The Government promised their modified investor visa scheme would draw high-value investors into New Zealand's economy.
Nine months later, only one visa has been approved under the scheme- to a person who was already in the country.
Immigration Minister Andrew Little says the new Active Investor Plus Visa is designed to encourage wealthy foreigners to use their investments to benefit New Zealand.
"What we didn't want was what was happening under the previous scheme, which was a lot of people turning up, putting a lot of money in Government bonds and bank accounts, generating interest and going back home."
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