Chinese investors claim they are blocked from NZ

Wealthy Chinese investors say strict fund transfer policies are preventing them from becoming investor migrants in New Zealand.

Although Immigration NZ has received applications from two Chinese wanting to invest $10 million under the Investor 1 category and 21 with $1.5 million to invest under the Investor 2 scheme, no applications from Chinese nationals have been approved to date.

"New Zealand is like a village, and still cannot accept that wealth is accumulated differently by people living in big cities," said a failed Chinese Investor 2 applicant in Mandarin.

His application was declined after he used a finance company to transfer $2.5 million to New Zealand.

Under Immigration requirements, only transfers through the banking system are accepted. "We have strict foreign exchange controls in China, and cannot use the banking system," he said.

Immigration NZ head Nigel Bickle said the agency was aware there were issues with transferring money out of China, and using the banking system was to protect the process.

"It is also to protect against money laundering."

Immigration Minister Jonathan Coleman said the Ministry of Foreign Affairs was working with the Chinese Government at "the highest levels" to find a solution.