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Retirement1

You want to retire in New Zealand?

Retirement

New Zealand currently has two specific retirement visa policies with an aim to increase investment and stimulate the economy they are: Parent Retirement and Temporary Retirement.

The Parent Retirement Category allows Immigration New Zealand to give priority to high net worth individuals who are already seeking to migrate to New Zealand under the Family Category. Therefore if you have the financial means and a resident/citizen child that lives here, you can fast track your Family Category application by investing significant funds in New Zealand.

Parent retirement visa holders will be required to invest a minimum of NZ$1.0 million in New Zealand over 4 years.

The Temporary Retirement Category creates a two year visa for people who want to spend some of their retirement in New Zealand provided they invest the requisite amount and indemnify the government against possible health and welfare costs.

Temporary Retirees will need to invest NZ$750,000 over the two year term of their visa. Temporary Retirees will be able to renew their visas as long as they continue to meet criteria including investment funds income and health insurance.

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Retirement pensions in New Zealand

If you do become a permanent resident of New Zealand you need to meet the following criteria to become eligible for the New Zealand pension (superannuation):

• You must have lived in New Zealand legally for at least 10 years since you turned 20. Five of these years must be since you turned 50.

• Time spent overseas in certain countries may be counted for New Zealand Superannuation.

• New Zealand has social security agreements with Australia, Canada, Denmark, Greece, Ireland, Jersey/Guernsey, The Netherlands and The United Kingdom.

• People from the UK, for example, can use time spent in the UK (UK National Insurance payments) to qualify for New Zealand Superannuation.

• Superannuation is currently worth $21,336.64 gross a year if you’re single or $16,137.68 gross for each person in a married/civil union/de facto couple. (Figures for the 2013 – 2014 tax year.)

• Superannuation is part of your taxable income and the amount you are paid will be reduced by the impact of income tax paid at your normal rate.

• New Zealand Superannuation is maintained between 65% and 72.5% of average full-time net earnings.

• By law, you can work to any age you wish to in New Zealand.

• NZ Super is not asset or means tested but social security pensions from other countries may affect the payments.

• If you qualify for New Zealand Superannuation and work beyond the age of 65, you will receive both your pay and your NZ Superannuation payments.

• Any pension you get from an overseas government will probably be deducted from your NZ superannuation.

• Any pension you get from a former employer overseas will probably be paid in addition to your full NZ Superannuation.