New Zealand is set to offer investor migrants applying for the Active Investor Plus Visa a new investment option, as Build to Rent developments will now be included in the eligible Growth category investments.

Starting December 2026, wealthy migrants applying under the Active Investor Plus (AIP) visa’s Growth category will be able to put their money into Build to Rent housing developments, through approved managed funds.

What Is the Active Investor Plus Visa?

Active Investor Plus is New Zealand’s investor migrant visa. It lets qualifying applicants live, work and study in the country indefinitely, along with their partner and dependent children aged 24 and under.

There are two routes available for seekers of the Active Investor Plus Visa. The Growth category needs a minimum investment of NZD 5 million, held for at least 36 months, and comes with a lighter physical presence requirement of just 21 days in the country over that period. The Balanced category asks for NZD 10 million, locked in for 60 months, with a longer 105-day stay requirement, though that can be trimmed by investing more.

Costs start from NZD 27,470, and Immigration New Zealand says four in five applications get an approval in principle within four months. Since the visa was refreshed in April 2025, the scheme has pulled in more than 900 applications worth close to NZD 5 billion in approved and pipeline investment. Growth category applicants make up over 80 percent of that.

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The Growth Category Just Got More Interesting

Until now, Growth category money could only go into direct investments in New Zealand businesses, managed funds, or philanthropy, capped at 20 percent of the total.

Build to Rent joins this list as a new managed fund option, giving Growth applicants a way to back purpose-built rental housing instead of, or alongside, business-focused investments.

Immigration Minister Erica Stanford framed the change as keeping the Growth category anchored to business growth, innovation and productivity, even as it adds a housing-linked option through the managed funds structure. Housing Minister Chris Bishop pitched it differently, as a way to unlock investor capital for the long-term rental homes the country needs.

What Investors Can (and Can’t) Do With This Option

The fine print matters here. Build to Rent investment will flow exclusively through funds approved by Invest New Zealand, which will need to meet standards on capability, governance and delivery.

Most importantly, the applicants and their family members will not be allowed to live in any Build to Rent development their investment helps fund.

Worth noting too, this option sits only in the Growth category. The Balanced category already allows a broader spread of property investment, covering new residential, commercial and industrial developments, as well as existing commercial and industrial property.

Where Does This Leave NRI and Global Investors?

For Indian and other diaspora investors eyeing the Growth category’s lower entry threshold and shorter lock-in, this adds one more managed fund option to weigh against direct business investment. It does not change the core math: NZD 5 million still needs to sit in the country for three years, and the 21-day presence rule still applies. What it does is widen the menu, at a time New Zealand is clearly trying to keep its investor visa competitive against rival programmes elsewhere.

Disclaimer: This article is for informational purposes only and does not constitute immigration or investment advice. Applicants should verify current eligibility criteria and consult a licensed immigration adviser before making investment decisions.