Acceptable Investments for the NZ Active Investor Plus Visa

The most common question from prospective AIP visa applicants is straightforward: "Where exactly can I put the money?" The answer depends on which category you choose — Growth or Balanced — and the rules changed significantly in April 2025. This guide covers what qualifies under each category, what doesn't, and where the grey areas are.

For an overview of the AIP visa itself (fees, process, residency requirements), see our Active Investor Plus Visa guide.

Growth category investments

The Growth category requires a minimum of NZD $5 million invested for 3 years. All investments must be in higher-risk, growth-oriented assets that directly contribute to the New Zealand economy.

Direct investment in NZ businesses

This is the centrepiece of the Growth category. You can invest directly into a New Zealand business by:

• Buying equity (shares) in a private NZ company
• Starting a new business in NZ
• Providing growth capital to an existing NZ business
• Investing through a venture capital or private equity fund focused on NZ companies

New Zealand Trade and Enterprise (NZTE) operates a concierge service for AIP visa applicants, helping match investors with businesses that are seeking capital. This is free and voluntary — you're not required to use NZTE, but they maintain a pipeline of vetted opportunities.

The business must operate in New Zealand and contribute to the NZ economy. Holding companies that simply own passive overseas assets don't count.

Managed funds

NZ-domiciled managed funds that invest primarily in New Zealand assets qualify for the Growth category, provided:

• The fund manager is licensed by the Financial Markets Authority (FMA)
• The fund's investment mandate is growth-oriented (the fund must invest primarily in growth assets, not fixed income or cash)
• The fund is registered on the Disclose Register (all NZ managed funds are required to be)

Note: KiwiSaver funds do not count as AIP qualifying investments because they have separate regulatory constraints.

Balanced category investments

The Balanced category requires a minimum of NZD $10 million invested for 5 years. The wider range of acceptable assets allows a more diversified, lower-risk portfolio.

Everything that qualifies for Growth also qualifies for Balanced, plus these additional asset types:

Listed NZ equities

Shares listed on the NZX (New Zealand Exchange). This includes the NZX 50 index companies — names like Fisher & Paykel Healthcare, Auckland International Airport, Mainfreight, Contact Energy, and Meridian Energy. You can buy individual stocks or invest through an NZX-focused index fund or ETF.

NZ government and corporate bonds

• New Zealand Government Bonds (NZGBs) — issued by the NZ Debt Management Office
• NZ corporate bonds — issued by NZ-domiciled companies and listed on the NZX debt market
• Local authority bonds — issued by NZ councils

Property development

You can invest in new residential, commercial, or industrial property development in NZ. The key word is "new" — you're funding construction, not buying existing property.

What counts:

• Greenfield residential developments
• Commercial or industrial builds
• Mixed-use developments
• Investment through a property development fund

What doesn't count:

• Buying an existing house or apartment
• Buying an existing commercial building
• Renovating existing property (unless it's a substantial rebuild that essentially creates new property)

Philanthropy

Donations to approved New Zealand charitable organisations count for up to 15% of your total investment. So on a $10 million Balanced investment, up to $1.5 million can go to philanthropy.

The charity must be registered with Charities Services NZ. You can direct donations to any qualifying purpose — education, health, environment, arts, community development.

Philanthropic investments are not expected to generate a financial return. They count toward your total investment but are not recoverable at the end of the investment period.

What doesn't qualify (either category)

The following do not count as acceptable investments under either Growth or Balanced:

• Existing residential property — buying a house, apartment, or residential investment property
• Bank deposits beyond prescribed thresholds (limited amounts may be permitted as part of a broader portfolio, but you can't park $10M in a term deposit)
• Offshore assets — the investment must be in New Zealand assets or NZ-domiciled funds
• Personal-use assets — boats, cars, art collections, wine
• Cryptocurrency — not recognised as a qualifying investment class
• Foreign-domiciled funds that happen to hold NZ assets — the fund itself must be NZ-domiciled and FMA-licensed
• KiwiSaver — separate regulatory framework, doesn't count

Grey areas and practical considerations

Can I invest through a trust or company?

Yes, but the structure must be transparent to Immigration New Zealand. If you invest through a family trust or holding company, INZ needs to see through the structure to verify you are the beneficial owner of the investment and the source of funds is lawful.

What about investing in NZ through an Australian fund?

This is a common question from Australian residents. The fund must be NZ-domiciled and FMA-licensed. An Australian managed fund that holds NZ equities does not qualify — even if the underlying assets are in NZ.

Can I change my investment portfolio during the investment period?

Yes, you can switch between qualifying investments during the investment period as long as your total invested amount stays at or above the minimum. You don't need INZ approval for routine portfolio changes, but you must maintain records and be able to demonstrate compliance at any time.

What about PIE funds?

Portfolio Investment Entity (PIE) funds that are NZ-domiciled and FMA-licensed can qualify. PIE tax treatment (capped at 28%) applies to the investment returns — this is actually a benefit, as your investment gains may be taxed at a lower rate than your marginal income tax rate.

Due diligence expectations

Immigration New Zealand expects you to have done genuine due diligence on your investments. For direct business investments, INZ may ask for:

• A business plan or investment thesis
• Independent valuation
• Evidence of the business's NZ operations
• Your expected level of involvement (particularly for Growth category)

For managed funds and listed assets, the due diligence bar is lower — FMA licensing and Disclose Register listing provide the regulatory assurance.

Related guides

• Active Investor Plus Visa: Complete Guide — visa overview, process, and costs
• Transitional Resident Tax Exemption — 4-year foreign income exemption for new NZ tax residents
• PIE Tax Rates Explained — how NZ's PIE tax framework works
• Tax on Investment Income in NZ — broader investment tax landscape