The tiny number of super-rich investors who come to New Zealand generally add value to the country far beyond whatever initial investment is required of them to gain residency, Prime Minister John Key said today.
He was defending the decision to allow Megaupload internet file-sharing entrepreneur Kim Dotcom to gain residency despite convictions in Germany and Hong Kong, which it was decided were minor in nature and should not affect his permission to live in New Zealand in return for a $10 million investment in government bonds.
Key said it was “not for me to opine” on whether Dotcom had broken American law by establishing Megaupload, but that the Investor Plus category of migrant had been, on the whole, valuable to New Zealand.
He cited New York billionaire Julian Robertson, who has developed tourist resorts in New Zealand and made the largest single art collection donation in Australasia, film-maker James Cameron and Paypal founder Peter Thiel, an investor in kiwi accounting software company Xero, as examples.
“Having high net worth individuals come here is a positive, in my view,” he said at his weekly post-Cabinet press conference. “There will never be massive numbers. There aren’t that many of them.
“The vast bulk of people don’t come in the super-rich category, if you’re talking about how people get citizenship,” Key said.
Wealthy migrants needed to show they would bring benefits to New Zealand and were committed to the country.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Symantec cyber security strategy manager Nick Savvides on Petya and how to protect yourself from malware attack
- A common reaction to #TapeGate is "bloody politicians, none of them can lie straight in bed," says Morgan Godfery
- Iwi M&A activity set to increase, says Chapman Tripp's Nick Wells
- NBR’s Campbell Gibson reports on the $1.6m spat between Air NZ and a Hong Kong Novotel
- Penny Pepperell explains why the Law Commission wants to update the law of contempt
- NBR Radio: best of the week ended June 23, with Grant Walker