Active Investor Plus Visa Review: What New Zealand’s Proposed AIP Changes Mean for Investors
12 May 2026
New Zealand’s Active Investor Plus (AIP) visa programme, also known as the ‘Golden Visa’, is again under the spotlight, with the Government reviewing the programme’s cash investment settings amid concerns that investor funds are not being sufficiently deployed into the economy.
For current and prospective applicants, the review signals that the Government may continue shifting the AIP visa toward more growth-focused and less liquid investment structures.
Why the New Zealand Active Investor Plus Visa Is Under Review
Since the Government reset the AIP visa settings in 2025, the programme has attracted significant investor interest and billions of dollars in investment commitments.
However, questions have emerged around how much of that capital is being actively invested into New Zealand businesses and growth-focused assets.
Policymakers are concerned that some funds may be sitting in low-risk or near-cash investments that deliver limited economic benefit for the country rather than being directed into productive areas of the economy such as businesses, growth assets, managed funds or infrastructure projects.
Closure of the DIMS Investment Pathway
The Government has already taken steps to tighten the programme with the closure of the Discretionary Investment Management Services (DIMS) pathway.
As a result, Growth category investors must now choose between Invest New Zealand-approved managed funds or direct investment into approved New Zealand businesses.
The DIMS option previously allowed Growth category investors to place funds with approved investment managers. However, some funds were remaining in cash or conservative holdings for lengthy periods rather than being actively invested into qualifying New Zealand growth assets.
The removal of DIMS was widely viewed as a strong signal that the Government intends to scrutinise how investor funds are deployed under the AIP framework.
What This Means for Potential AIP Visa Applicants
While no formal policy changes have yet been announced, the Government’s review may result in tighter investment requirements for AIP applicants.
Industry speculation has included potential changes such as:
- stricter limits on cash allocations;
- shorter timeframes for deploying funds;
- increased emphasis on private equity investments;
- stronger incentives for direct investment into New Zealand businesses; and
- reduced flexibility around liquidity and exit options
- a mandatory private equity allocation
While many investors understandably prefer lower-risk and more liquid investment options, the Government appears focused on encouraging higher-risk, growth-oriented investments that support economic activity, innovation and employment.
For investors seeking capital preservation, liquidity and straightforward exit strategies after the investment period, the Active Investor Plus visa may become progressively less flexible as policy settings evolve.
Need Advice on the Active Investor Plus Visa?
With the AIP visa under review and continuing to evolve, obtaining tailored immigration and investment advice is increasingly important.
Our Immigration Team regularly advises investors on New Zealand investor visa requirements, application strategy and ongoing compliance obligations under the AIP framework.
Disclaimer: The information contained in this publication is of a general nature and is not intended as legal advice. It is important that you seek legal advice that is specific to your circumstances.
