New Zealand Active Investor Plus visa adds Build to Rent option from December 2026

New Zealand will add eligible Build to Rent investments to the Growth category of the Active Investor Plus Visa from December 2026. The Growth category minimum stays at NZ$5 million, but investors will not be able to buy directly into a Build to Rent development. The new option will be available through managed funds approved by Invest New Zealand.

The Government announced the change on 8 September, Immigration New Zealand published operational guidance on 9 September, and the Ministry of Business, Innovation and Employment published the supporting Cabinet paper and Minute of Decision on 22 September 2026. Some implementation details are still to come, so prospective investors should not assume that every Build to Rent fund or development will qualify.

Last verified: 23 September 2026.

What is changing for Active Investor Plus investors?

From December 2026, eligible Build to Rent investments will be accepted within the Growth category of New Zealand’s Active Investor Plus Visa. Build to Rent generally refers to purpose-built rental housing held and operated as long-term rental accommodation rather than sold apartment by apartment.

For visa purposes, the important point is the investment structure. Immigration New Zealand says Growth applicants will gain access to eligible Build to Rent developments through approved managed funds. The Government’s 8 September announcement says direct investment in Build to Rent developments will not be available.

Does the NZ$5 million minimum change?

No. The minimum investment for the Growth category remains NZ$5 million. Immigration New Zealand’s current visa guidance says Growth investors must keep at least NZ$5 million in acceptable New Zealand investments for 36 months.

The existing Growth category can include direct investments, approved managed funds and philanthropy, with philanthropy capped at 20% of the total investment. The Build to Rent change adds another potential use of the managed-fund route rather than creating a cheaper investor visa.

Can investors live in the Build to Rent property?

No. The Government says applicants and their family members will not be able to live in a Build to Rent development funded through their Active Investor Plus investment.

This fits the broader AIP rule that acceptable investments are not for the applicant’s personal use. The programme is designed to direct investment capital into New Zealand rather than provide an investor with a home for personal occupation.

What remains unchanged in the Growth category?

The current Growth category still requires a minimum NZ$5 million investment over 36 months. Immigration New Zealand says Growth applicants are required to spend 21 days in New Zealand during the investment period. The visa itself is a resident visa, and holders can apply for permanent residence after meeting the Growth conditions over three years.

Current Immigration New Zealand guidance also says applicants must be fit and proper, show that their investment funds were earned or acquired lawfully, transfer the nominated funds to New Zealand and meet the other visa conditions.

Which Build to Rent funds will qualify?

That is the main detail still outstanding. Immigration New Zealand says managed funds will need to meet requirements covering capability, governance and delivery. It has also said further information on eligibility requirements, investment structures and implementation timeframes will be provided before the change takes effect.

The newly released MBIE Cabinet material, published on 22 September, confirms the policy decision to enable Build to Rent under Active Investor Plus. However, investors should wait for the final approved-fund and implementation guidance before committing capital on the assumption that a particular product will qualify.

Why is New Zealand adding Build to Rent?

The Government says the change is intended to attract international investment while supporting the supply of purpose-built long-term rental housing. Housing Minister Chris Bishop said the managed-fund structure is intended to provide safeguards around who manages the capital and how developments are delivered.

The change also broadens the Growth category without altering its headline NZ$5 million threshold. The Government says more than 80% of applications received since the April 2025 AIP reset have been in the Growth category.

What should prospective investors do now?

• Do not treat every Build to Rent project as eligible. The new option is limited to approved managed funds.
• Do not assume the route is live yet. The Government says it begins in December 2026.
• Check the final implementation guidance. Fund eligibility and the exact start date are still to be published.
• Review the full visa conditions. The NZ$5 million investment threshold, 36-month Growth period and other immigration requirements still apply.
• Take regulated advice before investing. Immigration New Zealand notes that approval as an acceptable investment is not an endorsement or guarantee of investment performance.

Official sources

• Immigration New Zealand: New Build to Rent investment option added to Active Investor Plus, 9 September 2026.
• New Zealand Government: AIP Visa Growth Category expands to support Build to Rent, 8 September 2026.
• MBIE Cabinet papers and immigration document releases, including Build to Rent material published 22 September 2026.
• Immigration New Zealand: Active Investor Plus Visa, current guidance checked 23 September 2026.
• Immigration New Zealand: Acceptable investments for an Active Investor Plus Visa, current guidance checked 23 September 2026.

This article explains published government rules and announcements. It is not immigration, legal, tax or investment advice.