ACCEPTABLE INVESTMENTS
Changes to the Active Investor Plus (AIP) investment setting will take effect on 28 September 2026
To support implementation of these changes, Invest New Zealand will not accept any new applications for managed funds or direct investments between 16-28 September 2026.
The changes are intended to strengthen the quality, integrity and transparency of investment opportunities approved under the Active Investor Plus visa and provide greater certainty for investors. They are also intended to ensure investments support New Zealand’s economic growth.
Please check back in on the 28 September when the application forms, guidance material and website content will be updated.
Our global team of dedicated investment experts connect with investors and a global investment ecosystem that actively deploy capital in order to access New Zealand residency via investment. The Active Investor Plus (AIP) Investment Criteria set out in the Immigration Instructions are intended to ensure the AIP programme attracts investors who are actively engaged in New Zealand’s investment ecosystem — helping to build globally successful businesses and contribute to the growth of our economy.
Acceptable investments for Growth category can include:
1. Growth Category
Philanthropy (capped at 20%)
2. Balanced Category
Listed equities
Property development
Bonds
AIP Applicants under the Balanced Category may also invest in Growth Category investments.
For more information on investments in bonds, property development, listed equities or philanthropy please visit Immigration New Zealand.
Build to Rent changes
On the 8th of September, the Government announced that Build to Rent will be accepted as a Growth category investment under the Active Investor Plus visa, through managed funds only.
This change will take effect in December. We will update our Acceptable Managed Funds Guidance Notes with further details once they become available.”
For more information in the meantime, please refer to the Immigration New Zealand website
If you are a New Zealand fund seeking capital and connections from Investor Migrants, you can learn more and see if your fund is an acceptable investment for the active Investor Plus Visa programme here.
Overview of Growth investments
Managed funds
For an investment in a managed fund to be considered an acceptable investment, the investment must be in:
the managed investment products issued by a managed investment scheme which is on the acceptable managed fund list maintained by Invest NZ, and
there must be a legally binding agreement between the applicant and the fund manager or a nominee (such as an investment company) made under New Zealand law under which the principal applicant has agreed to acquire managed investment products in an acceptable managed investment scheme which must be non-revocable.
For the avoidance of doubt, a managed fund product is not considered an acceptable Growth category investment unless it is on the acceptable managed fund list maintained by Invest NZ, but may be considered an acceptable Balanced category investment under another asset class if it exists for the purpose of raising funds:
i. to place in listed equities that meet the requirements of BN7.10.1(a); or
ii. for residential, commercial and industrial property acquisition or development and they meet the requirements of BN7.10.30(i); or
iii. to place in bonds that meet the requirements of BN7.10.35(b).
To view the list of acceptable managed funds, visit our Acceptable Managed Funds List here.
Direct investments
For an investment to be considered an acceptable direct investment:
1. The principal applicant must invest in one of the following:
listed equities that are considered an acceptable investment under Immigration New Zealand instructions (BN7.10.1 (a) as a wholesale investor); or
an equity security in an investee entity; or
another financial product (for example a convertible note, preference share, or Simple Agreement for Future Equity) that will be converted, or is convertible, into an equity security in an investee entity.
2. Invest NZ must confirm that:
the investment by the principal applicant in acceptable listed equities as a wholesale investor was determined as meeting the criteria set out in Appendix 15 by Invest NZ prior to the funds being invested; or
the investee entity meets the criteria set out in Appendix 15 as an acceptable direct investment.
3. When the funds have been invested, the principal applicant must:
have a direct ownership interest in the entity; or
have a sole beneficial interest in a trust whose trustee has a direct ownership interest in the entity; or
have appointed a nominee using the bare nominee structure, whose sole role is to hold the shares (or other securities in accordance with BN7.10.15(a)(i)) in the entity on behalf of the principal applicant.
Invest NZ will have regard to a number of factors listed in Appendix 15 including that direct investments must demonstrate a positive economic impact for New Zealand and whether the direct investment meets the Objective and Principles of the Active Investor Plus visa scheme.
To view the list of acceptable direct investments, visit our Acceptable Direct Investments List here.
Philanthropy
From 1 June 2026, migrant investors applying under the Active Investor Plus Visa Growth category can invest 20 percent of their total investment in philanthropy.
There are also new requirements for philanthropic investments to be acceptable, which will apply to both the Growth and Balanced category.
Philanthropic investments can be made to New Zealand charities that:
are a registered charity with at least 5 years of compliant annual financial returns
have current Inland Revenue done status
are tier 1 to 3 reporting charities
will use the funds in New Zealand.
Donations can also be made to approved Department of Conservation projects specified on their website here.
Applicants must declare any existing links to the charities as applications will likely be declined where there are conflicts of interest.
Migrant investors applying under the Balanced category can continue to invest any portion of their total investment in philanthropy, provided it meets the new requirements.
Find out more on the Immigration New Zealand website: Active Investor Plus change enables philanthropy in Growth category :: Immigration New Zealand
Please note the eligibility of philanthropy donations is not assessed or managed by Invest NZ.
Build to Rent changes
Build to Rent changes
On the 8th of September, the Government announced that Build to Rent will be accepted as a Growth category investment under the Active Investor Plus visa, through managed funds only. This change will take effect in December.
We will update our Acceptable Managed Funds Guidance Notes with further details once they become available.
For more information in the meantime, please refer to the Immigration New Zealand website
Next steps
New Zealand has a vibrant eco-system of investment opportunities – from early-stage companies through to more established entities, projects and funds. The Invest NZ team can also introduce you to an exciting pipeline of investment opportunities.
Express your interest
Find out how we can help by reaching out to our team.
View acceptable direct investments
View acceptable managed funds
Contact our Investment team
For more information about how we can help you uncover your next investment opportunity, send us a message and one of our team will be in touch with you shortly.