Marcus Beveridge: Queen City Law Managing Director on the Government's golden visa scheme

The application process for New Zealand's 'golden visa' scheme' is firing up and going strong.  

The Government's confirmed almost 200 applications have been received from overseas investors since settings loosened in April.  

Queen City Law Managing Director Marcus Beveridge told Mike Hosking he's predicting a tsunami of capital into our little economy.  

He says he wouldn't be surprised if we don't exceed $10 billion a year from immigration alone, and with those migrants bringing more money, we could end up with up to $30 billion per annum. 

LISTEN ABOVE 

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:00):
It turns out the new Golden visa might just be

(00:01):
a hit. So far, one hundred and eighty nine applications
have been filed. That's more than two months than they
got under the previous government over two and a half years.
The investment pipeline's about eight hundred million dollars in counting.
Marcus Beveridge is managing director of Queen's Queen City Law
and as well as Marcus Morning.

Speaker 2 (00:18):
Good morning, Mike Hawe.

Speaker 1 (00:19):
Under well, ind the process application to acceptance is that working?
Do we know yet or not?

Speaker 2 (00:26):
It's looks it's all firing up and going really really well.
And where you know, I predicted a tsunami of capital
into our little economy. It's one of the few rays
of sunshine we've had in all the economic gloom recently.
And honestly, I wouldn't be at all surprised if we
don't exceed ten billion dollars a year coming through this program,

(00:47):
which is the immigration side of the money, and then
often those migrants bring further fund so we could end
up with twenty thirty billion dollars per annum if we
keep going.

Speaker 1 (00:56):
And so I was going to ask, do you reckon
this is low hanging fruit. It's the easy get. You're arguing, No,
there's plenty more where that came from.

Speaker 2 (01:04):
Well, look, there's about they've mapped out about twenty thousand
millionaires move around the world every year. I mean, our
hundred is peanuts compared to do by recruiting seven thousand
millionaires a year and some of the other countries, I
mean the States three and a half a thousand. It'll
lead to and a half thousand. So our hundred is small,
small potatoes, but there is enormous potential. And with some

(01:28):
of the stuff going on in the globe, there's more
and more reason, more compelling reasons that come down this way.
So a lot of exciting stuff. We're camped out with
some developers looking at some downtown hotels in Auckland at
the moment. Yesterday we had people in the office looking
at a tourism venture and wrote a ruher. These projects
simply can't get out of the ground without the sort

(01:49):
of funding. So yeah, it looks really exciting, and I
just I just hope it keeps going. Some of the
rules are a bit clunky.

Speaker 1 (01:55):
But ah, anyway, well I was going to ask you
about that is we got a twofold thing. Are we
seen as a safe haven? Is that genuine and or
are the details and what we're offering more beneficial to
some of those other markets that you were talking about
or not.

Speaker 2 (02:12):
So, yes, we are seen as a safe haven with
the rule of law and all those sorts of things,
and you know, well established legal system blah blah blah.
But you know, in Dubai, I think it's just all
about being a tax exempt for a number of years.
But here, under this program you get your residency for life.
So Australia shut the door. They've also banned foreign buyers
on housing til twenty twenty seven. The sort of experts

(02:35):
out of Sydney seem to think they've shut the door
to the Golden visa for the next six years. So
there's a lot of pent up demand out of people
in the queue over there have been sitting in a
queue for several years, and we're trying to exploit all
of that. So you know, I mean, if they unleash,
if they take away the restriction on home ownership, to
which I think will happen, I think, you know, that

(02:57):
just be more and more funds flowing into our contomy.

Speaker 1 (03:00):
Tankey. But you're talking about, is that the major impediment.

Speaker 2 (03:04):
No, No, we don't see it as that much of
an impediment because you know, for the guys who only
want to stave three weeks and three years, they probably
don't even need need a home, and under the OIO
rules they can actually buy a home here in any event.
So we don't see that per se as a impediment.
But in terms of industrial and commercial and residential property development,
the way the rules are formulated are difficult and it

(03:26):
sort of pushes people into bonds and shares.

Speaker 1 (03:29):
Right, So the split so far, there's only seven that's
actually been approved. In the money flowed in the country,
five went one way, too went the other five went
for growth, too went for balanced. Is that an issue
at all? It will be what it will be.

Speaker 2 (03:42):
No, You'll end up with several hundred families per around them.
Eighty percent of them will go into that five million
dollar thing that's growth, and the balance will get well,
the rest will go into that ten million thing called balance.
But that fact that only that small number is converted
from a couple of hundred families is not a big issue.
They will all convey and it's just a timing factor really,

(04:03):
because we're expecting quite an explosion of applications over the
next couple of months. Because it's only been rounds. It's
the first of April. You have to have your polease certificates,
medical certificate, source of funds, all this stuff ready to
go and given to the bureaucrates and Wellington to get approved.
So there's a bit of time compiling all of that,
so we'll expect the next couple of months to be
quite busy.

Speaker 1 (04:22):
Ones fantastic good on your Marcus, not to sketch up,
appreciate it and then I'm good to hear the good news.
Marcus Beverage, who's the managing director of Immigration lawyer at
Queen's City Law.

Speaker 2 (04:30):
For more from the Mic Asking Breakfast, listen live to
news talks. It'd be from six am weekdays, or follow
the podcast on iHeartRadio