International Healthcare News: Retirees moving to New Zealand 'must hold overseas medical insurance'
24/03/10 17:08
From this weekend, expatriates thinking of moving to New Zealand could do so under a new type of visa which allows people to spend some or all of their retirement in the country in return for investment.
The temporary retirement visa is geared towards expatriates who have no previous relationship with the country and offers foreigners a two-year permit providing they spend money in New Zealand.
Expatriates are required to have at least NZ $750,000 in qualifying investments and $500,000 for maintenance, coupled with an annual income of $60,000 from pensions and other sources. The permit can be renewed after two years if expatriates continue to invest.
Foreign settlers must also hold international health insurance in order to apply for residence.
Christopher Noakes, a senior consultant at immigration consultancy IMMagine, told the Telegraph that the new visa marked a significant change in expatriate legislation.
Under previous restrictions, only expatriates under the age of 56 could apply for retirement living in New Zealand.
The changes will come into effect on March 29h. More information about the new legislation can be found online.
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