The government says the money is flowing into technology, healthcare, aged care, horticulture and digital media.
The NZ$5 million home rule
Announced by Prime Minister Christopher Luxon on 1 September 2025, the home-purchase change lets overseas-based holders of a New Zealand investor residence visa buy a house in the country. LINZ guidance confirms the pathway covers the Active Investor Plus visa plus the legacy Investor 1 and Investor 2 visas, for one residential dwelling worth more than NZ$5 million — either an existing home, or land plus a new build whose combined cost exceeds NZ$5 million.
It is not automatic. Buyers apply to Toitū Te Whenua LINZ for consent under the national interest test once they have found a property, though LINZ notes that residential purchases of this kind are generally low risk and likely to be consented at the first stage. The land must be residential or lifestyle category — not sensitive land such as beachfront near conservation areas — and sale agreements can be made conditional on consent. Fees are NZ$2,040 for an existing dwelling or NZ$3,500 for a land-and-build purchase.
- One dwelling per qualifying visa holder, valued above NZ$5 million
- LINZ consent required; conditional purchase agreements are allowed
- Applies to AIP, Investor 1 and Investor 2 visa holders
Is it worth it — and what to watch
The route only makes sense if residence in New Zealand is the goal and the investment stacks up on its own merits: the cheapest entry point is NZ$5 million invested for three years, with a home above NZ$5 million on top. Visa settings, investment rules and property rules can all change — the government announced further overseas investment reforms in December 2025 — so verify the current requirements with Immigration New Zealand and LINZ before committing, and take independent legal and tax advice.
If you are researching what NZ$5 million buys in Auckland, Queenstown or the Bay of Islands, Habio's New Zealand listings and buyer guides can help you get a feel for the market.
Frequently asked questions
How much do I need to invest for a New Zealand investor visa?
NZ$5 million for at least 3 years under the Growth category, or NZ$10 million for at least 5 years under the Balanced category of the Active Investor Plus visa, according to the February 2025 government announcement.
Can Active Investor Plus visa holders buy a home in New Zealand?
Yes. Following the change announced in September 2025, AIP — and legacy Investor 1 and Investor 2 — visa holders can buy or build one dwelling worth over NZ$5 million, with LINZ consent under the national interest test.
Can the investor visa home cost less than NZ$5 million?
No. The dwelling's value — or the combined land and build cost — must exceed NZ$5 million. Cheaper homes remain off-limits unless you qualify another way, such as becoming ordinarily resident on a residence-class visa.
Does the Active Investor Plus visa require living in New Zealand?
There are minimum time-in-country requirements, which were eased in the April 2025 refresh; the exact number of days depends on the investment category, so check Immigration New Zealand for the current settings.
How successful has the Active Investor Plus visa been?
The government reported 573 applications worth NZ$3.39 billion between April 2025 and February 2026, of which NZ$1.05 billion had already been invested.
Sources
This article is general information, not legal, tax or financial advice. Markets and rules change — verify the current position with official sources before acting. Published 2 August 2026.