BECOME AN ACCEPTABLE AIP INVESTMENT
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.
Learn more about how you can become an AIP acceptable investment
The Active Investor Plus (AIP) acceptable investments criteria set out in the immigration instructions are intended to ensure the AIP programme increases the flow of foreign capital and attracts skilled and experienced active investors into areas that align with the New Zealand Government's economic strategy.
Acceptable investments for the Growth category can include:
Managed Funds
Direct Investments
Philanthropy (capped at 20%)
AIP visa 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.
Please note the eligibility of philanthropy donations is not assessed or managed by Invest NZ. Find out more on the Immigration New Zealand website: Active Investor Plus change enables philanthropy in Growth category :: Immigration New Zealand
References to the immigration instructions and to "Appendix 15" on this website are references to BN7.10 and Appendix 15 of the Immigration New Zealand Operational Manual issued pursuant to sections 22 and 25 of the Immigration Act 2009.
If you have any specific questions on process that are not addressed in the guidance available on this page, please email us at aipacceptableinvestments@investnz.govt.nz
Note:
The Active Investor Plus Visa scheme is not designed to cater to every available investment opportunity in New Zealand. There may be instances where opportunities do not meet the criteria under either the Growth and/or Balanced categories.
Therefore, applicants and entities seeking to qualify as acceptable investments under this visa are encouraged to carefully review the acceptable investment criteria in the immigration instructions. This should be done before making an investment or applying to Invest New Zealand to become an acceptable investment.
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
Approval process - Direct Investments
Step 1
Download and read the 'Guidance notes on the criteria for Direct Investments' available below.
Please note, these guidance notes will be updated on the 28 September
Step 2
Complete the application form via the digital portal, Business Connect.
Approval process - Managed Funds
Step 1
Download and read the 'Guidance notes on the criteria for Managed Funds' available below.
Please note, these guidance notes will be updated on the 28 September
Step 2
Complete the application form via the digital portal, Business Connect.
Mandatory Disclosure Requirements
To see the Mandatory Disclosure Requirements that apply to all acceptable managed funds and direct investments, please click here.
Financial Summary Template
Where an application requires a financial summary, you must use our Financial Summary Template. This helps ensure key financial information is presented in a clear, consistent, and easily assessable format, supporting an efficient and robust assessment process - click here to download.
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.