The Government’s global impact visa designed to attract young entrepreneurs has received 300 applicants from more than 50 countries hoping to fill the 100 spots in the first year of the four-year pilot programme, Immigration Minister Michael Woodhouse says.
Launched last year by Immigration New Zealand in partnership with the Edmund Hillary Fellowship, Mr Woodhouse told Parliament’s transport and industrial relations select committee the visa has “exceeded my lofty expectations for it”.
The visa gives migrant entrepreneurs a pathway to residency by giving them a work visa with open conditions allowing them to apply for permanent residency after three years.
Nigel Bickle, deputy chief executive of Immigration NZ, told the committee investor visas had been successful, but typically missed entrepreneurs who were younger and may not necessary have $10 million in capital to park “into a range of investments”.
He said that the pilot project was off to a good start with applicants showing an interest in industries including augmented reality, virtual reality, biotech and agritech.
Mr Woodhouse played down fears that immigrants were mopping up jobs at the expense of New Zealanders, telling the committee a large number of long-term migrants were on working holidays or were international students.
The strong inflow of net migration was being compounded by New Zealanders returning from Australia and more choosing not to leave.
Still, there were sectors that needed migrant labour to plug gaps that would typically be filled by the essential skills visa, and Mr Woodhouse said employers were saying it was much harder to access international labour markets through that mechanism that it used to be.
Rising immigration has been blamed for putting upward pressure on housing prices, which are seen as becoming increasingly out of reach for young first-home buyers, while also combining with a tourism boom to drive consumer spending and boost economic activity. NZN