On Monday 7 October 2019, the Government announced the reopening of the Parent Resident Visa category with some changes.
The category is set to reopen from February 2020. Expressions of interest (EOIs) can be made from that time, with the first EOIs being selected in May 2020. Selections will be made based on the date the EOIs were originally received by Immigration NZ.
The two tier system is changing to a single system and there are new increased financial requirements that applicants and sponsors will need to meet. The financial requirements for sponsors will be updated annually in accordance with the New Zealand median income. The number of people who can get the visa is also being limited to 1000 annually.
New financial requirements/changes
- No option for applicants to apply on the basis of settlement funds or a guaranteed lifetime income;
- Income threshold for one sponsor to sponsor one parent is NZD$106,080 p.a.;
- Income threshold for one sponsor to sponsor two parents is NZD$159,120 p.a.;
- Income threshold for sponsor and sponsor's partner to sponsor one parent is NZD$159,120 p.a.; and
- Income threshold for sponsor and sponsor's partner to sponsor two parents is NZD$212,160 p.a.
These can be updated to meet the new requirements, left in the queue if they will meet the new requirements or can be withdrawn. Where EOIs are withdrawn, an application for a refund of the fee can be made. Where an EOI is selected and it does not meet the requirements, no fee refund will be available.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.