1 00:00:00,040 --> 00:00:02,639 Speaker 1: Write more visa movement. We talked about the tax treatment 2 00:00:02,680 --> 00:00:04,640 Speaker 1: earlier on in the program. So two new visa is 3 00:00:04,680 --> 00:00:07,800 Speaker 1: a pathway to residency for business migrant's ready to invest cash. 4 00:00:07,840 --> 00:00:11,360 Speaker 1: One million dollar investment into an existing business gives you 5 00:00:11,360 --> 00:00:13,680 Speaker 1: a three year work to residence pathway, while two million 6 00:00:13,720 --> 00:00:16,599 Speaker 1: allows for a twelvemonth fast tracking. Erica Stanford is of 7 00:00:16,600 --> 00:00:18,479 Speaker 1: course the Minister of Immigration and is with us. Very 8 00:00:18,520 --> 00:00:21,120 Speaker 1: good morning to you, mony mate. Somebody asked the question. 9 00:00:21,160 --> 00:00:23,799 Speaker 1: I thought it wasn't It wasn't an unfair question. Is 10 00:00:23,840 --> 00:00:27,600 Speaker 1: there a noticeable difference between one and two million and 11 00:00:27,680 --> 00:00:29,560 Speaker 1: the five and ten for gold and so another word, 12 00:00:29,600 --> 00:00:31,320 Speaker 1: you're dealing with completely different people. 13 00:00:31,680 --> 00:00:34,519 Speaker 2: We are, and I was always very cautious about not 14 00:00:34,840 --> 00:00:38,480 Speaker 2: cannibalizing the active investor plus visa, which is going very well. 15 00:00:38,800 --> 00:00:41,680 Speaker 2: This is more about people who have got business experience 16 00:00:41,720 --> 00:00:44,400 Speaker 2: of running businesses. We will check that investing in a 17 00:00:44,440 --> 00:00:46,879 Speaker 2: business that they have to be here at least one 18 00:00:46,920 --> 00:00:48,560 Speaker 2: hundred and eighty four days a year, be a tax 19 00:00:48,600 --> 00:00:52,479 Speaker 2: resident and actively run the business. They have to be 20 00:00:52,479 --> 00:00:55,160 Speaker 2: able to speak English, there's an age limit. Whereas the 21 00:00:55,160 --> 00:00:59,080 Speaker 2: active investor plus is more about their capital and their 22 00:00:59,320 --> 00:01:02,000 Speaker 2: business connect and they only have to speak spend a 23 00:01:02,040 --> 00:01:03,880 Speaker 2: week a year here in order to get their residents. 24 00:01:03,880 --> 00:01:04,800 Speaker 2: Are very very different. 25 00:01:05,240 --> 00:01:07,320 Speaker 1: How much of a regime is in place to make 26 00:01:07,360 --> 00:01:10,200 Speaker 1: sure the money arrives, the money stays, that they are there, 27 00:01:10,280 --> 00:01:12,319 Speaker 1: they do speak English, and they are doing what they 28 00:01:12,360 --> 00:01:13,640 Speaker 1: said they would do. Well. 29 00:01:13,640 --> 00:01:16,280 Speaker 2: We're very stripped upfront and that we make sure that 30 00:01:16,319 --> 00:01:18,400 Speaker 2: we stick all those things off. But then we check 31 00:01:18,440 --> 00:01:20,560 Speaker 2: in along the way, and we certainly check in a 32 00:01:20,600 --> 00:01:22,400 Speaker 2: big check in at the three year mark to make 33 00:01:22,400 --> 00:01:25,240 Speaker 2: sure the business is solvent, that you're still employing the 34 00:01:25,240 --> 00:01:28,080 Speaker 2: people that you said you would, that you've created the 35 00:01:28,080 --> 00:01:31,520 Speaker 2: extra job, and that you've complied with all the other 36 00:01:31,520 --> 00:01:34,319 Speaker 2: conditions of your visa before we would offer you your residence. 37 00:01:34,400 --> 00:01:36,479 Speaker 1: Okay, so what about the do you bring the family 38 00:01:36,520 --> 00:01:38,480 Speaker 1: in as well? That wider family. 39 00:01:38,720 --> 00:01:41,400 Speaker 2: Yes, you can bring you well your immediate family with 40 00:01:41,440 --> 00:01:43,880 Speaker 2: you for this visa and then they would be granted 41 00:01:43,920 --> 00:01:46,280 Speaker 2: residents along with you. We're not talking huge numbers. This 42 00:01:46,360 --> 00:01:50,000 Speaker 2: is not like an OPRAH style. Everyone gets a visa, 43 00:01:50,040 --> 00:01:52,040 Speaker 2: as I think you mentioned this morning. I mean we're 44 00:01:52,040 --> 00:01:55,600 Speaker 2: thinking probably the first year between one hundred and one 45 00:01:55,680 --> 00:01:58,880 Speaker 2: hundred and fifty potentially people who would come in under the. 46 00:01:59,240 --> 00:02:02,480 Speaker 1: What do you have any genuine sense of what's the 47 00:02:02,600 --> 00:02:07,000 Speaker 1: balance between entry point I million dollars versus demand to 48 00:02:07,040 --> 00:02:10,040 Speaker 1: come to the country anyway, no matter what rules you made. 49 00:02:10,160 --> 00:02:11,399 Speaker 1: In other words, we are attractive. 50 00:02:12,040 --> 00:02:14,160 Speaker 2: We are very attractive, and we know that because we 51 00:02:14,160 --> 00:02:16,359 Speaker 2: can see from the active investor plus visa. I thought 52 00:02:16,400 --> 00:02:19,080 Speaker 2: we'd get two hundred applications in the first year. We 53 00:02:19,160 --> 00:02:22,120 Speaker 2: bullitzed that in the first six weeks. I think, so 54 00:02:22,160 --> 00:02:25,119 Speaker 2: there is huge demand. This one is This one will 55 00:02:25,120 --> 00:02:27,320 Speaker 2: depend on the businesses that are for sale. So if 56 00:02:27,360 --> 00:02:30,280 Speaker 2: you look at the moment businesses for sale over that amount, 57 00:02:30,320 --> 00:02:32,560 Speaker 2: there's about one hundred and eighty five. But it may 58 00:02:32,600 --> 00:02:34,399 Speaker 2: well be that there will be more for sale once 59 00:02:34,440 --> 00:02:37,080 Speaker 2: we are able to open up this pool of people 60 00:02:37,080 --> 00:02:38,840 Speaker 2: who are from capital to buy businesses. 61 00:02:39,160 --> 00:02:41,720 Speaker 1: Do you limit the bit? Is it all bubble tea? 62 00:02:42,760 --> 00:02:46,040 Speaker 2: No, we will be really careful. Bubble tea. Nothing wrong 63 00:02:46,040 --> 00:02:46,600 Speaker 2: with bubble. 64 00:02:46,400 --> 00:02:48,480 Speaker 1: Teen There's nothing wrong with the bubble tea. But I 65 00:02:48,560 --> 00:02:50,440 Speaker 1: see a lot of bubble tea, and I just wonder 66 00:02:50,480 --> 00:02:53,919 Speaker 1: how much cash is being fun launded through that look. 67 00:02:54,080 --> 00:02:57,240 Speaker 2: And that's the reason that this is a third iteration 68 00:02:57,280 --> 00:02:59,440 Speaker 2: of a very similar visa. The first iteration was a 69 00:02:59,440 --> 00:03:01,720 Speaker 2: long term visa and people were coming in and buying 70 00:03:01,760 --> 00:03:04,400 Speaker 2: and then recycling two dollar shops. So we've been very 71 00:03:04,400 --> 00:03:07,200 Speaker 2: careful and that we are limiting what you can purchase. 72 00:03:07,240 --> 00:03:10,880 Speaker 2: So adult entertainment, convenience stores, discount stores, drop shipping, fast 73 00:03:10,880 --> 00:03:13,720 Speaker 2: food out let's franchise is gambling, you won't be able 74 00:03:13,760 --> 00:03:14,520 Speaker 2: to use for this visa. 75 00:03:14,880 --> 00:03:18,600 Speaker 1: Those are clean, clear categories. It's not the what's a supermarket, 76 00:03:18,600 --> 00:03:22,000 Speaker 1: what's a dairy line? And everyone argues about it. 77 00:03:22,320 --> 00:03:24,480 Speaker 2: No, they'll be clear, clear, Okay. 78 00:03:25,080 --> 00:03:26,960 Speaker 1: And don't get me wrong, because I'm a big fan 79 00:03:27,040 --> 00:03:29,399 Speaker 1: of immigration and we need more of it. But there 80 00:03:29,480 --> 00:03:32,760 Speaker 1: is a India, Philippines, Fiji vibe about what's going on, 81 00:03:32,840 --> 00:03:35,440 Speaker 1: particularly in a place like Auckland, maybe a little bit 82 00:03:35,480 --> 00:03:37,360 Speaker 1: of China and there as well. Are they all coming 83 00:03:37,600 --> 00:03:38,720 Speaker 1: from the same place? 84 00:03:39,880 --> 00:03:43,920 Speaker 2: Well, obviously we don't discriminate in immigration if you. 85 00:03:43,560 --> 00:03:46,440 Speaker 1: Know the skills that people in New Zealand do. And 86 00:03:46,520 --> 00:03:49,280 Speaker 1: after a while it becomes potentially a political issue, doesn't 87 00:03:49,280 --> 00:03:52,040 Speaker 1: it go? This place is overrun by filling the gap. 88 00:03:52,680 --> 00:03:54,560 Speaker 2: Well, I mean what I want is this place to 89 00:03:54,680 --> 00:03:57,480 Speaker 2: be overrun by highly skilled people who've got access to 90 00:03:57,520 --> 00:04:00,840 Speaker 2: capital and connections and who can come in and purchase businesses, 91 00:04:01,120 --> 00:04:04,320 Speaker 2: keep Kiwis employed, create more jobs. And actually, you know, 92 00:04:04,400 --> 00:04:06,400 Speaker 2: if you look at business brokerage at the moment we 93 00:04:06,440 --> 00:04:08,320 Speaker 2: went out and talked to them, there is a real 94 00:04:08,400 --> 00:04:10,720 Speaker 2: problem with people who want to retire and there isn't 95 00:04:10,800 --> 00:04:12,760 Speaker 2: enough people in this country to be able to afford 96 00:04:12,840 --> 00:04:17,040 Speaker 2: their businesses. This is a very small niche category of 97 00:04:18,160 --> 00:04:20,159 Speaker 2: We will highly target this to people who have business 98 00:04:20,160 --> 00:04:21,000 Speaker 2: skills in the capital. 99 00:04:22,279 --> 00:04:24,440 Speaker 1: What's the skill VI the number because I mean one 100 00:04:24,480 --> 00:04:25,960 Speaker 1: of the things that you come into and we talk 101 00:04:26,000 --> 00:04:27,600 Speaker 1: to the people who buy and sell businesses on a 102 00:04:27,640 --> 00:04:29,680 Speaker 1: regular basis, and a lot of the businesses that sell 103 00:04:30,040 --> 00:04:33,640 Speaker 1: a hospot so easy access to the country, instant job, 104 00:04:33,760 --> 00:04:36,000 Speaker 1: get the kids involved in the cafe. They couldn't run 105 00:04:36,040 --> 00:04:38,119 Speaker 1: a cafe to save themselves, but they've got a million 106 00:04:38,160 --> 00:04:40,159 Speaker 1: bucks and they've got a job. Is that good for 107 00:04:40,200 --> 00:04:40,679 Speaker 1: the country. 108 00:04:41,000 --> 00:04:42,719 Speaker 2: Well, we'd be very careful with that, and you'd have 109 00:04:42,760 --> 00:04:45,040 Speaker 2: to have business experience. And so one of the criteria 110 00:04:45,080 --> 00:04:47,599 Speaker 2: of this visa to get around exactly that is you 111 00:04:47,680 --> 00:04:50,760 Speaker 2: have to have business experience and we will be checking that. 112 00:04:51,040 --> 00:04:54,760 Speaker 2: So in your look. Business experience is transferable. So if 113 00:04:54,760 --> 00:04:58,039 Speaker 2: you've run a successful business overseas that might be in 114 00:04:58,400 --> 00:05:02,600 Speaker 2: a hospitality, it's probably trans farable into potentially maybe into manufacturing. 115 00:05:02,600 --> 00:05:04,440 Speaker 2: So we'll keep an eye on that. But we're certainly 116 00:05:04,520 --> 00:05:06,279 Speaker 2: not going to be allowing people and have just got 117 00:05:06,279 --> 00:05:08,279 Speaker 2: cash and decide they want to run a cafe. 118 00:05:08,400 --> 00:05:10,400 Speaker 1: That won't be there, because a million dollars is getting 119 00:05:10,440 --> 00:05:12,960 Speaker 1: down to, without sounding like a snob, a million dollars 120 00:05:13,000 --> 00:05:14,719 Speaker 1: is getting down to a lot of people are going to. 121 00:05:14,800 --> 00:05:16,280 Speaker 1: A million dollars is in the thing for a lot 122 00:05:16,320 --> 00:05:18,599 Speaker 1: of people anymore. It's like you've going a million dollars, 123 00:05:18,680 --> 00:05:19,960 Speaker 1: go buy your way into New Zealand. 124 00:05:20,120 --> 00:05:22,599 Speaker 2: Well, the previous the previous visa was one hundred thousand, 125 00:05:23,680 --> 00:05:26,039 Speaker 2: so we've up to it significantly. As I said, there's 126 00:05:26,040 --> 00:05:28,440 Speaker 2: only one hundred and eighty five businesses for that amount 127 00:05:28,680 --> 00:05:30,320 Speaker 2: for sale at the moment that we could see, so 128 00:05:31,040 --> 00:05:33,240 Speaker 2: it is a small amount. But look, the settings of 129 00:05:33,279 --> 00:05:35,719 Speaker 2: the previous visa were horrendous. It had a fifty percent 130 00:05:35,760 --> 00:05:39,599 Speaker 2: decline rate. We only had about thirty applications last year. 131 00:05:39,640 --> 00:05:42,160 Speaker 2: It was just an absolute dog. And I say that 132 00:05:42,200 --> 00:05:46,560 Speaker 2: respectfully because it was actually a national policy. It was 133 00:05:46,560 --> 00:05:49,080 Speaker 2: a bit of a disaster, but I'm fixing it and 134 00:05:49,320 --> 00:05:51,040 Speaker 2: I think it's going to go down very well later 135 00:05:51,120 --> 00:05:51,280 Speaker 2: on you. 136 00:05:52,000 --> 00:05:54,960 Speaker 1: While I've got you two other things. Somebody raised it yesterday. 137 00:05:54,960 --> 00:05:58,520 Speaker 1: It was ELPs, the guy who's involved in working visas 138 00:05:58,520 --> 00:06:01,560 Speaker 1: and stuff. What he wants is the holiday visa age 139 00:06:02,240 --> 00:06:04,840 Speaker 1: up to fifty from whatever it is at the moment, 140 00:06:04,920 --> 00:06:07,080 Speaker 1: thirty five or is that possible? Is that sensible? Is 141 00:06:07,080 --> 00:06:08,240 Speaker 1: it logical or not? 142 00:06:08,360 --> 00:06:13,440 Speaker 2: We can look at that. They are all individual holiday 143 00:06:13,440 --> 00:06:16,919 Speaker 2: working holiday visas that are tied in with agreements we 144 00:06:16,920 --> 00:06:18,720 Speaker 2: have with different countries, so we have to go through 145 00:06:18,720 --> 00:06:20,560 Speaker 2: than one by one. But it's certainly something that we 146 00:06:21,160 --> 00:06:22,920 Speaker 2: can look at. It's a good suggestion, and I think 147 00:06:22,920 --> 00:06:24,640 Speaker 2: when I was in opposition, we wanted to raise it 148 00:06:24,680 --> 00:06:26,679 Speaker 2: from I think thirty to thirty five for a few countries. 149 00:06:26,800 --> 00:06:28,200 Speaker 2: Well previous government did that. 150 00:06:28,279 --> 00:06:31,800 Speaker 1: Okay, golden visa. They need a house. We're moving rapidly 151 00:06:31,839 --> 00:06:34,159 Speaker 1: towards them being able to buy a house in this country. 152 00:06:34,560 --> 00:06:38,000 Speaker 2: We are we're trying hard to get that across the line, 153 00:06:38,480 --> 00:06:40,840 Speaker 2: and I'm confident that it will get across the line. 154 00:06:40,839 --> 00:06:43,280 Speaker 1: Good on you. The other thing this is only anecdotal. 155 00:06:43,320 --> 00:06:47,360 Speaker 1: So principal principal we're talking to loves you. Thinks you're 156 00:06:47,360 --> 00:06:49,440 Speaker 1: the greatest thing in education in the history of the world. 157 00:06:49,600 --> 00:06:53,320 Speaker 1: Oh there's more. He then goes and ends up at 158 00:06:53,320 --> 00:06:56,800 Speaker 1: the Ministry of Education. Nothing happens, he talks to you. 159 00:06:56,920 --> 00:06:59,800 Speaker 1: It's all on he talks to the Ministry brick Wall. 160 00:07:00,240 --> 00:07:03,839 Speaker 1: Do you have an ongoing issue with the public service 161 00:07:03,880 --> 00:07:06,280 Speaker 1: in this country fighting against what you're trying to do. 162 00:07:07,279 --> 00:07:10,480 Speaker 2: I don't think so. I think certainly since I've come in, 163 00:07:10,520 --> 00:07:13,160 Speaker 2: they have shifted a huge amount. The new Secretary of Education, 164 00:07:13,200 --> 00:07:17,200 Speaker 2: Alan McGregor read is outstanding and she is changing the 165 00:07:17,200 --> 00:07:20,720 Speaker 2: culture of the place, and things have shifted a lot. 166 00:07:20,720 --> 00:07:23,440 Speaker 2: I've noticed a big shift. When I want things done, 167 00:07:23,440 --> 00:07:25,280 Speaker 2: they do do it. Of course, there's a lot of 168 00:07:25,280 --> 00:07:26,600 Speaker 2: people that work there, and then a lot of them 169 00:07:26,680 --> 00:07:29,520 Speaker 2: still do have their own views and sometimes that will happen. 170 00:07:29,800 --> 00:07:32,480 Speaker 2: But that's why it's killing me. But I have to 171 00:07:32,520 --> 00:07:35,240 Speaker 2: micro manage the place because sometimes you ask for something 172 00:07:35,240 --> 00:07:38,040 Speaker 2: to get done and it floats off into them. Even ever, 173 00:07:38,200 --> 00:07:41,520 Speaker 2: so my staff and I have to micro manage almost 174 00:07:41,520 --> 00:07:43,360 Speaker 2: everything that we do. But since we've had the new 175 00:07:43,360 --> 00:07:45,840 Speaker 2: Secretary of Education, things have massively improved. 176 00:07:45,920 --> 00:07:47,600 Speaker 1: Good to hear, good to see, You appreciate your time 177 00:07:47,800 --> 00:07:51,360 Speaker 1: Erica Stamford's For more from the Mic Asking Breakfast, listen 178 00:07:51,440 --> 00:07:54,400 Speaker 1: live to news talks that'd be from six am weekdays, 179 00:07:54,640 --> 00:07:56,800 Speaker 1: or follow the podcast on iHeartRadio