Stuart Nash: Former Labour Cabinet Minister the return of the golden visa

The golden visa has been reinstated as a part of the Government's plan to fire up the economy in 2025. 

The visa will allow people to invest $5 million over 3 years in a growth project or $10 million over 5 years in a more conservative operation. Both options will enable residency. 

Former Labour Cabinet Minister Stuart Nash launched the visa in 2022 reflects on what Labour could have done better. 

"We want people over here who are going to contribute to the economy and our communities," he said.

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Episode Transcript

Speaker 1 (00:00):
So as part of the government's planned to fire up
the economy this year, the Golden visas back. In simple terms,
you can invest five million over three years in a
growth type project or ten million over five years and
a more conservative operation. Either way it gets your residency.
Former Labor Cabinet Minister Stuart Nations with a Stuart Morning,
good morning.

Speaker 2 (00:15):
I tell you very.

Speaker 1 (00:16):
Well, thank you. You congratulate the government.

Speaker 2 (00:18):
Why I've done a really good job on this. I
mean I launched this visa September twenty twenty two. The
intent is still the same. It's about active investment. We
want people over here are going to contribute to the
economy and our communities. We've got a couple of things wrong,
I admit that, but it was new. We'd always written
a year long review period in the policy. The government's
taking a look at what we did. Thought we could

(00:39):
do a couple of things better. I agree, so good
on them.

Speaker 1 (00:42):
And as one of those things that you can do
better as the language test.

Speaker 2 (00:45):
Yeah, what was happening is some very wealthy guys found
that quite insulting that they came from countries where English
wasn't the first language. We were forcing to take a test.
It's not required. Mate.

Speaker 1 (00:55):
So Phil Twyfe and I'm watching whining on the news
last night about rich people and how we don't want
them in the car and they don't do anything for us.
Is he wrong?

Speaker 2 (01:03):
One hundred percent wrong. I don't think still understands how
an economy works, or how New Zealand's economy works. But
we have very shallow capital markets, as generally acknowledge, we
just haven't got the people to grow companies into world
leading companies. And of course they have a lot of
money grow money from the bank. These are people who
are proven globally. They know what to do, they know
how to do it, they're successful. They want to be

(01:24):
part of our economy. They're going to add to our communities.
I think these are awesome. Keep in mind, right to
get your active vesta plus visa, you've had to pass
the good character tests, you've had to pass the health test,
you've had. Your wealth has got to be acknowledged. Well,
no proven is coming from legitimate sources. These are good people.
Their money is legitimate. They add value. There is no downside.

Speaker 1 (01:46):
Explain to me. Once you arrive with your five or
ten and as the prime is to point it out
in the speech yesterday, that you like the country, you enjoy,
you might have some more money and some more ideas.
At what point do they need to turn around the
rule where you can't buy a house straight away?

Speaker 2 (02:01):
So at the moment if you arrive and you say
you want to be a tax reason, I live here
for one hundred and eighty three days. It's actually called
ordinarily reson, but be a tax resident, then you can
apply to the Overseas Investment Office to buy a house
to live in, and they'll keep you that. Under the AAP,
you don't have to be in the country that long,
so you can't actually buy a house. In fact, I
was speaking to a very wealthy American who's invested literally

(02:23):
fifteen to twenty million dollars. You're ready. He has his
permanent residency, but he's not allowed to buy a house.
Loves the place, comes here a lot, has to rent
a place. That is the sort of guy that adds
immense value to this country, loves our community, spends a
hell of a lot of money. He should be allowed
to buy it.

Speaker 1 (02:38):
Can you explain to me, because you worked with him,
how is it? Winston can't see that.

Speaker 2 (02:43):
Look, I'm still working with Winston on this. I think
Winston may come around to this. I mean, keep in
mind New Zealand's first major policy platforms, we will not
sell Zealand New Zealand to foreigners. And look, I kind
of buy that the Fine and Buy a Band was
life at the time because we believe that overseas eyes
had about tim center the market. Now that was skewing
the market. This is about creating economic opportunity, about economic wealth,

(03:06):
about growth, about jobs, everything that ZILD stands for. So
I think there's a way forward. And when we can
say to ones, these are the good guys, these are
the guys that are coming over here and creating jobs
for keyweks. They're creating economic wealth for our country and
they're driving up everything that is positive about this country.
I think that there is a way forward and working
through its another one.

Speaker 1 (03:25):
Good to catch up, appreciate it. Stuart Nash, former Labor
Party Cabinet Minister of Course. For more from the Mic
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