Immigration New Zealand published new Active Investor Plus rules on 16 September 2026. The changes take effect on 28 September 2026 and reshape how managed funds and direct investments qualify as acceptable investments for the Active Investor Plus Visa. Invest New Zealand also paused new managed-fund and direct-investment recognition filings from 16 September through 28 September while guidance and forms are updated.
If you plan a New Zealand residence path through investment capital, treat 28 September as a hard planning date. Your visa still needs Immigration New Zealand approval. Your chosen managed fund or direct investment still needs Invest New Zealand acceptance under the updated criteria.
What changes on 28 September 2026
Four core shifts matter for applicants and fund managers.
- Deployment plans. Managed funds must provide and maintain investment deployment plans so Invest New Zealand sees a clear strategy for placing capital into New Zealand.
- Six-month stand-down. Managed funds and direct investments declined for recognition must wait six months before reapplying. The same freeze applies after a revocation.
- Stronger oversight. Invest New Zealand gains wider powers to suspend or revoke eligibility when an approved offering no longer meets programme requirements.
- Clearer Growth and Balanced lines. New guidance spells out Growth-category features and reinforces the difference between Growth and Balanced assets.
Immigration New Zealand says the package strengthens investment quality, gives migrant investors and fund managers more certainty, and steers capital toward New Zealand economic growth. Full process notes and updated criteria appear on the Invest New Zealand site from 28 September 2026.
Growth versus Balanced in plain numbers
Active Investor Plus remains open. Official Immigration New Zealand pages still list two main investment tracks.
- Growth category: invest at least NZD $5 million in acceptable investments for 36 months, and spend at least 21 days in New Zealand as a resident-visa holder during the investment period.
- Balanced category: invest at least NZD $10 million for 60 months, and spend at least 105 days in New Zealand during the investment period (with limited day reductions when extra Growth-category capital is nominated before approval in principle).
Immigration New Zealand lists application cost from NZD $27,470 and reports approval in principle for 80 percent of files within four months. After approval in principle, you hold six months to transfer and place nominated funds in New Zealand. Growth investors who meet section 49 conditions apply for permanent residence after the 36-month investment period. Balanced investors wait for the 60-month mark.
Growth stays the lower-capital route. The new rules tighten what counts as a Growth asset so lower thresholds match higher-risk, higher-impact placements rather than capital-preservation products.
The new growth-asset test
Under Growth, acceptable managed funds must invest predominantly into growth assets. Direct investments under Growth must themselves be growth assets. A growth asset, as described in professional summaries of the Immigration New Zealand update, carries higher risk and targets a higher rate of return than assets typically held for capital preservation or income generation, such as bonds and term deposits.
Invest New Zealand weighs asset nature, risk profile, expected returns, growth-capital purpose, and how financial markets usually classify the product. Conservative strategies weighted toward preservation face tougher Growth scrutiny. Existing Appendix 15 criteria stay in force. The growth-asset test sits on top of those instructions.
Deployment timelines and suspension powers
Fund managers must show a deployment plan consistent with the investment mandate or Statement of Investment Policy and Objectives. The policy aim is productive New Zealand investment within a reasonable window, not long cash parking or delayed capital calls.
Invest New Zealand reviews whether capital has been deployed substantially in line with the submitted plan. Summaries of the new framework note a first-12-months deployment expectation, unless Invest New Zealand accepts justified delay. Failure on deployment joins other grounds for suspension or revocation.
Suspension grounds also include incomplete, inaccurate, or misleading information, undisclosed material changes, regulatory or governance concerns, and outcomes Invest New Zealand judges as impairing Active Investor Plus objectives. Invest New Zealand suspends immediately without prior notice or consultation. Treat ongoing compliance as part of your fund due diligence, not a one-time listing check.
What you should do before you commit capital
Use the official lists. For Growth managed-fund placements, Immigration New Zealand and Invest New Zealand require products on the acceptable managed fund list. Pair the listing with a non-revocable New Zealand-law agreement to acquire the managed investment products. Confirm whether your allocation sits under Growth or Balanced, because Balanced allows wider asset classes such as listed equities, bonds, and certain property developments.
Build a simple checklist for your file:
- Confirm the managed fund or direct investment remains on the current Invest New Zealand acceptable list after 28 September guidance lands.
- Ask the manager for the deployment plan, reporting cadence, and how the growth-asset test is met for Growth claims.
- Map your NZD $5 million or NZD $10 million nomination, transfer path, and evidence of lawful source of funds.
- Calendar the 21-day or 105-day presence rules and the evidence windows at 24 months and at the end of the investment period.
- Budget professional tax advice in New Zealand before you transfer funds.
Do not treat a paused recognition window as a reason to skip verification. Invest New Zealand closed new managed-fund and direct-investment recognition applications from 16 to 28 September 2026 so forms and guidance match the new rules. After 28 September, expect stricter applications and closer post-approval monitoring.
Separate note on Build to Rent
On 8 September 2026 the New Zealand Government announced Build to Rent acceptance as a Growth-category investment through managed funds only, with effect planned for December 2026. The 28 September package is separate. Keep December Build to Rent updates on a different watchlist so your September planning stays focused on deployment plans, growth-asset tests, stand-downs, and Invest New Zealand oversight powers.
For primary text, read the Immigration New Zealand news note dated 16 September 2026, the Active Investor Plus Visa pages on immigration.govt.nz, and the Invest New Zealand acceptable-investment guidance updated for 28 September. Cross-check every fund listing and every day-count rule against those pages before you transfer capital or lodge residence papers.
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