NZ’s ‘Golden visa’ opens new investment path into build-to-rent housing

Auckland (The NZ Today)

Wealthy overseas investors applying for New Zealand’s Active Investor Plus visa will soon be able to include build-to-rent housing developments as part of their investment portfolio.

The change, expected to take effect from December, will allow investors in the visa’s growth category to invest through managed funds supporting long-term rental housing projects.

The growth category requires a minimum investment of $5 million for at least three years.

Currently, investors can meet the requirements through direct investments, managed funds or donations, with donations limited to 20 percent of the total investment.

Immigration Minister Erica Stanford said the change would provide investors with another option while maintaining the focus on investments that support economic growth, innovation and productivity.

“Adding Build to Rent gives investors another option, while keeping that focus through the managed funds model,” she said.

Housing Minister Chris Bishop said the move could help increase rental housing supply by supporting more build-to-rent developments.

However, direct investment into individual build-to-rent projects will not be permitted. Investments must be made through approved managed fund structures.

The Government updated the Active Investor Plus visa settings in April 2025, creating two pathways — the growth category, requiring at least $5 million invested for three years, and the balanced category, requiring $10 million invested for five years.

Since those changes, the Government says more than $5 billion has been invested through over 900 applications, with more than 80 percent of applicants choosing the growth category.

The Government says expanding investment options will help attract overseas capital while supporting areas such as housing supply and economic development.