New Zealand to Allow Build-to-Rent Investment Under Active Investor Plus Growth Category
From December 2026, investors applying under New Zealand’s Growth category of the Active Investor Plus visa will be able to count investment in Build to Rent developments toward the required NZ$5 million commitment, equivalent to approximately US$2.9 million.
Immigration Minister Erica Stanford, Housing Minister Chris Bishop, and Building and Construction Minister Simon Watts announced the change on September 8.
Stanford said the new option remains aligned with the purpose of the Growth category, which is designed to channel investment into business expansion, innovation, and productivity. “The Growth category is particularly focused on investment that supports business growth, innovation and productivity. Adding Build to Rent gives investors another option, while keeping that focus through the managed funds model.”
She described the measure as part of the government’s broader effort to maintain the visa’s competitiveness while ensuring that qualifying investment contributes to New Zealand. “This targeted change is part of the Government’s ongoing work to keep the visa competitive, effective and focused on investment that benefits New Zealand.”
The new route will not permit investors to finance developments directly. Any fund receiving the investment must first be approved by Invest New Zealand. Investors and their family members will also be prohibited from living in a development supported by their investment.
Build to Rent and Housing Supply
Bishop linked the policy to New Zealand’s need for additional housing, particularly purpose-built rental accommodation. The country “needs more homes of all kinds, including more long-term rental homes that are purpose-built for renters.”
He said the new investment route would give experienced investors an additional way to deploy capital in New Zealand while supporting the construction of rental properties. In his view, the broader objective is “unlocking more investment into the homes New Zealand needs to grow.”
Watts similarly emphasized the connection between investment policy and construction activity. He said government settings should work together to attract both capital and talent while encouraging development, describing the measure as another example of “this Government fixing the basics and literally building the future.”
The managed-fund structure is intended to provide safeguards around the use of investor capital. Watts said 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.”
How the Investment Structure Will Work
The Growth category will continue to operate through approved managed funds rather than direct property investment. Invest New Zealand must approve the funds involved, while the government will apply standards relating to their capability, governance, and ability to deliver the relevant developments.
In April, Simone Robbers, then acting director of Active Investor Plus investments at Invest New Zealand, said the agency does not impose specific deadlines for deploying capital through approved funds. Instead, it can suspend funds that fail to make sufficient progress.
Immigration New Zealand is expected to publish the detailed eligibility requirements, investment structures, and implementation timeframes before the new option takes effect in December.
The NZ$10 Million Balanced Category
Property investment is not entirely new to the Active Investor Plus program. The Balanced category requires NZ$10 million to be invested over five years and already permits investment in new residential developments, as well as new and existing commercial and industrial property.
The Growth category, by contrast, has previously offered no property-related investment option.
Since the program was relaunched in April 2025, ministers say it has attracted more than 900 applications, representing approximately NZ$5 billion in approved and pipeline investment. More than 80% of applications have been submitted under the Growth category.
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