New Zealand will widen the list of investments that qualify for its Active Investor Plus residence visa. From December 2026, applicants in the Growth category, which requires at least NZD 5 million invested for a minimum of three years, will be able to count money placed in Build to Rent housing developments, the government announced on 8 September 2026. The change comes with two conditions: the money must go through a managed fund approved by Invest New Zealand rather than directly into a project, and the investor and their family members may not live in a development their investment helped finance. The minimum investment does not change and every other requirement of the visa still applies. Immigration New Zealand will publish the detailed rules before the December start.
Background
The Active Investor Plus visa was rebuilt on 1 April 2025. The old weighted system with a NZD 15 million headline figure was replaced by two categories. Growth asks for NZD 5 million over three years in higher-risk assets such as managed funds and direct investment in New Zealand businesses. Balanced asks for NZD 10 million over five years and allows lower-risk holdings, including bonds and property-type investments. The April 2025 reform also dropped the English-language test and cut the time investors must spend in the country. The settings have kept moving since: changes to the Overseas Investment Act that took effect on 6 March 2026 let overseas-based investor-visa holders apply to the Overseas Investment Office to buy or build one home worth more than NZD 5 million without living in New Zealand or becoming tax resident (13 consents had been granted by 30 April 2026), and from 1 June 2026 Growth applicants may direct up to 20 percent of their investment to eligible New Zealand charities.
What exactly changed
The joint release from Immigration Minister Erica Stanford, Housing Minister Chris Bishop and Building and Construction Minister Simon Watts states that "in December 2026, Growth category applicants will be able to include Build to Rent as part of their overall investment in New Zealand". Build to Rent means purpose-built, professionally managed rental housing held long term rather than sold unit by unit. Until now such projects sat outside the Growth category; the release notes that wider residential and commercial property development remains possible under the Balanced category. The new option is restricted to "approved managed funds only, and direct investment in Build to Rent developments will not be available". Invest New Zealand, the government’s investment attraction agency, will approve the funds, and Fragomen reports that those funds will have to meet capability, governance and delivery standards. Ms Stanford said the Growth category "is particularly focused on investment that supports business growth, innovation and productivity" and that the managed-funds model keeps that focus. Mr Bishop framed it as a housing measure: "New Zealand needs more homes of all kinds, including more long-term rental homes that are purpose-built for renters."
Before vs after
- Now: Growth category, NZD 5 million minimum for at least 3 years, in managed funds and direct business investment; Build to Rent housing is not an eligible Growth investment.
- From December 2026: Build to Rent can form part of the Growth investment, via managed funds approved by Invest New Zealand only; no direct investment in a development.
- Condition: the applicant and family members cannot live in a Build to Rent development funded through their investment.
- Unchanged: the NZD 5 million minimum, the three-year period and all other Active Investor Plus requirements; the Balanced category (NZD 10 million over 5 years) continues to accept wider property development.
Who it affects
Immigration New Zealand’s own figures, updated on 4 September 2026, show who is in this queue. Between 1 April 2025 and 2 September 2026 the agency received 904 applications and approved 467, with around NZD 4.935 billion either committed or in the pipeline. The Growth category dominates: 772 of the 904 applications. Managed funds are already where that money goes: of the NZD 1.49 billion of Growth capital committed to 30 June 2026, NZD 1.2 billion (80 percent) sits in managed funds, mostly private credit. Applicants from the United States lead with 293 applications covering 891 people, followed by China (168), Hong Kong (118), Germany (59), Taiwan (47), Singapore (36) and Great Britain (25). For these families the change adds a real-asset option to a category that has been almost entirely private credit, venture and private equity. It matters most to an investor who wants exposure to New Zealand property without the larger NZD 10 million Balanced commitment.
What to do now
Nothing can be filed under the new option until December, and the fund list does not yet exist. Someone preparing a Growth application now can proceed on the current asset classes and, if the timing suits, wait for the approved-fund names before committing the last tranche; INZ says the average approval time is 36 working days once investment documents are in. An applicant already holding approval in principle should ask their adviser whether a change of investment mix is possible under their visa conditions, since the release does not address it. Read the residence restriction literally: money in a Build to Rent fund buys an investment, not a home. Buying a place to live is a separate route under the Overseas Investment Act, needs its own consent and a purchase price above NZD 5 million, and does not count towards the visa investment. Our New Zealand guide (/country-guides/new-zealand) explains the visa categories, and our destination spotlight (/news/destination-spotlight-new-zealand) covers the housing market these investors would be entering.
When it takes effect
December 2026, per the New Zealand Government release of 8 September 2026. Immigration New Zealand will publish the detailed requirements before then; no exact day has been given.
What is not yet published
The precise start date in December, the list of Invest New Zealand-approved funds, and whether Build to Rent may account for the whole NZD 5 million or only a share of it are all still to come. The release does not describe how the no-residence condition will be checked, or whether applicants already approved in principle can move money into a Build to Rent fund.
Key Takeaway
From December 2026 New Zealand’s NZD 5 million Growth-category investor visa will accept Build to Rent housing through approved managed funds, with the minimum unchanged and a firm rule that investors cannot live in what they finance.