Parent Resident Visa to Open Again from February 2020

Parent Resident Visa to Open Again from February 2020
Immigration New Zealand (INZ) will start accepting applications for Parent Resident Visas again from February 2020 – there are new criteria for sponsors and applicants. The visa with the current rules was closed on October 7, 2019.
INZ will not accept EOIs (Expressions of Interest) until the visa reopens – the selection of EOIs will begin in May 2020.

What are the new changes in Parent Resident Visa?

The changes being made to the Parent Resident Visa include:
  • a yearly limit of 1000 for the number of visas
  • standardisation of EOI process and removal of the 2-tier system
  • introduction of new financial criteria for sponsors, updated yearly based on median New Zealand income
  • sponsors will now need to furnish proof of their yearly income using tax statements from Inland Revenue to prove they have satisfied the income criteria for 2 out of 3 years before application submission
  • removal of the option to satisfy financial eligibility requirement using parent’s guaranteed lifetime income or settlement funds.

What are the new financial requirements for Parent Resident Visa?

The income of the sponsor and their partner only will be considered for meeting the new financial requirements of the Parent Resident Visa:
Here is how the previous and the new financial obligations compare, based on median New Zealand salary of NZ$ 53,040:
Sponsor Previous New (expected income thresholds) Remarks
1 sponsor for 1 parent (sponsor's income)NZ$ 65,000NZ$ 106,0802 times the median salary
1 sponsor for 2 parents (sponsor's income)NZ$ 65,000NZ$ 159,1203 times the median salary
Sponsor and partner for 1 parent (joint income)NZ$ 90,000NZ$ 159,1203 times the median salary
Sponsor and partner for 2 parents (joint income)NZ$ 90,000NZ$ 212,1604 times the median salary
Guaranteed lifetime income of 1 applicant or of a coupleNZ$ 28,166 or NZ$ 41,494Not available in new parent category
Settlement fundsNZ$ 500,000Not available in new parent category
If you have a current EOI with INZ and do not meet the new eligibility criteria, they will email you and invite you to either update your EOI or withdraw it. You will be eligible for a refund if you withdraw your EOI.
When INZ starts EOI selection in May 2020, they will use the date the application was submitted on, irrespective of if the submission was under Tier-1 or Tier-2.
More information on the changes to the visa, including instructions on how to withdraw your EOI and receive a refund is available on INZ’s website.
Professional Visa Solutions has taken note of the modifications and is ready to help you with the new changes in Parent Resident Visa applications.