1. What is a Business – Parent Retirement Visa for New Zealand?

A Business – Parent Retirement Visa for New Zealand is a type of visa that allows parents of a New Zealand resident or citizen to retire and live in New Zealand permanently. This visa is designed for those who have successfully operated their own businesses, and have substantial assets and investments, and want to join their family in New Zealand. It allows them to live, work and study in the country while enjoying retirement.

2. What are the eligibility requirements for a Business – Parent Retirement Visa?

To be eligible for a Business – Parent Retirement Visa, applicants must meet the following criteria:

– Be over 65 years old
– Have an adult child who is a New Zealand citizen or resident
– Meet minimum income and assets requirements (generally around NZD $60,000 per year)
– Have no dependents other than their partner (if applicable)
– Meet health and character requirements

In addition, applicants must provide evidence of owning or directing a business for at least three years, with significant involvement in its day-to-day management.

3. How long does it typically take to process?

The processing time for a Business – Parent Retirement Visa can vary depending on individual circumstances, but it usually takes around 12-18 months. It may take longer if additional information or documents are required.

4. Can I work on this visa?

Yes, holders of a Business – Parent Retirement Visa can engage in employment activities in New Zealand without restrictions.

5. Can I include my spouse or partner on this visa?

Yes, you can include your spouse or partner as long as you can demonstrate that your relationship is genuine and stable.

6. What are the financial requirements for this visa?

Applicants must be able to show they have sufficient funds to support themselves while living in New Zealand (currently at least NZD $500,000) and meet minimum income requirements (usually around NZD $60,000 per year).

7. Can I apply for permanent residency through this visa?

No, the Business – Parent Retirement Visa does not lead to permanent residency in New Zealand. However, holders may be eligible to apply for a Resident Visa after two years of living in the country with this visa.

8. Can I travel outside of New Zealand on this visa?

Yes, holders of a Business – Parent Retirement Visa can travel outside of New Zealand and re-enter as long as their visa is still valid. However, if they stay outside of New Zealand for longer than six months at a time or longer than 18 months in total during the initial two-year period, they may risk losing their visa status.

9. Are there any additional requirements for this visa?

Applicants must provide proof of medical insurance coverage for their first two years in New Zealand and commit to investing a minimum of NZD $1 million into an acceptable investment in New Zealand within two years of obtaining the visa. They must also maintain these investments for a minimum period of four years while holding the visa.

10. Can I apply for this visa if I have health issues or disabilities?

Applicants with significant health issues or disabilities may still be eligible for this visa if they can demonstrate that they will be able to support themselves financially and will not place undue strain on New Zealand’s public health system. Individual circumstances will be carefully considered during the application process.

2. Who is eligible for a Business – Parent Retirement Visa?

The Business – Parent Retirement Visa is for parents of New Zealand citizens or residents who have established a successful business in New Zealand. To be eligible, the parent must meet the following criteria:

1. Age: The parent must be at least 65 years old.
2. Relationship: The parent must be the biological or adoptive parent of a New Zealand citizen or permanent resident.
3. Business ownership: The Parent Retirement Visa requires that the parent has owned and operated a successful business in New Zealand for at least three years before applying.
4. Investment: The parent must make an investment of NZ$750,000 in New Zealand for two years, either in a specified investment fund or by actively managing a business.
5. Maintenance funds: The parent must have sufficient funds to support themselves without needing to work in New Zealand.
6. Health and character requirements: The parent and their partner (if applicable) must meet health and character requirements.
7. Sponsorship: The child who is sponsoring their parent’s visa application must be able to provide financial support if necessary, and agree to support their parent during their first two years in New Zealand.
8. Length of stay: This visa allows the parent to live and work in New Zealand indefinitely with travel conditions attached, which allow multiple entries into and out of the country.

It’s important to note that there are strict criteria for meeting each requirement and they may vary depending on individual circumstances. It’s best to consult with an immigration advisor for personalized advice on eligibility for this visa category.

3. Is there an age limit for the Business – Parent Retirement Visa?

Yes, the Business – Parent Retirement Visa is specifically designed for older individuals, so there is an age limit in order to apply. The primary applicant must be at least 55 years old and their spouse must be at least 45. There is no upper age limit for this visa category.

4. Can I bring my spouse or partner on this visa?

Yes, your spouse or partner can come with you on this visa. They will need to apply for a dependent visa and meet the eligibility requirements.

5. How long is the processing time for a Business – Parent Retirement Visa?

The processing time for a Business – Parent Retirement Visa varies depending on the country where the application is being processed. It can take anywhere from a few months to over a year. It is recommended to check with the specific country’s immigration department for the most up-to-date processing times.

6. Do I need to have a minimum investment amount to apply for this visa?

Yes, there is a minimum investment amount required to apply for this visa. The specific amount varies by country and can range from $100,000 to $250,000 or more. It is important to research the requirements for the specific country you are interested in before applying for the visa.

7. Can I work while on a Business – Parent Retirement Visa?

It is possible to work while on a Business – Parent Retirement Visa, however you will need to obtain the necessary permits and adhere to any restrictions or conditions set by the Australian government. It is advisable to consult with an immigration lawyer or the Department of Home Affairs for specific information regarding working while on this visa category.

8. What type of business can I invest in with this visa?

The type of business you can invest in with this visa is a new commercial enterprise that creates at least 10 full-time jobs for U.S. workers, or an existing business that is undergoing significant restructuring or expansion and will create new employment opportunities. The investment must also meet specific capital requirements and be actively engaged in a for-profit activity. Additionally, the investment must not be used to purchase an existing business, unless it is being restructured or expanded to create new employment opportunities.

9. Can I apply for permanent residency through this visa?

No, this visa is not typically used as a pathway to permanent residency. However, some countries may offer pathways for individuals on this visa to apply for permanent residency through other programs. It is best to check with the immigration authorities of the country you are interested in immigrating to for more information.

10. Are there any English language requirements for the Business – Parent Retirement Visa?

Yes, applicants must provide evidence of their English language proficiency through a formal examination or by meeting certain exemption criteria. The required level of English proficiency depends on the specific circumstances of the applicant and the country they are applying from. For example, applicants from English-speaking countries may be exempt from this requirement. More information on the English language requirements can be found on the Immigration New Zealand website.

11. Is health insurance required for this visa?

It depends on the country you are planning to visit. Some countries may require visitors to have health insurance as a requirement for obtaining a visa, while others may not. It is important to check with the embassy or consulate of the country you are planning to visit for their specific visa requirements.

12. Can I bring my children on this visa if they are over 18 years old?

Yes, as long as they are unmarried and financially dependent on you, they may be eligible to come with you on your visa. You would need to include them in your visa application and provide evidence of their financial dependence. They may also have to undergo a medical examination and security checks.

13. What are the financial requirements for the Business – Parent Retirement Visa?

To apply for a Business – Parent Retirement Visa, you will need to show that you have access to sufficient funds to support yourself and your accompanying family members in Canada. This includes:

1. Proof of at least CAD$15,772 per person for one year as the minimum necessary income (MNI). For example, if a couple is applying for the visa, they must show proof of at least CAD$31,544.
2. Proof of unencumbered net worth equivalent to at least CAD$600,000. This amount may be higher in certain provinces or territories.
3. A detailed breakdown of your assets and liabilities, including bank statements, investment portfolios, real estate ownership documents, and any other assets or sources of income.
4. Proof of sufficient health insurance coverage for you and your family members while living in Canada.
5. If you plan on purchasing or investing in a business in Canada, you may also need to provide additional financial documentation such as business plans and financial projections.

Additionally, applicants are required to meet the Canadian Income Tax Act requirements by providing proof of submission of personal tax returns from the past 10 years (if applicable).

It is important to note that these financial requirements may vary slightly depending on the province or territory where you plan to reside. It is recommended that you thoroughly research the specific requirements for the province or territory before submitting your application.

14. Is there a limit on the number of visas issued each year for this category?

Yes, there is a limit on the number of visas issued each year for this category. The exact number varies and is determined by the U.S. government based on various factors such as annual immigration quotas and demand for visas in different categories. This limit is known as the “annual cap” or “visa quota” and can change from year to year. It is important to note that the visa quota does not apply to immediate relatives of U.S. citizens (spouses, parents, and unmarried children under 21), who are considered an unlimited category and do not need to wait for a visa to become available.

15. Do I need to have previous business experience to be eligible for this visa?

No, previous business experience is not a requirement for the E-2 visa. However, you must demonstrate that you have the necessary skills and experience to successfully develop and operate your business in the United States. It may be helpful to provide evidence of any relevant education or training, as well as a solid business plan and financial projections.

16. Will my spouse or partner be allowed to work in New Zealand on this visa?

As a resident visa holder, your spouse or partner may apply for an open work visa, which would allow them to work in New Zealand while you are living there. They would need to meet certain criteria and go through the appropriate application process. Additionally, if your spouse or partner has skills that are in demand in New Zealand, they may be eligible for a skilled work visa. It’s best to research and consult with an immigration advisor for specific information regarding your situation.

17. What documents are required to apply for a Business – Parent Retirement Visa?

To apply for a Business – Parent Retirement Visa, you will need to provide the following documents:

1. Completed visa application form
2. Valid passport
3. Passport-sized photographs
4. Proof of financial resources or funds
5. Evidence of business or investment-related qualifications, such as degree certificates, licenses, or relevant work experience
6. Business plan detailing intended activities in New Zealand and potential contributions to the economy
7. Letter from a New Zealand-registered bank confirming your ability to transfer and invest funds in New Zealand
8. Statement of support from an adult child who is a New Zealand citizen or resident
9. Character references from individuals who can attest to your personal and business character
10. Police certificate from any country you have lived in for more than 12 months in the last 10 years (if applicable)
11. Medical certificate to prove good health and character
12. Travel itinerary
13. Proof of travel insurance that meets New Zealand’s requirements
14. Any additional documents required by Immigration New Zealand, such as proof of ties to your home country or evidence of English language proficiency.

Note: All documents must be translated into English if they are not already in English.

18. Can I apply from outside of New Zealand?

Yes, you can apply from outside of New Zealand as long as you have a valid visa that allows you to enter and stay in the country for the duration of your study. However, it is recommended to check with the specific institution you are applying to for their eligibility criteria and any additional requirements for international students.

19. Is there an option to renew or extend this visa?

Yes, in most cases, you can apply to renew or extend your visa before it expires if you are still eligible for the same visa category. However, some types of visas may have certain restrictions on renewal or extensions. It is important to carefully review the terms and conditions of your visa to determine if renewal or extension is an option. You can also consult with an immigration attorney for guidance on the specific requirements and process for extending your visa.

20 . How long can I stay in New Zealand on a Business – Parent Retirement Visa before needing to reapply or leave the country?

A Business – Parent Retirement Visa allows the holder to stay in New Zealand for a maximum period of 2 years before needing to reapply or leave the country. After the initial 2-year period, the visa can be renewed for another 2 years, and this cycle can continue indefinitely as long as the eligibility requirements are met. However, it is important to note that this visa does not lead to permanent residency in New Zealand.