1 00:00:00,120 --> 00:00:03,520 Speaker 1: So the Golden visas have gone gangbusters. Apparently, nearly two 2 00:00:03,600 --> 00:00:06,400 Speaker 1: hundred applications from foreign investors have been received since the 3 00:00:06,400 --> 00:00:08,880 Speaker 1: scheme was launched in April, so it's only been three months. 4 00:00:08,880 --> 00:00:11,000 Speaker 1: One hundred of those have been approved. In principle, seven 5 00:00:11,039 --> 00:00:14,239 Speaker 1: applications have already invested. Applicants rather invested their money and 6 00:00:14,280 --> 00:00:17,520 Speaker 1: been granted visas. Stuart Nash, by the way, by comparison, 7 00:00:17,520 --> 00:00:19,319 Speaker 1: there was only just over one hundred and two and 8 00:00:19,320 --> 00:00:22,439 Speaker 1: a half years to this category. Stuart Nash, former Labor 9 00:00:22,480 --> 00:00:26,599 Speaker 1: Cabinet minister who launched the Golden Visas back in twenty 10 00:00:26,960 --> 00:00:29,400 Speaker 1: twenty two, is with us this morning. Stuart, Good morning, 11 00:00:30,040 --> 00:00:32,040 Speaker 1: Good morning, Ron. How are you Yeah, good, thank you. 12 00:00:32,200 --> 00:00:34,559 Speaker 1: So does this mean that the sort of kick up 13 00:00:34,600 --> 00:00:37,760 Speaker 1: the JACKXI, the loosening of the rules is worked. 14 00:00:38,040 --> 00:00:40,360 Speaker 2: It seems to have worked, But it's also you know, 15 00:00:40,360 --> 00:00:42,639 Speaker 2: all the geopolitical uncertainly that's going on in the world 16 00:00:42,680 --> 00:00:44,000 Speaker 2: at the moment. I mean, you've just talked to your 17 00:00:44,040 --> 00:00:48,160 Speaker 2: guy about Iran and the US. We've got a lot 18 00:00:48,200 --> 00:00:51,680 Speaker 2: of lot going on in American domestic politics. Obviously, we've 19 00:00:51,720 --> 00:00:54,640 Speaker 2: got the British Prime Minister talk about putting his forces on, 20 00:00:55,600 --> 00:00:58,200 Speaker 2: you know, a sort of a higher alert. You've got 21 00:00:58,200 --> 00:01:00,440 Speaker 2: the South China Sea, obviously, you've got the tinder which 22 00:01:00,480 --> 00:01:02,360 Speaker 2: is the Middle East. So you know, we're a bit 23 00:01:02,400 --> 00:01:03,960 Speaker 2: of an oasis at the bottom of the world at 24 00:01:03,960 --> 00:01:04,280 Speaker 2: the moment. 25 00:01:04,920 --> 00:01:07,520 Speaker 1: And this is potentially an eight hundred and forty five 26 00:01:07,560 --> 00:01:10,800 Speaker 1: million dollars of new investment for US if they all convert. 27 00:01:10,920 --> 00:01:13,280 Speaker 1: Do we know what the conversion rate normally is for 28 00:01:13,400 --> 00:01:14,200 Speaker 1: visas like this. 29 00:01:14,959 --> 00:01:17,280 Speaker 2: Yeah, it's very high. Keeping in mind these people have 30 00:01:17,360 --> 00:01:18,760 Speaker 2: to pay quite a lot of money to get the 31 00:01:18,840 --> 00:01:20,520 Speaker 2: visa in the first place. They've gone through quite a 32 00:01:20,600 --> 00:01:22,800 Speaker 2: rigorous process because the one thing that we wanted to 33 00:01:22,920 --> 00:01:26,320 Speaker 2: ensure was that everyone coming to New Zealand had integrity. 34 00:01:26,319 --> 00:01:27,880 Speaker 2: And by that I mean you've got to prove that 35 00:01:27,920 --> 00:01:30,920 Speaker 2: the money you've got has been gained by the legitimate means. 36 00:01:30,959 --> 00:01:32,200 Speaker 2: You've got to do a health test, you got to 37 00:01:32,200 --> 00:01:34,160 Speaker 2: do a police test. So it's quite a rigorous process 38 00:01:34,160 --> 00:01:36,520 Speaker 2: to actually put the visa in. So the conversion rate 39 00:01:36,640 --> 00:01:39,319 Speaker 2: is very high. For once you apply to the visas 40 00:01:39,360 --> 00:01:42,759 Speaker 2: being submitted and then approval, what. 41 00:01:42,680 --> 00:01:44,080 Speaker 1: Do they do when they get here. 42 00:01:45,680 --> 00:01:48,400 Speaker 2: Well, they've got six months to invest their money and 43 00:01:48,520 --> 00:01:50,200 Speaker 2: keeping in mind a lot of these well over fifty 44 00:01:50,200 --> 00:01:52,160 Speaker 2: percent of coming from the United States. So you're allowed 45 00:01:52,200 --> 00:01:53,960 Speaker 2: to put your money in a managed fund to start with, 46 00:01:54,560 --> 00:01:57,200 Speaker 2: or you can put your money directed into equities or bonds, 47 00:01:57,320 --> 00:01:59,320 Speaker 2: or into directed into a company if you're really what. 48 00:02:00,080 --> 00:02:02,280 Speaker 2: So there are two classes of people, really Ryan and 49 00:02:02,280 --> 00:02:04,840 Speaker 2: there were those who were seeking permanent residency who don't 50 00:02:04,840 --> 00:02:07,600 Speaker 2: necessarily want to immigrate here, and then there were those 51 00:02:07,640 --> 00:02:10,920 Speaker 2: who want to immigate here. Two different pathways. So you know, 52 00:02:10,960 --> 00:02:13,840 Speaker 2: if you're part of the growth category, you only have 53 00:02:13,840 --> 00:02:15,720 Speaker 2: to spend three which over three years. But what we 54 00:02:15,800 --> 00:02:19,280 Speaker 2: tend to find is that once you've invested your five 55 00:02:19,320 --> 00:02:22,280 Speaker 2: million or you're three million in US and you come 56 00:02:22,320 --> 00:02:24,919 Speaker 2: over here, after a while, you you fall in love 57 00:02:24,960 --> 00:02:26,960 Speaker 2: with the place and you tend to immigrate or spend 58 00:02:26,960 --> 00:02:28,400 Speaker 2: more time here than the minimum. 59 00:02:29,360 --> 00:02:32,120 Speaker 1: This is a net positive for New Zealand. I mean, 60 00:02:32,160 --> 00:02:33,560 Speaker 1: we're getting a lot of text saying and why do 61 00:02:33,680 --> 00:02:36,760 Speaker 1: we need these rich Americans coming here who are escaping 62 00:02:36,800 --> 00:02:39,720 Speaker 1: Trump and using US as some kind of bunker. I mean, 63 00:02:40,040 --> 00:02:43,680 Speaker 1: the benefits to us far out weigh the costs of 64 00:02:43,800 --> 00:02:44,840 Speaker 1: having right. 65 00:02:45,760 --> 00:02:48,560 Speaker 2: I don't see any downside to this now, we're not 66 00:02:48,600 --> 00:02:52,320 Speaker 2: getting people coming here like Peter Tail. Remember that very 67 00:02:52,320 --> 00:02:54,480 Speaker 2: wealthy American who came over here, bought a property, was 68 00:02:54,520 --> 00:02:57,960 Speaker 2: given citizenship up to about eleven days. This is not 69 00:02:58,160 --> 00:03:02,200 Speaker 2: that skin. These are people who required to invest five 70 00:03:02,240 --> 00:03:05,880 Speaker 2: million kiwi or three million US and the growth fund 71 00:03:05,919 --> 00:03:08,320 Speaker 2: or ten million kiwi or six million US and the 72 00:03:08,360 --> 00:03:12,760 Speaker 2: balance fund. They're contributing in a way that adds value 73 00:03:12,800 --> 00:03:15,120 Speaker 2: that now it's not just about the money. Also, for me, 74 00:03:15,200 --> 00:03:17,799 Speaker 2: fifty percent of it is about the connections, the networks 75 00:03:17,840 --> 00:03:21,160 Speaker 2: they experience, the competencies, the capabilities these men and women bring, 76 00:03:21,360 --> 00:03:26,080 Speaker 2: and keeping in mind if they're actively investing, by and large, 77 00:03:26,200 --> 00:03:28,960 Speaker 2: a lot of them take a very active interest in 78 00:03:29,000 --> 00:03:31,880 Speaker 2: the companies they're investing in, so this is there is 79 00:03:32,040 --> 00:03:34,480 Speaker 2: no downside. Also, keep in mind that they're not competing 80 00:03:34,520 --> 00:03:37,400 Speaker 2: with Kiwis for fate houses. We're talking about the very 81 00:03:37,400 --> 00:03:39,880 Speaker 2: wealthy here. They're not you know that they're buying down 82 00:03:39,920 --> 00:03:42,400 Speaker 2: in Queenstown or up north or on the northern slopes 83 00:03:42,440 --> 00:03:45,520 Speaker 2: of Humbe if they decide to immigrate here. So that 84 00:03:45,800 --> 00:03:48,640 Speaker 2: for me, there is absolutely no downside. And keeping in 85 00:03:48,640 --> 00:03:52,400 Speaker 2: mind capital has always been mobile. These people are looking 86 00:03:52,400 --> 00:03:55,160 Speaker 2: for a home for themselves. In the past, most of 87 00:03:55,160 --> 00:03:57,480 Speaker 2: them have sort tax havens. At the moment, a lot 88 00:03:57,520 --> 00:04:00,360 Speaker 2: of them are seeking safe havements, which is what news. 89 00:04:00,400 --> 00:04:02,960 Speaker 2: But like I said, they're investing a lot of money here. 90 00:04:02,960 --> 00:04:05,680 Speaker 2: They've been part of our community, part of our economy, 91 00:04:05,840 --> 00:04:09,080 Speaker 2: and there's a it's just fantastic, man. I think there's 92 00:04:09,120 --> 00:04:09,760 Speaker 2: no downside. 93 00:04:09,800 --> 00:04:12,240 Speaker 1: Stuart, appreciate your time this morning. Stuart Nash, former Labor 94 00:04:12,240 --> 00:04:16,080 Speaker 1: Cabinet Minister. For more from Early Edition with Ryan Bridge, 95 00:04:16,160 --> 00:04:19,600 Speaker 1: Listen live to News Talks at b from five am weekdays, 96 00:04:19,839 --> 00:04:21,920 Speaker 1: or follow the podcast on iHeartRadio.