Active Investor Plus Visa Update: Queenstown Luxury Homes Within Reach

More than 20% of properties currently listed in the Queenstown Lakes District are valued at NZ$5 million or more (realestate.co.nz, December 2025). This reflects the high concentration of premium homes in Otago and underscores Queenstown’s status as New Zealand’s leading luxury lifestyle market.

On 13 December 2025, the New Zealand Government passed the Overseas Investment (National Interest Test and Other Matters) Amendment Act (the “Act”), which introduced the Active Investor Plus Residency Visa (the “Golden Visa”). The Golden Visa provides overseas investors with a unique opportunity to enter New Zealand’s high-end property market, without the previous 183-day residency requirement. Golden Visa holders are now able to acquire one residential or lifestyle property valued at $5 million or more, opening the door to Queenstown’s most exclusive estates and luxury lifestyle homes.

The Golden Visa categories have been confirmed as:

• The Growth category:
  Focuses on higher-risk investment, including direct investments in New Zealand businesses. It requires a minimum investment of NZ$5 million for a minimum period of three years, during which there is a requirement to spend at least 21 days in New Zealand (in total); and

• The Balanced category:
  Focuses on diversified investments, with the ability to choose safe investment options such as managed funds or government bonds. It requires a minimum investment of NZ$10 million over five years, during which there is a requirement to spend at least 105 days in New Zealand in total.

Crucially, the purchase of a property under this pathway does not count toward these investment requirements, providing additional flexibility for high-net-worth investors.

The Golden Visa pathway also applies to individuals who previously held Investor 1 or Investor 2 visas.

Eligible Properties

Golden Visa holders may purchase residential or lifestyle homes that are not otherwise classified as sensitive land. This pathway excludes rural blocks over 5 hectares and properties (exceeding specific size restrictions) adjoining certain reserves or conservation areas, including high-country stations, island homes or properties that border lakes (such as Lake Wakatipu).

The pathway also allows investors to purchase a bare section and construct a home, provided the combined value of the land and building exceeds NZ$5 million, subject to reporting requirements.

Practical Considerations

• Approvals:
  All property acquisitions under the Golden Visa pathway are subject to consent from both the Overseas Investment Office (the “OIO”). In practice, this means investors cannot complete a purchase without formal approval. Golden Visa holders may submit conditional offers that are dependent on receiving OIO consent, with vendor approval. This allows investors to secure a property while awaiting regulatory approval.

• Ownership structure and tax planning:
  Before purchasing, investors should think about the best way to hold the property, whether as an individual, through a trust, or via a company, as each ownership structure carries its own tax implications. This can affect capital gains tax, rental income, and potential GST obligations. Investors are strongly advised to seek professional advice to select a structure that aligns with their investment goals while ensuring compliance with New Zealand tax and regulatory requirements.

• One-property limit:
  Under the Golden Visa pathway, each visa holder is permitted to purchase one residential or lifestyle property. There are no restrictions under the Act on how the property can be used, meaning it can serve as a primary residence, a holiday home, or business premises. Importantly, the one-property limit applies per visa holder, not per household, so high-net-worth couples who each hold a Golden Visa could, in principle, acquire two properties (subject to the usual OIO approval).

• Policy context:
  While the Golden Visa pathway will open up access to premium properties, the foreign buyer ban remains in place for other properties, and the Act is specifically intended to attract investment and economic activity, not to broadly expand foreign home ownership.

Queenstown Opportunities

Queenstown, with its established estates and lifestyle properties, is particularly well-suited to the Golden Visa pathway. The route provides overseas investors access to some of the region’s most desirable homes without the previous 183-day residency requirement, offering greater flexibility for lifestyle and investment planning. With less than 1% of New Zealand homes valued over NZ$5 million, the Act effectively opens Queenstown’s luxury property market to high-net-worth overseas investors while maintaining regulatory safeguards.

Next Steps

For those not yet holding a Golden Visa, the first step is to seek approval in principle from Immigration New Zealand. Existing Golden Visa holders should focus on preparing for property acquisition once the pathway comes into effect (expected early 2026). As the Government has yet to publish full guidance on valuation, OIO forms, and application timing, investors are encouraged to plan ahead and seek professional advice to ensure compliance.

Our Queenstown Property team is on the ground to provide practical, expert guidance from planning
your purchase and identifying eligible properties to structuring transactions that fully comply with
Overseas Investment Office requirements.