New Zealand slashing language requirements for rich investors

[Harold Schiffman]

    From Monsters and Critics.com

*Business News
New New Zealand immigration policy aimed at luring rich investors
*By DPA
Jun 6, 2007, 6:47 GMT

Wellington - New Zealand is slashing restrictions on millionaire migrants'
age and English proficiency and promising to fast-track their bids for
residency to try to attract elite investors, the government said Wednesday.
Immigration Minister David Cunliffe said in a speech to Auckland businesses
that the changes would target migrants with 2.5 million to 20 million New
Zealand dollars (1.8 million to 15 million US dollars) of active investment
in New Zealand firms. The changes would take effect from November and would
be limited to 300 applicants and their families per year, he said.

'The changes will help to attract more investor migrants by accepting
greater risks in some areas, for example, English-language skills and
settlement funds, in exchange for more high-value migrants,' Cunliffe said.
Cunliffe said foreign investors' passive and short-term investment under the
old policies had been a 'rort.' New active investment policies would ensure
investor migrants used their capital to support New Zealand's economic
development, he said. 'It will mean more investors who are actually creating
goods and services in New Zealand and employing Kiwis,' the minister said.

New Zealand's current policy bars foreign investors over 54 and those
without competency in the English language. Cunliffe said that policy had
failed. He said that so far this year, 18 people have applied to come to
live in New Zealand as investors. Under the new policies, three new investor
categories are to be created. 'Global investors,' who bring 20 million New
Zealand dollars to the country, would not face any age or English-language
restrictions. 'Professional investors,' who bring 10 million New Zealand
dollars must be under 64 and have a basic level of English. 'General
investors' with 2.5 million New Zealand dollars can be no older than 54.

(c) 2007 dpa - Deutsche Presse-Agentur

http://news.monstersandcritics.com/business/news/article_1313967.php/New_New_Zealand_immigration_policy_aimed_at_luring_rich_investors
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