New Zealand Retirement - What You Need To Know
• Qualify for the temporary retirement category.
• Qualify for permanent residence in one of the country's normal immigration categories.
Temporary Retirement Category
This is a two year visitor visa which, importantly, is renewable. This visa is not for everyone, however. The main requirement is money. This begins with the NZ$2,600 application fee. Then to be approved under the Temporary Retirement Category you must:
• be aged 66 years or over
• invest NZ$0.75 million in New Zealand for two years, in an acceptable investment
• demonstrate ownership of NZ$0.5 million of maintenance funds and an annual income of NZ$60,000 at the time you apply
• meet standard health and character requirements
• hold and maintain comprehensive travel and/or health insurance for the duration of your stay
Successful applicants will be issued with a two year multiple entry visitor's visa/permit which allows them to stay for two years, and travel in and out of New Zealand during that time.
You can re-apply for another visitor's permit/visa under this category if you:
• continue to meet all the requirements above; and
• can demonstrate that you have maintained your travel and/or health insurance and your investment funds in an acceptable investment during the two year duration of your stay.
You may include your partner in your application; however dependent children cannot be included.
An acceptable investment is defined as investment that:
1. is in either one or more of the following:
• bonds issued by the New Zealand government or local authorities, or
• bonds issued by New Zealand firms traded on the New Zealand Debt Securities Market (NZDX), or
• bonds issued by New Zealand firms with at least a BBB- or equivalent rating from internationally recognised credit rating agencies (for example, Standard and Poor's), or
• equity in New Zealand firms (public or private), including managed funds
and:
2. is capable of a commercial return under normal circumstances and has the potential to contribute to New Zealand's economy, and
3. is invested in New Zealand in New Zealand currency, and
4. has the potential to contribute to New Zealand's economy, and
5. is invested in lawful enterprises or managed funds that comply with all relevant laws in force in New Zealand, and
6. is not for the personal use of the applicant(s), and
7. is not (directly or indirectly) invested in residential property or deposit taking financial institutions (eg banks or finance companies).
Application forms and guides for the Temporary Retirement Category are available for download, or from Immigration New Zealand branches.
Permanent Residence
A significant number of people have obtained permanent residence as skilled workers while in their 50s with a view to working for a short time and then retiring in New Zealand.
Some have even come and never worked, retiring immediately using savings or an overseas pension to fund their new lives in New Zealand.
If you do obtain permanent residence in New Zealand, the following applies:
• In order to qualify for New Zealand superannuation (a pension paid by the government) you must have lived in New Zealand for at least 10 years since you turned 20. Five of those years must be since you turned 50.
• Time spent overseas in certain countries may be counted for New Zealand Superannuation.
• New Zealand has social security agreements with Australia, Canada, Denmark, Greece, Ireland, Jersey/Guernsey, The Netherlands and The United Kingdom.
• People from the UK, for example, can use time spent in the UK / UK National Insurance payments to make themselves eligible for New Zealand Superannuation.
• If you are from one of the countries listed, you can download a NZ government guide to your eligibility for New Zealand superannuation.
• Superannuation is currently worth $18,954 gross per annum if you're single or $14,228.76 gross for each person in a married/civil union/de facto couple.
• Superannuation is part of your taxable income and the amount you are paid will be reduced by the impact of income tax paid at your normal rate.
• New Zealand Superannuation is maintained between 65% and 72.5% of average full-time net earnings.
• By law, you can work to any age you want to in New Zealand.
• If you qualify for New Zealand Superannuation and work beyond the age of 65, you will receive both your pay and your NZ Superannuation payments.
• Any pension you get from an overseas government will probably be deducted from your NZ superannuation.
• Any pension you get from a former employer overseas will probably be paid in addition to your full NZ Superannuation.