1 00:00:00,080 --> 00:00:01,600 Speaker 1: So as part of the government's planned to fire up 2 00:00:01,600 --> 00:00:04,400 Speaker 1: the economy this year, the Golden visas back. In simple terms, 3 00:00:04,400 --> 00:00:06,320 Speaker 1: you can invest five million over three years in a 4 00:00:06,360 --> 00:00:08,600 Speaker 1: growth type project or ten million over five years and 5 00:00:08,600 --> 00:00:11,200 Speaker 1: a more conservative operation. Either way it gets your residency. 6 00:00:11,480 --> 00:00:14,200 Speaker 1: Former Labor Cabinet Minister Stuart Nations with a Stuart Morning, 7 00:00:14,880 --> 00:00:15,319 Speaker 1: good morning. 8 00:00:15,400 --> 00:00:16,400 Speaker 2: I tell you very. 9 00:00:16,280 --> 00:00:18,439 Speaker 1: Well, thank you. You congratulate the government. 10 00:00:18,480 --> 00:00:20,759 Speaker 2: Why I've done a really good job on this. I 11 00:00:20,760 --> 00:00:24,000 Speaker 2: mean I launched this visa September twenty twenty two. The 12 00:00:24,079 --> 00:00:27,280 Speaker 2: intent is still the same. It's about active investment. We 13 00:00:27,320 --> 00:00:28,920 Speaker 2: want people over here are going to contribute to the 14 00:00:28,960 --> 00:00:31,960 Speaker 2: economy and our communities. We've got a couple of things wrong, 15 00:00:31,960 --> 00:00:34,240 Speaker 2: I admit that, but it was new. We'd always written 16 00:00:34,240 --> 00:00:38,120 Speaker 2: a year long review period in the policy. The government's 17 00:00:38,400 --> 00:00:39,800 Speaker 2: taking a look at what we did. Thought we could 18 00:00:39,800 --> 00:00:41,839 Speaker 2: do a couple of things better. I agree, so good 19 00:00:41,880 --> 00:00:42,159 Speaker 2: on them. 20 00:00:42,200 --> 00:00:43,519 Speaker 1: And as one of those things that you can do 21 00:00:43,560 --> 00:00:44,959 Speaker 1: better as the language test. 22 00:00:45,600 --> 00:00:47,960 Speaker 2: Yeah, what was happening is some very wealthy guys found 23 00:00:47,960 --> 00:00:50,640 Speaker 2: that quite insulting that they came from countries where English 24 00:00:50,640 --> 00:00:53,480 Speaker 2: wasn't the first language. We were forcing to take a test. 25 00:00:54,000 --> 00:00:55,120 Speaker 2: It's not required. Mate. 26 00:00:55,360 --> 00:00:57,720 Speaker 1: So Phil Twyfe and I'm watching whining on the news 27 00:00:57,760 --> 00:00:59,560 Speaker 1: last night about rich people and how we don't want 28 00:00:59,600 --> 00:01:01,600 Speaker 1: them in the car and they don't do anything for us. 29 00:01:01,680 --> 00:01:02,120 Speaker 1: Is he wrong? 30 00:01:03,240 --> 00:01:06,400 Speaker 2: One hundred percent wrong. I don't think still understands how 31 00:01:06,440 --> 00:01:08,720 Speaker 2: an economy works, or how New Zealand's economy works. But 32 00:01:09,080 --> 00:01:13,200 Speaker 2: we have very shallow capital markets, as generally acknowledge, we 33 00:01:13,280 --> 00:01:15,320 Speaker 2: just haven't got the people to grow companies into world 34 00:01:15,400 --> 00:01:17,640 Speaker 2: leading companies. And of course they have a lot of 35 00:01:17,640 --> 00:01:19,840 Speaker 2: money grow money from the bank. These are people who 36 00:01:19,920 --> 00:01:22,720 Speaker 2: are proven globally. They know what to do, they know 37 00:01:22,800 --> 00:01:24,440 Speaker 2: how to do it, they're successful. They want to be 38 00:01:24,480 --> 00:01:26,760 Speaker 2: part of our economy. They're going to add to our communities. 39 00:01:27,400 --> 00:01:29,520 Speaker 2: I think these are awesome. Keep in mind, right to 40 00:01:29,560 --> 00:01:33,120 Speaker 2: get your active vesta plus visa, you've had to pass 41 00:01:33,160 --> 00:01:35,400 Speaker 2: the good character tests, you've had to pass the health test, 42 00:01:35,840 --> 00:01:39,280 Speaker 2: you've had. Your wealth has got to be acknowledged. Well, 43 00:01:39,319 --> 00:01:42,520 Speaker 2: no proven is coming from legitimate sources. These are good people. 44 00:01:42,920 --> 00:01:46,600 Speaker 2: Their money is legitimate. They add value. There is no downside. 45 00:01:46,800 --> 00:01:49,160 Speaker 1: Explain to me. Once you arrive with your five or 46 00:01:49,240 --> 00:01:51,400 Speaker 1: ten and as the prime is to point it out 47 00:01:51,440 --> 00:01:54,080 Speaker 1: in the speech yesterday, that you like the country, you enjoy, 48 00:01:54,200 --> 00:01:56,120 Speaker 1: you might have some more money and some more ideas. 49 00:01:56,160 --> 00:01:57,800 Speaker 1: At what point do they need to turn around the 50 00:01:57,840 --> 00:02:00,640 Speaker 1: rule where you can't buy a house straight away? 51 00:02:01,120 --> 00:02:03,800 Speaker 2: So at the moment if you arrive and you say 52 00:02:03,840 --> 00:02:05,840 Speaker 2: you want to be a tax reason, I live here 53 00:02:06,240 --> 00:02:08,000 Speaker 2: for one hundred and eighty three days. It's actually called 54 00:02:08,120 --> 00:02:10,320 Speaker 2: ordinarily reson, but be a tax resident, then you can 55 00:02:10,360 --> 00:02:13,040 Speaker 2: apply to the Overseas Investment Office to buy a house 56 00:02:13,080 --> 00:02:15,720 Speaker 2: to live in, and they'll keep you that. Under the AAP, 57 00:02:15,880 --> 00:02:17,560 Speaker 2: you don't have to be in the country that long, 58 00:02:18,040 --> 00:02:20,360 Speaker 2: so you can't actually buy a house. In fact, I 59 00:02:20,400 --> 00:02:23,240 Speaker 2: was speaking to a very wealthy American who's invested literally 60 00:02:23,240 --> 00:02:26,120 Speaker 2: fifteen to twenty million dollars. You're ready. He has his 61 00:02:26,200 --> 00:02:28,440 Speaker 2: permanent residency, but he's not allowed to buy a house. 62 00:02:28,800 --> 00:02:31,239 Speaker 2: Loves the place, comes here a lot, has to rent 63 00:02:31,240 --> 00:02:33,240 Speaker 2: a place. That is the sort of guy that adds 64 00:02:33,280 --> 00:02:36,480 Speaker 2: immense value to this country, loves our community, spends a 65 00:02:36,520 --> 00:02:37,880 Speaker 2: hell of a lot of money. He should be allowed 66 00:02:37,919 --> 00:02:38,160 Speaker 2: to buy it. 67 00:02:38,280 --> 00:02:40,520 Speaker 1: Can you explain to me, because you worked with him, 68 00:02:40,560 --> 00:02:42,240 Speaker 1: how is it? Winston can't see that. 69 00:02:43,800 --> 00:02:46,400 Speaker 2: Look, I'm still working with Winston on this. I think 70 00:02:46,600 --> 00:02:49,320 Speaker 2: Winston may come around to this. I mean, keep in 71 00:02:49,360 --> 00:02:52,240 Speaker 2: mind New Zealand's first major policy platforms, we will not 72 00:02:52,280 --> 00:02:55,160 Speaker 2: sell Zealand New Zealand to foreigners. And look, I kind 73 00:02:55,200 --> 00:02:56,679 Speaker 2: of buy that the Fine and Buy a Band was 74 00:02:56,720 --> 00:03:00,239 Speaker 2: life at the time because we believe that overseas eyes 75 00:03:00,240 --> 00:03:02,400 Speaker 2: had about tim center the market. Now that was skewing 76 00:03:02,400 --> 00:03:06,640 Speaker 2: the market. This is about creating economic opportunity, about economic wealth, 77 00:03:06,680 --> 00:03:10,480 Speaker 2: about growth, about jobs, everything that ZILD stands for. So 78 00:03:10,560 --> 00:03:12,080 Speaker 2: I think there's a way forward. And when we can 79 00:03:12,120 --> 00:03:14,240 Speaker 2: say to ones, these are the good guys, these are 80 00:03:14,240 --> 00:03:17,040 Speaker 2: the guys that are coming over here and creating jobs 81 00:03:17,040 --> 00:03:19,440 Speaker 2: for keyweks. They're creating economic wealth for our country and 82 00:03:19,440 --> 00:03:22,160 Speaker 2: they're driving up everything that is positive about this country. 83 00:03:22,840 --> 00:03:24,720 Speaker 2: I think that there is a way forward and working 84 00:03:24,760 --> 00:03:25,480 Speaker 2: through its another one. 85 00:03:25,600 --> 00:03:28,000 Speaker 1: Good to catch up, appreciate it. Stuart Nash, former Labor 86 00:03:28,000 --> 00:03:30,600 Speaker 1: Party Cabinet Minister of Course. For more from the Mic 87 00:03:30,680 --> 00:03:33,799 Speaker 1: Asking Breakfast, listen live to news talks that'd be from 88 00:03:33,880 --> 00:03:37,240 Speaker 1: six am weekdays, or follow the podcast on iHeartRadio.