Invest NZ has confirmed discretionary investment management service (DIMS) products have been stripped of approved fund status for wealthy foreigners seeking a fast-track residence ticket to the country.
As reported last month, since a revision last April the Active Investor Plus (AIP) visa system had attracted almost 500 applicants, pledging close to $3 billion of which most was directed to options included in a government-endorsed list of 60-plus managed funds.
But the government tweaked the eligibility rules at the end of last year in a decision that put a DIMS ban in place for AIP investment purposes.
An Invest NZ spokesperson said Immigration Minister Erica Stanford “approved a change to the AIP visa settings in December 2025 – namely to remove DIMS as an acceptable investment for the AIP visa”.
“This change took effect from 4 December 2025,” the spokesperson said. “The change was intended to better align growth category investments with the principles and objectives of the AIP scheme, to support active investment for stronger economic benefits for New Zealand.”
It is understood that the more flexible investment features of DIMS, including the ability to hold significant cash allocations, conflicted with the policy objective to direct AIP visa money garnered under the ‘growth’ category to local private equity or venture capital-like funds.
Since the change came into force DIMS products from providers including Alvarium, Craigs Investment Partners, Forsyth Barr, Shaw and Partners have been cut from the approved list.
AIP growth applicants face a lower minimum investment ($5 million) and more lenient residency terms to earn a NZ visa compared to those travelling the ‘balanced’ route that can include lower-risk investments such as bonds and listed shares.
Post December 31 last year, the AIP applicant numbers have surged further to more than 530 and almost $3.2 billion of promised capital with the vast majority (432) of potential rich immigrants ticking the growth option.
The government-approved AIP managed fund list currently covers almost 70 products ranging from diversified private equity, venture capital, infrastructure and private debt offerings to single-asset projects.
Invest NZ was spun out of the NZ Trade and Enterprise (NZTE) last year as a standalone entity to manage the AIP visa system among other duties.
However, the AIP managed fund list “does not constitute an endorsement or recommendation by Invest New Zealand”, according to the group’s website.
“Invest New Zealand is not a provider of an investment advisory service and the content of this list is not intended as a substitute for specific professional advice on investments, financial planning or any other matter, and does not take into account any particular investor’s objectives, financial situation or needs,” the website says.
After dismantling the external AIP investment committee in September 2024 ahead of the visa application system reforms starting in April last year, managed fund approvals are now made in-house, the spokesperson said.
The now-defunct AIP external investment committee included Mel Hewitson, Debbie Birch and Pip Dunphy.
“Invest NZ has an internal AIP committee responsible for assessing eligible investments in accordance Invest NZ’s mandate under the Immigration instructions,” the spokesperson said. “The members of the committee rotate according to the types of applications received and the skills and expertise needed for assessment. Members are appointed from across both Invest NZ and NZTE.