Latest news with #StuartNash
Fox News
02-07-2025
- Business
- Fox News
America's elite lead boom of ‘golden' visa applications to vacation destination
A new trend has emerged among America's elite as New Zealand's Active Investor Plus visa — also dubbed the "golden" visa — sees a recent boom. "[There has been] a flood of formal interest in the new 'golden' visa," said New Zealand Immigration Minister Erica Stanford, according to Reuters. In April, the government relaxed its visa rules to attract more high-net-worth individuals, with such changes as removing an English language requirement. The country also reduced the amount of time required to spend in New Zealand. Once the golden visa is obtained, it can be held for life. People do not need to reapply. In under three months, 189 golden visa applications were received, while previous applications were at 116 submissions over the span of more than two-and-a-half years, Reuters reported. Nearly half the applications were submitted by U.S. citizens, with Chinese citizens having the second-highest number of applications, the same source noted. Former New Zealand Minister for Economic Development Stuart Nash, co-founder of Nash Kelly Global, told Fox News Digital the visas are getting more popular. "There's a lot of global uncertainty at the moment," he said. "You've got a war going on in Europe, you've got the tinderbox, which is the Middle East. You've got a change in the U.S. administration, which is causing more polarization than we've seen in a long, long time," said Nash. "There are many Americans wanting to settle in New Zealand, as we're seen as this oasis at the bottom of the world," he added. "You can live the New Zealand dream." Nash pointed to New Zealand's "stable banking system" and lack of capital gains, wealth and death taxes. "In this time of global uncertainty, geography is just as important as anything else. You jump on a plane and you're 1,200 miles away from trouble spots," said Nash. He added, "In the past, people were looking for tax havens. Now they're looking for safe havens for them and their family." Nash said the country's low population is a unique perk. "We have wonderful scenery, sailing, golf — and we have some pretty cool people," Nash said. He added, "You don't have to renounce your U.S. citizenship at all. You can get permanent residency for life and you can live the New Zealand dream." Reuters contributed reporting to this article.
Bloomberg
29-06-2025
- Business
- Bloomberg
The Price of Trump's Gold Card and Where Else You Can Live
The US has had a version of an investment visa since the early 20th century, so what's new about President Trump's "gold card" and how does it compare with other countries' investment immigration programs? LSE's Kristin Surak explains different incentives of countries' golden visa and passport programs and why some countries have shut them down. New Zealand's Former Minister of Economic Development Stuart Nash explains country's revamped investment immigration program. Cato Institute's Alex Nowrasteh takes a different approach to immigration and says that the market is best placed to determine the right price of immigration. (Source: Bloomberg)
NZ Herald
25-06-2025
- Business
- NZ Herald
Society Insider: Former MP Stuart Nash smooths Golden Visas for wealthy; Is Xero founder Rod Drury the king of Queenstown?; Lux weddings for Sophie Heatly and Murray Crane
Man about town Ricardo Simich brings you Society Insider. This week, former MP Stuart Nash on his business that offers a high-end relocation service for wealthy individuals; Xero founder Rod Drury is heavily investing in Queenstown; Rich List daughter Sophie Heatley marries in Hawaii. Stuart
The Guardian
23-06-2025
- Business
- The Guardian
Rich Americans flock to apply for New Zealand's ‘golden visas' after rules relaxed
Wealthy Americans are leading the charge in applications for New Zealand's 'golden visas' after rules on applying were relaxed. New Zealand's coalition government in February loosened the requirements for its Active Investor Plus visa – commonly known as the golden visa – offering residency to wealthy foreigners in a bid to boost the flagging economy. The new rules, which came into effect in April, lowered investment thresholds, removed English-language requirements and cut the amount of time applicants must spend in the country to establish residency from three years to three weeks. Immigration New Zealand says the scheme has attracted 189 applications, representing 609 people, under the new rules. Prior to the changes, the visa attracted 116 applications over 2.5 years. Nearly half the investors who have applied hail from the US, representing 85 applications, followed by China, 26, and Hong Kong, 24. Residents from countries across Asia and Europe make up the rest of the applicants. 'Nearly everyone who is applying is applying because of the changes they're seeing under the Trump administration,' said Stuart Nash, a former Labour party minister, who now runs Nash Kelly Global, an immigration and relocation consultancy. Under the new rules, 149 applied under the visa's 'growth' category, which requires a minimum $5m investment over three years, and 40 applied under the 'balanced' category, which requires a minimum $10m investment over five years. Immigration has approved 100 applications in principle and seven have transferred their funds – netting New Zealand $45m. There has been a significant increase in interest in the visa since the changes, with investors drawn to New Zealand's stability and innovation in sustainable business and technology, said Benny Goodman, New Zealand Trade and Enterprise's general manager for investment. 'This is a rare combination, and one that deeply resonates with investors thinking about legacy, not just returns,' he said. Global instability makes New Zealand – with its stable democracy, independent judiciary and safe banking system – an attractive destination, particularly to Americans, Nash said. 'We are seeing more people looking for a safe haven than a tax haven – and that's what we have got here in New Zealand, Nash said. It is not the first time New Zealand has attracted the interest of Trump-weary Americans and other wealthy foreigners seeking to make New Zealand their 'bolthole' at a time of societal division. Following Trump's 2016 election, visits to the country's immigration website rose almost 2,500%. After the supreme court decision removing abortion rights, New Zealand's immigration site visits quadrupled to 77,000. After Trump's 2024 election win, New Zealand's property market saw a surge of interest from the US. Meanwhile, billionaires acquiring residency or citizenship in New Zealand have been subject to political controversy in the past. In 2017, news broke that Peter Thiel, the billionaire co-founder of PayPal, was granted citizenship despite spending only 12 days in the country, prompting former Labour prime minister Jacinda Ardern to tighten the rules on investment visas and foreign home ownership in 2018. The loosening of the visa rules is one of a number of Ardern-era policies the right-wing coalition has wound back in its bid the boost the economy. Earlier this year it relaxed other more restrictive visa settings to attract so-called 'digital nomads' to New Zealand. New Zealand's economy suffered as a result of the Covid-19 pandemic and the country experienced the biggest contraction in GDP of any developed country in the world in 2024, due to high interest rates and unemployment. In a statement on Monday, economic growth minister Nicola Willis said so far the visa could represent 'a potential $845 million of new investment in New Zealand business'. 'New investors don't just bring their dollars to our shores, they also bring skills, knowledge and experience that will drive future economic development,' Willis said. 'It's a win-win.'
Otago Daily Times
20-06-2025
- Business
- Otago Daily Times
Government-backed Frankton film studio fizzles out
The plug has been pulled on a government-backed motion capture and production studio in Frankton's Remarkables Park. Target3D New Zealand was planning to open the studio as a key tenant of the Queenstown Research & Innovation Centre after getting approval for a $2 million loan from a government regional development fund. Announced by then-economic development minister Stuart Nash in 2022, the Queenstown Digital Studio was intended to support virtual production through motion capture technology, game-engine servers, lighting, production equipment and staging. However, Gisborne-based Target3D NZ director Shannon Dowsing said he had to pull the pin two months ago after concluding the business model for the studio — and the rationale for taking up the loan — no longer made sense. It had relied on commercial screen industry production, research and development funding and education partnerships to come together, but each has faced major challenges, Mr Dowsing said. Although Queenstown is still busy with internationally-funded productions, spending by NZ on Air and Te Māngai Pāho has "significantly reduced" in the past three years. "It's highly competitive and existing players are very likely to be getting that funding." The company also has a specific R&D programme in mind for the resort town, but the government's scrapping of Crown entity Callaghan Innovation has made funding support "questionable". Another important component of the studio had been education, but it has not made enough progress with education providers to get that under way. Screentime NZ's setting up of a full-time production facility, Remarkable Studios, in the former H&Js department store in Remarkables Park last year meant Target3D could not justify investing in the equipment for a second studio. Mr Dowsing said he was not a believer in the concept of "if you build it, they will come". "We've been trying to solve all these challenges but, ultimately, we didn't feel it was a great time to be borrowing a couple of million dollars to invest in Queenstown in such an unstable market." However, he thought it would only be a matter of time before Target3D had a presence in the resort. "We've decided to go into the region organically and make decisions based on what actually can be done. I think we can achieve the same results, but without starting with a risky investment."
