“Dumbing down the rules for the investor visa risks watering down the economic benefits for New Zealand,” Labour immigration spokesperson Phil Twyford said.
“Allowing people to buy residence by parking their money in a passive investment like property that won’t generate jobs or sustainable economic development for New Zealand doesn’t sit well.
“Kiwi venture capitalists looking for investment opportunities urged the Government to keep Labour’s rules in place, and not open up to passive investments.
“This will stick in the craw for the hard-working migrants who have to crawl over cut glass to get residence. Giving the fast track to residence for the rich with no requirement for economic development for New Zealand, and removing the English language test for the rich but not for every day migrants, is not the Kiwi way.
“The focus on wealthy visitors to New Zealand in the very same week the Government has figures showing Kiwi unemployment is at record highs is absolutely tone deaf.
“I’m surprised Winston Peters doesn’t have more to say about this. It flies in the face of what he has fought for decades,” Phil Twyford said.