NZ move 'becoming a badge of honour in Silicon Valley'

Wealthy foreigners are continuing to eye up a move to New Zealand through the golden visa scheme, with more than 700 applications in the last 14 months.

This is up 115 in the previous three years according to the Financial Times, which reported the interest has come amid geopolitical uncertainty which makes New Zealand’s remoteness an attractive quality.

Under the scheme, applicants must invest at least $5 million in local funds, companies or charities over three years.

A different scheme, which requires $10 million is invested over five years in passive assets has garnered 127 applications.

Of the applications, 277 were Americans, with most of the interest coming from California.

New Zealand based venture capital firm Motion Capital founding partner Lachlan Nixon told the Financial Times the move is "becoming a badge of honour in Silicon Valley".

"There’s a huge wall of money coming but the calibre of these people now investing in the New Zealand economy is what’s important."

One applicant from Santa Barbara, Courtney Andelman, has a venture capital business alongside her husband Jim. Although they visit New Zealand regularly, Andelman did criticise parts of the scheme when she spoke to the Financial Times.

Andelman reportedly complained to Prime Minister Christopher Luxon directly that New Zealand tax rules meant if her family spent more than 183 days outside of the country a year, their full global earnings would be taxed.

She also said she had wanted to move to a smaller town in New Zealand like Nelson where her investments could make a bigger difference. Under the golden visa rules, applicants can only purchase property which is worth over $5 million.

While she loved New Zealand for being "a really healthy place to be", she said: "What is the highest and best use of a dollar is a constant question we ask ourselves."

"If New Zealand doesn't provide the best value then we'll go somewhere else. Every one of those dollars is mobile."