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Speaker 1: It turns out the new Golden visa might just be

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Speaker 1: a hit. So far, one hundred and eighty nine applications

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Speaker 1: have been filed. That's more than two months than they

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Speaker 1: got under the previous government over two and a half years.

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Speaker 1: The investment pipeline's about eight hundred million dollars in counting.

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Speaker 1: Marcus Beveridge is managing director of Queen's Queen City Law

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Speaker 1: and as well as Marcus Morning.

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Speaker 2: Good morning, Mike Hawe.

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Speaker 1: Under well, ind the process application to acceptance is that working?

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Speaker 1: Do we know yet or not?

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Speaker 2: It's looks it's all firing up and going really really well.

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Speaker 2: And where you know, I predicted a tsunami of capital

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Speaker 2: into our little economy. It's one of the few rays

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Speaker 2: of sunshine we've had in all the economic gloom recently.

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Speaker 2: And honestly, I wouldn't be at all surprised if we

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Speaker 2: don't exceed ten billion dollars a year coming through this program,

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Speaker 2: which is the immigration side of the money, and then

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Speaker 2: often those migrants bring further fund so we could end

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Speaker 2: up with twenty thirty billion dollars per annum if we

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Speaker 2: keep going.

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Speaker 1: And so I was going to ask, do you reckon

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Speaker 1: this is low hanging fruit. It's the easy get. You're arguing, No,

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Speaker 1: there's plenty more where that came from.

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Speaker 2: Well, look, there's about they've mapped out about twenty thousand

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Speaker 2: millionaires move around the world every year. I mean, our

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Speaker 2: hundred is peanuts compared to do by recruiting seven thousand

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Speaker 2: millionaires a year and some of the other countries, I

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Speaker 2: mean the States three and a half a thousand. It'll

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Speaker 2: lead to and a half thousand. So our hundred is small,

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Speaker 2: small potatoes, but there is enormous potential. And with some

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Speaker 2: of the stuff going on in the globe, there's more

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Speaker 2: and more reason, more compelling reasons that come down this way.

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Speaker 2: So a lot of exciting stuff. We're camped out with

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Speaker 2: some developers looking at some downtown hotels in Auckland at

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Speaker 2: the moment. Yesterday we had people in the office looking

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Speaker 2: at a tourism venture and wrote a ruher. These projects

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Speaker 2: simply can't get out of the ground without the sort

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Speaker 2: of funding. So yeah, it looks really exciting, and I

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Speaker 2: just I just hope it keeps going. Some of the

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Speaker 2: rules are a bit clunky.

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Speaker 1: But ah, anyway, well I was going to ask you

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Speaker 1: about that is we got a twofold thing. Are we

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Speaker 1: seen as a safe haven? Is that genuine and or

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Speaker 1: are the details and what we're offering more beneficial to

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Speaker 1: some of those other markets that you were talking about

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Speaker 1: or not.

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Speaker 2: So, yes, we are seen as a safe haven with

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Speaker 2: the rule of law and all those sorts of things,

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Speaker 2: and you know, well established legal system blah blah blah.

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Speaker 2: But you know, in Dubai, I think it's just all

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Speaker 2: about being a tax exempt for a number of years.

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Speaker 2: But here, under this program you get your residency for life.

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Speaker 2: So Australia shut the door. They've also banned foreign buyers

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Speaker 2: on housing til twenty twenty seven. The sort of experts

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Speaker 2: out of Sydney seem to think they've shut the door

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Speaker 2: to the Golden visa for the next six years. So

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Speaker 2: there's a lot of pent up demand out of people

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Speaker 2: in the queue over there have been sitting in a

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Speaker 2: queue for several years, and we're trying to exploit all

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Speaker 2: of that. So you know, I mean, if they unleash,

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Speaker 2: if they take away the restriction on home ownership, to

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Speaker 2: which I think will happen, I think, you know, that

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Speaker 2: just be more and more funds flowing into our contomy.

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Speaker 1: Tankey. But you're talking about, is that the major impediment.

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Speaker 2: No, No, we don't see it as that much of

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Speaker 2: an impediment because you know, for the guys who only

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Speaker 2: want to stave three weeks and three years, they probably

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Speaker 2: don't even need need a home, and under the OIO

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Speaker 2: rules they can actually buy a home here in any event.

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Speaker 2: So we don't see that per se as a impediment.

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Speaker 2: But in terms of industrial and commercial and residential property development,

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Speaker 2: the way the rules are formulated are difficult and it

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Speaker 2: sort of pushes people into bonds and shares.

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Speaker 1: Right, So the split so far, there's only seven that's

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Speaker 1: actually been approved. In the money flowed in the country,

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Speaker 1: five went one way, too went the other five went

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Speaker 1: for growth, too went for balanced. Is that an issue

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Speaker 1: at all? It will be what it will be.

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Speaker 2: No, You'll end up with several hundred families per around them.

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Speaker 2: Eighty percent of them will go into that five million

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Speaker 2: dollar thing that's growth, and the balance will get well,

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Speaker 2: the rest will go into that ten million thing called balance.

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Speaker 2: But that fact that only that small number is converted

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Speaker 2: from a couple of hundred families is not a big issue.

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Speaker 2: They will all convey and it's just a timing factor really,

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Speaker 2: because we're expecting quite an explosion of applications over the

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Speaker 2: next couple of months. Because it's only been rounds. It's

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Speaker 2: the first of April. You have to have your polease certificates,

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Speaker 2: medical certificate, source of funds, all this stuff ready to

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Speaker 2: go and given to the bureaucrates and Wellington to get approved.

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Speaker 2: So there's a bit of time compiling all of that,

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Speaker 2: so we'll expect the next couple of months to be

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Speaker 2: quite busy.

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Speaker 1: Ones fantastic good on your Marcus, not to sketch up,

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Speaker 1: appreciate it and then I'm good to hear the good news.

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Speaker 1: Marcus Beverage, who's the managing director of Immigration lawyer at

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Speaker 1: Queen's City Law.

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