Wealthy investors given border exemptions

WELLINGTON: Five wealthy foreigners moved to New Zealand while the country’s borders were closed, and were then granted residency to invest a combined $36 million.

Immigration New Zealand (INZ) figures show the people were given border exemptions to enter the country before being granted residency under investor visas.

That was despite hundreds more hopeful offshore investors, estimated to be worth $2 billion, having residency applications held up at the border.

With the borders closed to foreigners, INZ can process investor residency visas only for those already here.

Immigration adviser Iain MacLeod has four clients, all offshore investors, waiting to have their residency visas approved once the borders open. He asked why five others were given priority.

‘‘It’s absolute frustration because if they were able to find the resources, the time and the motivation to process those five, why did they effectively stop processing those other 400 for the last 12 months,’’ Mr MacLeod said.

INZ figures showed 402 approved investor visa category residency applications that could not be processed until the people arrived in New Zealand, while 54 were granted to applicants already here. Based on the minimum investment required under that visa category, MacLeod estimated $2 billion was held up at the border.

INZ general manager for border and visa operations general manager Nicola Hogg said in a statement the five approved for residencies and their 14 associates had arrived on other critical worker visas before their residency applications were approved.

Ms Hogg said three already had funds invested here and two were at the transferoffunds stage — a combined $36 million.

Almost one in eight overseas workers approved to enter New Zealand since last June have been cast and crews of films, television and stage shows.

■ One new case of Covid19 was reported in managed isolation and quarantine facilities yesterday.