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Speaker 1: Heather duple c l the Wan's new golden visa skin

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Speaker 1: to attract wealthy foreigners as going gangbusters. In the last

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Speaker 1: three months it has attracted one hundred and eighty nine applications.

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Speaker 1: Now that is a lot more than the one hundred

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Speaker 1: and sixteen applications that came through under Labour's rules, and

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Speaker 1: that took two and a half years. Erica Stanford is

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Speaker 1: the Immigration minister. Hey Erica, good afternoon, Erica. If we've

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Speaker 1: got two hundred applications almost, why have only seven been

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Speaker 1: granted visa so far?

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Speaker 2: Well, what happens is that these people have got six

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Speaker 2: months in which to find their acceptable investment and make

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Speaker 2: their investment. It used to be eighteen months. We've shifted

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Speaker 2: it back to six months, and so there is a

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Speaker 2: period of time we're only early days yet in which

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Speaker 2: we've got to start pushing these biases through. But one

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Speaker 2: hundred application has been approved in principle. It's not bad

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Speaker 2: half to just ten weeks.

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Speaker 1: Yeah, what's the difference between actually approved and improved in principle?

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Speaker 1: What are you waiting for that?

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Speaker 2: This is where they are about to put their money in,

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Speaker 2: for example, So we've got to do a whole lot

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Speaker 2: of work in the background. So we've got to make

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Speaker 2: sure that their applications are final, full dunally medicals, we've

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Speaker 2: got to trace sources of funds. It takes quite a

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Speaker 2: while because we don't want dirty money, so that's why

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Speaker 2: it takes a little while to get to this point.

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Speaker 2: Then they're approved from principle and then they make their investments.

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Speaker 1: Fabulous And where are these people coming from?

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Speaker 2: Well, predominantly a lot of them are coming out of America.

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Speaker 2: So there's one hundred and eighty nine applications and eighty

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Speaker 2: five of those are out of the States. Are closely

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Speaker 2: followed by China twenty six and then Hong Kong twenty four,

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Speaker 2: and then Germany at sixteen, and we're seeing quite a

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Speaker 2: lot of interest out at the German market.

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Speaker 1: Is there any requirement on them to keep their money

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Speaker 1: here for a period of time?

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Speaker 2: There is, depending on if they're going for the balanced

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Speaker 2: category or for the growth category, that's either five years

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Speaker 2: or three years, So there is a period of time

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Speaker 2: they've got to have that here. But we know that

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Speaker 2: actually that initial investment is almost it's significant, but it's

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Speaker 2: actually what they invest after that we know through the

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Speaker 2: data that we do have that they invest a whole

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Speaker 2: lot more once they get here and they see the

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Speaker 2: ecosystem and they fall in love with the place, and

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Speaker 2: they have there quite big philanthropists as well, So there

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Speaker 2: is a huge amount of investment that goes on after

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Speaker 2: that initial investment.

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Speaker 1: Are you going to keep measuring the benefits that these

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Speaker 1: people bring? Like it's one thing to get them here,

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Speaker 1: then to actually know what they're doing the benefit to

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Speaker 1: the country, are you going to measure that?

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Speaker 2: We are. We've put written something into the instructions that

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Speaker 2: allow us to keep tracking what they do after their

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Speaker 2: initial investment. We've never had that data before, but we

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Speaker 2: will be tracking it. We will also, through IMZ, keep

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Speaker 2: a really close eye on the businesses that are being

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Speaker 2: invested in. So we were just today at Hotline Labs

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Speaker 2: who are wanting to grow to a one hundred million

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Speaker 2: dollar plus company and export up to Europe and a

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Speaker 2: need funds in order to do that. So it'll be

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Speaker 2: companies like that and all the people that they employ

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Speaker 2: and the export dollars at their earning will also be

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Speaker 2: a part we'll look at tracking through in the through

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Speaker 2: invest New zealand that new body as well.

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Speaker 1: Erica, Thanks very much, appreciate your time as Erica Stanford

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Speaker 1: Immigration Minister. For more from Hither Duplessy Allen Drive, listen

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Speaker 1: live to news talks. It'd be from four pm weekdays,

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