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SYDNEY (Reuters) - New Zealand will relax visa rules to attract more foreign investors, in efforts to stimulate economic growth, its centre-right government said on Sunday.
Immigration Minister Erica Stanford said the country's investor visa category would be made "simpler and more flexible" to encourage investors to choose New Zealand for their "capital, skills and international connections".
"These changes will turbocharge our economic growth, bringing brighter days ahead for all Kiwis," Stanford said in a statement announcing that two new visa categories - for "higher-risk investments" and "mixed investments" - would be created.
The changes, to take effect from April 1, follow the government's recent relaxation of visa rules allowing holidaymakers to work remotely while visiting the country, aimed at boosting its tourism sector.
After slipping into a technical recession in the third quarter of 2024, the New Zealand government is seeking ways to bolster growth. In January, it announced plans to set up Invest New Zealand, part of the government's international economic development agency, to serve as a one-stop-shop for overseas investment.
(Reporting by Sam McKeith in Sydney; Editing by Jacqueline Wong)
