Migrants applying under New Zealand’s Active Investor Plus visa — commonly called the “golden visa” — will soon be able to count investment in build-to-rent housing developments toward their required capital, RNZ reports.
The visa’s “growth” category requires a minimum investment of NZ$5 million. Applicants currently meet that threshold through direct investments, managed funds, or donations (capped at 20% of the total amount invested). From December 2026, build-to-rent developments will become eligible as part of an applicant’s investment, but only through the managed-funds model — direct investment in build-to-rent projects will not be accepted.
Immigration Minister Erica Stanford said the growth category is focused on investment that supports business growth, innovation and productivity, and that adding build-to-rent “gives investors another option, while keeping that focus through the managed funds model.” Housing Minister Chris Bishop said the change would help boost the country’s housing stock, noting that build-to-rent “can add to rental supply over time, while the managed funds model provides clear safeguards around who manages the investment and how developments are delivered.”
The Active Investor Plus settings were last updated in April 2025, splitting the visa into a “growth” category (minimum NZ$5 million, held at least three years) and a “balanced” category (minimum NZ$10 million, held at least five years). Since then, the government says NZ$5 billion has been invested across more than 900 applications, with over 80% of applications made under the growth category.
References
RNZ – ‘Golden visa’ migrant investments soon to include build-to-rent housing developments
