Customer Interaction
Kyzyl-Ool, Emin
Date/Time Created: 27/Apr/2016 02:55 pm
Officer: Dora
n, Frances
Branch: Wellington Business Unit
Type: Appl
ication Notes
s 9(2)(a)
Application Type: Visa, Resident, Investor 2 Category
_________________________
Assessment of transfer and investment of funds. Decision: APPROVE
Assessment of Transfer and Investment of Funds to New Zealand fors 9(2)(a)
Investor 2 s 9(2)(a)
1.0Background
This Investor 2 application was approved in principle on 20/02/2015. (Tag AIP)
The applicant's accepted nominated investment funds were as follow:
AssetAccount numberValueAs AtNZD Equivalent
s 9(2)(a)
2.4 million10/02/2015
s 9(2)(a)
0/02/2015
s 9(2)(a)
0/02/2015
s 9(2)(a)
10/02/2015
Total: $ 1,691,490
The applicant is required to transfer the sum of NZD1.5 million to New Zealand and place
those funds into acceptable investments.
2.0Relevant policy
BJ7.10 Transfer of the nominated invested funds
a.When their application is approved in principle, the principal applicant will be required
to transfer the nominated investment funds to New Zealand. These funds must:
ibe the funds initially nominated, or the funds that result from the sale of the same assets
as those initially nominated, in the residence application; and
iiibe transferred through the banking system directly from the principal applicant's bank
account(s) to New Zealand.
c.The investment funds that are transferred to New Zealand and subsequently into an
acceptable investment must be from the same source of funds as nominated in the
residence application.
BJ7.20 Time frame for investing funds in New Zealand
a.Principal applicants must meet the requirements for transferring and investing the
nominated funds within 12 months (extendable for up to a further 12 months on request)
of the date of the letter advising of approval in principle.
3.0Transfer of funds to New Zealand
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Documents from the adviser received on 05/10/2015 and 22/10/2015 provided details
relating to the transfer and investment of the nominated investment funds with the
supporting documents. (Tag A1 & A2)
It appears that the applicant has elected to transfer his nominated funds from Bank of
Jiangsu to the Guosen QDII fund. Guosen has then invested these funds as part of a pool
of funds in NZ bonds and securities.
Details on the transfer of the nominated funds are as follow:
3.1 From Bank of Jiangsu to Guosen Securities Co. Ltd.
As at 10/02/2015 the applicant held RMB7.7 mil with Bank of Jiangsu in four financing
products.
These funds and the interest accrued on them were paid to the PA's account s 9(2)(a)
on the dates as follows:
Account numberMaturityAmount received
04/03/2015RMB2,467,614.25
s 9(2)(a) 11/03/2015RMB3,701,421.37
s 9(2)(a)
27/03/2015RMB1,016,378.08
s 9(2)(a)
27/03/2015RMB710,430.96
On 13/03/2015, after the first two term deposits had matured, the PA placed
RMB6,000,000 from these funds on a further term deposit. This matured on 24/04/2015
and the PA then reinvested the RMB6,000,000 in a further term deposit on 29/04/2015.
On 03/04/2015, after the second two nominated term deposits had matured, the PA placed
RMB1,500,000 from these funds on a further term deposit. This deposit matured and the
applicant received RMB1,509,752.05 to his Bank of Jiangsu account no.
s 9(2)(a)
These funds remained in this account until 14/07/2015.
On 12/06/2015 the deposit of RMB6,000,000 matured and the applicant received
RMB6,040,142.47 to his Bank of Jiangsu account s 9(2)(a)
. These
funds remained in this account until 14/07/2015.
On 14/07/2015 the applicant remitted RMB7,500,000 from his Bank of Jiangsu account
s 9(2)(a)
to his China Minsheng Bank account s 9(2)(a)
. I can be satisfied that this full amount came from originally
nominated funds as the amount is less than the nominated funds plus the interest earned
on term deposits from 10/02/2015 to 14/07/2015.
On 14/07/2015 the applicant then remitted the funds of RMB7,500,000 from his China
Minsheng Bank account s 9(2)(a)
to Guosen Securities Co Ltd's China
Minsheng Bank account s 9(2)(a)
Evidence documents sighted:
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Tag 17
Bank of J iangsu certificate of creditworthiness which shows that as at 10/02/2015 the
applicant held funds in the following products:
1.RMB2.4 m
il in s 9(2)(a)
2.RMB3.6 mil in
3.RMB1 mil in s 9(2)(a)
4.RMB700,000 in s 9(2)(a)
.
Tag B1
Bank of Jiangsu screenshot of wealth product information which shows:
1.RMB2.4 mil in s 9(2)(a)
matured on 04/03/2015
2.RMB3.6 mil in s 9(2)(a)
matured on 11/03/2015
3.RMB1 mil in s 9(2)(a)
matured on 27/03/2015
4.RMB700,000 in s 9(2)(a)
matured on 27/03/2015.
5.A new investment product of RMB6,000,000 was started on 12/03/2015 and matured on
24/04/2015.
6.A new investment product of RMB1,500,000 was started on 03/04/2015 and matured on
15/05/2015.
7.A new investment product of RMB6,000,000 was started on 29/04/2015 and matured on
12/06/2015.
Tag B2
Bank of Jiangsu statement for account s 9(2)(a)
from 20/10/2014 to
14/07/2015 which shows that:
1.On 04/03/2015 RMB2,467,614.25 was received from wealth management.
2.On 11/03/2015 RMB3,701,421.37 was received from wealth management.
3.On 13/03/2015 RMB6,000,000 was withdrawn for wealth management.
4.On 28/03/2015 RMB1,016,378.08 was received from wealth management.
5.On 28/03/2015 RMB710,430.96 was received from wealth management.
6.On 03/04/2015 RMB1,500,000 was withdrawn for wealth management.
7.On 24/04/2015 RMB6,039,008.22 was received from wealth management.
8.On 29/04/2015 RMB6,000,000 was withdrawn for wealth management.
9.On 15/05/2015 RMB1,509,752.05 was received from wealth management.
10.On 12/06/2015 RMB6,040,142.47 was received from wealth management.
11.On 14/07/2015 RMB7,500,000 was withdrawn.
Tag B3
Bank of Jiangsu remittance slip which shows that on 14/07/2015 the applicant remitted
RMB7,500,000 from his account s 9(2)(a)
to his China Minsheng Bank
account s 9(2)(a)
.
Tag B4
China Minsheng Bank statement for account s 9(2)(a)
which shows that
funds of RMB7,500,000 were received on 14/07/2015 and then transferred to Guosen
Securities' China Minsheng Bank account.
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Tag B5
China Mi nsheng Bank transaction details which shows that the applicant transferred
RMB7,500,000 from his China Minsheng Bank account s 9(2)(a)
to
Guosen Se
curities Co Ltd's account s 9(2)(a)
4.0Comment on transfer of funds to Guosen
Based on the documents provided, the applicant had transferred a total of RMB7,500,000
from his Bank of Jiangsu account to Guosen Securities Co. Ltd. as at 14/07/2015. I am
satisfied that the applicant has demonstrated through evidence supplied that these are his
originally nominated funds and that the funds have remained in the banking system.
5.0 Guosen Securities Co Ltd Transfer to NZ and Investment
As at 22/07/2015 Guosen Securities Co Ltd considered that the PA's funds of
RMB7,500,000 were included in the Guosen s 9(2)(a) QDII NZ Fund (The Fund).
(Tag C2)
His funds were pooled with funds from 4 other Investor 1 and 2 applicants. After fees it
appears that the total funds to be invested in NZ was RMB71,000,000 as this was the
amount converted to NZD. (Tag C1)
On 30/07/2015 the Guosen QDII NZ Fund converted funds of RMB71,000,000 held in
their Citibank Hong Kong account s 9(2)(a)
to NZD. The funds were converted
by Citibank Hong Kong at a rate of 0.2409639 and NZD17,108,433.73 was credited to
Guosen's Citibank Hong Kong accounts 9(2)(a)
At this point, originally there was no source evidence supplied that the funds were
transferred from this account to NZ despite further requests for information. Guosen
supplied evidence that their Citi HK account s 9(2)(a)
was a sub-account of Citi
HK's NZD nostro account held at Citi Auckland and stated that this therefore meant that
the funds were transferred to NZ. (Tag C5)
The applicant was then also not able to provide any source evidence from Guosen to show
that they had made an investment in NZ, for example contract notes or an official
portfolio statement. The only documentation was in the form of letters from themselves,
Castle Point and a chartered accountant in Kumeu.
Evidence documents sighted:
Tag C1
A letter from Guosen Securities dated 08/03/2016 which states that:
PA has an investment in the Guosen s 9(2)(a) QDII NZ Fund with a clean value
NZD1,727,687.68.
The custodian for The Fund is China Minsheng Banking Corp Ltd (onshore) and
Citibank NA (offshore).
The Sub-investment adviser is Castle Point Management Company (NZ).
PA has transferred RMB7,500,000 to Guosen on 14/07/2015 and due to this holds
7,464,711.57 units in The Fund.
The total units in the fund is 71,651,308.56 and as such PA holds 10.418% of
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the total units.
The fund converted the RMB funds transferred to the fund to NZD17,108,433.73 and
this was de
posited in a custody account with Citibank Hong Kong on 29/07/2015.
On 12/08/2015 The Fund completed purchase of NZ investments (a list of these has
been provi
ded).
Tag C2
A Certificate of Investment from Guosen Securities Co Ltd dated 04/08/2015 which states
that:
On 22/07/2015 PA invested NZD1,798,231.34 in The Fund.
Tag C3
A Citibank credit and debit advice which show that on 30/07/2015 CMBC-Guosen QDII
NZ Fund converted CNY71,000,000 to NZD17,108,433.73 which was deposited in their
account number s 9(2)(a)
with Citibank Hong Kong N.A.
Tag C4
A Citibank payment transaction details slip which shows that on 30/07/2015 a transfer of
NZD17,108,433.73 was received to CMBC-Guosen QDII NZ Fund Citibank Hong Kong
account number s 9(2)(a)
Tag C5
A letter from Citibank N.A. Hong Kong which states the account s 9(2)(a)
is a sub-
account of the NZ Dollar nostro account of Citibank Hong Kong held by and maintained
at Citibank NA Auckland Branch New Zealand.
Tag D1
A letter from Castle Point dated 09/03/2016 which states:
PA transferred RMB7,500,000 to Guosen on 14/07/2015 and due to this holds
7,464,711.57 units in The Fund.
The total units in the fund is 71,651,308.56 and as such PA holds 10.418% of the total
units.
The fund converted the RMB funds transferred to the fund to NZD17,108,433.73 and
this was deposited in a custody account with Citibank Hong Kong on 29/07/2015.
On 12/08/2015 The Fund completed purchase of NZ investments (a list of these has
been provided).
Tag D2
A letter from Castle Point dated 23/02/2016 which states that Castle Point Funds
Management has been appointed by Guosen Securities to manage the s 9(2)(a) QDII
NZ Fund.
Tag D3
A letter from s 9(2)(a)
which states that:
PA invested in The Fund on 22/07/2015.
PA holds 7,464,712 units in The Fund.
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PA's investment converted to NZD as at 04/08/2015 was NZD1,798,231.
As at 12/
08/2015 The Fund had invested in equity in NZ firms and bonds issued by NZ
government, local authorities and banks.
As at 12/
08/2015 PA's investment is NZD1,719,477
5.1Concerns with initial documents provided
The documents provided by the applicant's adviser as listed above appeared to fail to
provide suitable and consistent evidence demonstrate effectively the investment made by
Guosen and the applicant's final investment for the following reasons:
1.The Certificate of Investment (Tag C2) states the applicant's investment was completed
on 22/07/2015 but conversion to NZD wasn't completed until 30/07/2015 so no actual
investment had yet been made.
2.The Certificate also caused confusion as it appears that 1 unit in The Fund is not
equivalent to 1 RMB and no ratio of this conversion is supplied.
3.The Chartered accountant's letter (Tag D3) had differing dates to the certificate with
regards to investment.
4.There was no TT or other document supplied to show a transfer of funds to NZ.
5.There were no contract notes to show independent evidence that the funds had been
invested in NZ.
6.Castle Point's involvement in the transaction was unclear as they seemed unable to
supply a portfolio account statement (which should have been possible if they had made
the investments). Also, Castle Point's letter (Tag D2) states that they manage Guosen's
investment but Guosen's letter lists them as a Sub-Investment Adviser. Therefore, I was
not prepared to accept a letter from them as evidence of investment.
5.2PPI Request for Further Evidence
On 24/03/2016 I sent a PPI letter to the PA's adviser requesting further source document
evidence to show that the funds held in the Guosen QDII Fund's Citi HK account were
transferred to NZ and used to invest in NZ. (Tag PPI)
I highlighted the issue that we had not received documentary evidence of the transfer to
NZ, in the form of a TT or similar, or the investment in NZ, in the form of contract notes
or similar.
On 06/04/2016 an email sent to the Business Migration Branch manager from s 9(2)(a)
provided further information which appeared to address the
concerns raised in the PPI. (Tag E1)
Evidence documents sighted:
Tag E2
Email trail including emails from Castle Point, ANZ and RBNZ which provides:
1.Email from NZ Clear, Reserve Bank New Zealand, confirming that trade settlement on
NZ Clear requires a New Zealand domiciled bank account that is an Exchange Settlement
Account (ESAS).
2.Email from s 9(2)(a)
Senior VP at Citibank, confirming his availability to clarify if
required, the bank statements provided by Citibank.
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3.Guosen QDII transaction statement already provided to INZ, however one of the lines
has been hi
ghlighted. A purchase of New Zealand Local Government bonds worth
$151,794.32.
4.The cont
ract note for that purchase of those New Zealand Local Government bonds.
Highlighted details show how this links to the Guosen transaction statement and
settlement instructions for NZ Clear.
5.An email provided by Citibank that shows the instruction they received from Guosen
Securities informing them of the purchase of New Zealand Local Government bonds and
the NZ Clear settlement instructions.
6.Bank statement provided by Citibank that shows the $151,794.32 being paid across
from the Citi NZD Nostro bank account, on 7th August with reference s 9(2)(a)
7.Bank statement provided by Citibank that shows the $151,794.32 being paid into the
Citi's exchange settlement account (NZ Clear linked bank account), on 7th August, with
reference s 9(2)(a)
8.NZ Clear statement showing the settlement of the New Zealand Local Government
bonds for $151,794.32 with the counterparty ANZ Bank.
Tag E3
Citi HK Statement for account s 9(2)(a)
in the name of Guosen QDII fund from
01/08/2015 to 27/08/2015 which shows that on 07/08/2015 and 10/08/2015 the account
was debited for the below bond and equity purchases. Each debit lists the ISIN of the
bond or equity purchased and the NZClear mnemonic of either Citibank Nominees or
ANZ NZ and the amounts also correlate to the amounts on the contract notes.
Tag E4
Contract notes issued by ANZ NZ and a securities purchase statement issued by Citibank
which show that the following bonds/equities were purchased in the name of the Guosen
QDII Fund. Shows that the settlement date for the bonds purchased by ANZ NZ was
06/08/2015 and 07/08/2015 and the settlement date for equities purchased by Citibank
was 10/08/2015.
NZ Bonds Purchased by Guosen QDII NZ Fund
Purchased ByNameMaturityQuantityClean Cost
ANZANZ NZ27/02/2019266,000$282,824.32
ANZASB NZ18/07/2018281,000$294,210.80
ANZLGFA15/12/2017320,000$342,168.83
ANZLGFA15/03/2019470,000$500,978.59
ANZLGFA15/04/2020170,000$168,653.83
ANZLGFA15/05/2021440,000$501,090.24
ANZLGFA15/04/2023450,000$508,085.30
ANZLGFA15/04/2027320,000$335,476.84
ANZNZ Govt15/12/20172,360,000$2,545,653.42
ANZNZ Govt15/03/20192,500,000$2,705,783.58
ANZNZ Govt15/04/20201,000,000$1,015,312.94
ANZNZ Govt15/05/20212,160,000$2,540,385.24
ANZNZ Govt15/04/20231,430,000$1,683,983.45
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ANZNZ Govt15/04/2027910,000$1,018,907.59
$14,443,514.97
NZ Equiti es Purchased by Guosen QDII NZ Fund
Purchased ByNameQuantityClean Cost
CitiContact Energy33,900$171,493.32
CitiFletcher Building21,400$170,917.34
CitiFreightways29,500$172,114.80
CitiGoodman Property Trust136,300$171,428.40
CitiKiwi Property Grp124,400$171,510.28
CitiMeridian Energy146,500$336,252.15
CitiPort of Tauranga9,800$171,500.00
CitiSky TV27,800$172,148.72
CitiSpark NZ57,700$171,247.83
CitiTrade Me50,500$173,215.00
CitiVista Grp Int'l14,100$84,814.32
CitiZ Energy29,900$173,420.00
$2,140,062.16
From these documents, the total clean cost of investment by the Guosen QDII NZ Fund is
NZD16,583,577.13 and the investments were completed on 10 August 2015.
5.3 Comment on the Guosen QDII NZ Fund's Transfer of Funds to NZ
Based on the documents provided it appears that the transfer of funds to NZ by Guosen
has not occurred in the standard way of a telegraphic transfer/SWIFT instruction to debit
Guosen's Citi HK NZD account and credit a NZ based account held in the name of
Guosen.
Instead, it appears that Guosen have demonstrated that their Citi HK NZD account is a
sub-account of the Citi HK nostro account held with Citi NZ. As a result of this, it appears
that the transfer of funds to NZ has not physically taken place but has instead occurred as
an accounts' reconciliation between the balance of Guosen's Citi HK account and Citi
HK's Citibank NZ account.
From the evidence provided and subsequent conversations between Guosen
representatives and BMB management it appears that funds from the Citibank NZ based
nostro account of Citibank HK have been used to purchase the above listed bonds and
equities in the name of the Guosen QDII NZ Fund. In correlation with this the balance of
the Citibank HK NZD account held by Guosen has been debited for the purchase price of
these bonds/equities. These debits have been applied to the account with the same value
date as the settlement of the securities purchased.
I am prepared to accept this method of transferring funds to NZ as meeting instructions
because:
1.It does not appear that the QDII funds have left the banking system at any point.
2.A nostro account is a legitimate, recognised means for entities to hold funds in another
country and is used by banks to facilitate foreign exchange and trade transactions.
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3.While an individual would not be able to make a transfer in this way, Guosen is a large
organisati on and it would be reasonable to expect that the client services relationship
Citibank maintains with them would enable them to transfer funds in this manner.
4.The acc ount statement provided (Tag E3) clearly shows that the Guosen QDII NZ
Fund's Citi HK account s 9(2)(a)
which held the applicant's funds was debited
for the purchase of the NZ bonds/equities. Therefore, there is a demonstrable link between
the applicant's nominated funds and the NZ securities purchased.
5.Guosen has provided evidence by way of contract notes that they have purchased NZX
bonds/equities through the NZClear system. It is known from the email chain provided
(Tag E2) and prior personal knowledge that an NZ-based account is required in order to
purchase securities through NZClear. Also, these purchases can be reconciled against
Guosen's Citi HK account. Thus, it would appear that their explanation of using a Citi NZ
-based nostro account for the purchase of the bonds is a credible explanation.
s 9(2)(h)
6.0Comment on applicant's transfer and investment of funds
After fees, the applicant was deemed by Guosen to hold a 10.418% share of the total pool
of funds in the Guosen s 9(2)(a) QDII Fund (Tag C1). The pool of RMB funds was
converted to NZD17,108,433.73 therefore, the applicant can be said to have converted his
nominated funds through Guosen to NZD1,782,357. As at 30/07/2015 it appears that these
funds were being held in Guosen's Citibank Hong Kong account s 9(2)(a)
On 10/08/2015 Guosen QDII fund used the funds held in their Citibank Hong Kong
account s 9(2)(a)
to purchase NZ bond and securities with a clean cost of
NZD16,583,577.13. Therefore, the applicant's final investment based on the clean cost of
the NZ bonds and equities purchased by the Guosen QDII NZ fund is worth
NZD1,727,677 and was completed on 10 August 2015.
Guosen has supplied a list of the investors whose funds are in the Guosen QDII Fund and
this list includes the PA's name and shows that his investment of RMB7,500,000 is in a
total fund pool of RMB72,000,000 which confirms Guosen's letter stating that the Pa
holds 10.418% of the Fund's investment. (Tag E5)
I am satisfied that the applicant had transferred the required minimum of NZD1.5 million
from his nominated funds to Guosen Securities Co. Ltd.'s account for investment in the
Guosen QDII NZ Fund. Based on the comments in 5.3 above I am satisfied that the
applicant's funds have been transferred to NZ and used to invest in NZX bonds and
equities.
In addition, the funds have not gone directly from the PA's bank account to NZ and have
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instead gone via the Guosen QDII scheme. But I am prepared to accept that using Guosen
is compliant to the requirements of the instruction in view of the following:
I consider that this is one of the most direct and legitimate ways of transfer available to
the applic ant.
The funds were traceable at all times.
As per the INZ website, in the Business Migration Branch News section, the use of
Guosen Securities Co Ltd to transfer and invest funds has been named as having gained
the approval of the Chinese authorities to transfer funds out of China in a way that may
meet the requirements of the instruction.
?http://www.immigration.govt.nz/branch/bmb/News/fundstransferChinaMIC.htm
The bonds and equities have been purchased in the name of the Guosen QDII NZ Fund by
ANZ NZ and Citibank Nominees and they meet the policy definition of an acceptable
investment.
Acceptable Investment by s 9(2)(a) in Guosen QDII Fund
Fund NameNo. of Units OwnedStart Date of Investment
Guosen Jin Hui Bao QDII NZ Fund7,464,711.5710/08/2015
7.0Summary
In the case of this transfer and investment I am satisfied, based on the documents
provided, that it meets the Investor 2 policy requirements. The method used is transparent
and credible. The process is properly documented. The applicant has provided
independent documentary evidence showing each step of the transfer process.
The applicant has had ownership and control of the funds at all times. The investment
funds have been used to purchase qualifying bonds and these investments meet all of the
criteria in policy at BJ5.5 relating to acceptable investments.
The applicant has transferred his funds to the Guosen QDII NZ Fund and on 10 August
2015 Guosen completed the placement of those funds into acceptable investments. The
deadline for the transfer and investment is on 20 February 2016. The funds transfer and
investment were made within the deadline.
Based on the credibility of the documents provided and the funds transfer and investment
process used, I am satisfied that there are no risk factors with this funds transfer and
therefore resident visas may now be issued as soon as the applicant has paid the
applicable migrant levy and any English language tuition fees that may be applicable.
Decision taken: APPROVE
Signed:Signed:
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Frances DoranName 2PC:
Business Immigration Specialist
Date:
Date:
_________________________
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Date/Time Created: 10/Oct/2017 08:07 am
Officer: Pi
tt, Tony
Branch: Wellington Business Unit
Type: Appl
ication Notes
s 9(2)(a)
Application Type: Visa, Resident, Investor 2 Category
_________________________
2PC of 2 year check undertaken. Support outcome.
_________________________
Date/Time Created: 10/Oct/2017 10:46 am
Officer: Biggs, Chris
Branch: Wellington Business Unit
Type: Application Notes
s 9(2)(a)
Application Type: Visa, Resident, Investor 2 Category
_________________________
Section 49(1) two year check completed. No outstanding issues. Copy of assessment as
follows:
MIGRANT INVESTOR POLICY
INVESTOR 2 CATEGORY
TWO-YEAR ANNIVERSARY 49(1) ASSESSMENT
APPLICANT:s 9(2)(a)
APPLICATION NUMBER: s 9(2)(a)
49(1) COMMENCEMENT DATE:s 9(2)(a)
INVESTMENT VALUE:NZD1,500,000
1.0:Background and relevant policy
This application was approved and resident visas issued on 11 May 2016. The applicant
first arrived in New Zealand as a resident on 12 June 2016.
The resident visa issued to the applicant was issued subject to requirements imposed
under section 49(1) Immigration Act 2009. Policy relevant to this is as follows:
BJ8.10 Resident visas subject to conditions under section 49(1) of the Immigration Act
All resident visas granted under one of the Migrant Investment Categories must subject to
the following conditions under section 49(1) of the Immigration Act 2009:
a.that the principal applicant retains an acceptable investment in New Zealand for
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a minimum of three years under the Investor 1 Category or four years under the Investor
2 Category and spends a minimum period of time in New Zealand during the required
investment
period (see BJ8.15); and
b.that the principal applicant informs the nearest branch of INZ of any changes of New
Zealand a ddress during the investment period; and
c.that a principal applicant who was awarded 1 point for English language ability (IELTS
3) under the Investor 2 Category, must complete a minimum 20 hours of English language
tuition with a New Zealand registered school or tertiary education provider as defined in
the Education Act 1989 within the four year investment period; and
d.at the two-year anniversary of the investment period, the principal applicant submits
evidence that they:
i.are retaining an acceptable investment in New Zealand; and
ii.meeting minimum period of time in New Zealand requirements; and
e.that within 3 months after the expiry date of the investment period, the principal
applicant submit evidence to INZ that they have met requirements (i) and (iii) if
applicable.
BJ8.15 Section 49(1) condition: minimum period of time in New Zealand
As set out at BJ8.10.a.i the principal applicant under each category of the Migrant
Investment categories must spend a minimum period of time in New Zealand during the
required investment period. The time periods are:
a.Investor 1 Category - 12% of each year (44 days per year)
b.Investor 2 Category - 40% of each year (146 days per year)
BJ9.15 Minimum period of time spent in New Zealand
The principal applicant is considered to have met the time in New Zealand requirement if
they have been in New Zealand as a resident for the length of time specified under
BJ8.15.
Note: At the two-year anniversary of the investment period, the principal applicant must
have met the required minimum amount of time in New Zealand for the preceding 12
month period.
2.0:Has the applicant retained an acceptable investment in New Zealand?
2.1Initial investments
The applicant had completed making the investments on 10 August 2015. See Tag A for
approval letter. The details of those investments are as set out below:
7,464,711.57 units in the Guosen s 9(2)(a) QDII NZ Fund
2.2Have the investments been maintained?
Documents have been received from Guosen Securities. The document at Tag B shows
investments held by the applicant as at 11 August 2017 and confirms that the applicant
continues to hold 7,464,711.57 units in the Guosen QDII fund.
2.3Comment
The document provided shows that the applicant has made no changes to the investments
during the first two years of the four year investment period.
2.4Conclusion
I am therefore satisfied that the applicant has maintained the acceptable investments in
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New Zealand during the first two years of the four-year investment period.
3.0:Has the
applicant met the minimum time in New Zealand requirements?
Policy [BJ8.15(b)] requires the applicant to have spent a total of 146 days in New Zealand
between 10
August 2016 and 09 August 2017.
AMS records that the applicant has spent a total of 163 days in New Zealand over this
period. I am therefore now satisfied that as at the two year anniversary the applicant has
complied with the time in New Zealand requirements.
4.0:Conclusion
The applicant has provided acceptable evidence of maintaining the investments in New
Zealand in compliance with Investor 2 Instructions at BJ6.10. The applicant has also
complied with the time in New Zealand requirements.
The applicant will now be advised by letter that he has met the section 49(1) requirements
at the two-year anniversary and that with effect from 12 June 2018 (the second
anniversary of the applicant's first arrival in New Zealand as a resident) a further resident
visa with travel conditions for two years will be issued to him on application.
Signed:Signed:
Chris BiggsName 2PC:
Business Migration Specialist
Date: 09 Oct 2017Date
_________________________
Date/Time Created: 10/Oct/2017 11:10 am
Officer: Biggs, Chris
Branch: Wellington Business Unit
Type: Application Notes
Appln #s 9(2)(a)
Application Type: Visa, Resident, Investor 2 Category
_________________________
Letter sent to agent by post and e-mail with result of two year check. AMS templates not
available for this application so a copy of the letter is as follows:
s 9(2)(a)
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10 October 2017
s 9(2)(a)
C/o Jason
Wang
Byron International Group
PO Box 91333
Auckland 1142
Dears 9(2)(a)
Requirements under Section 49(1) of the Immigration Act 2009
We are writing to you in relation to your application for Residence under the Investor 2
Category that was accepted for consideration on 13 January 2014. If you have any
questions regarding this letter or your application then please email
[email address] and quote the application number above.
Thank you for the documents and information you recently provided concerning your
New Zealand investments. We have now completed the two-year assessment of your
compliance with the conditions imposed on your resident visa under section 49(1) of the
Immigration Act 2009.
We are satisfied that during the two year period from 10 August 2015 to 09 August 2017
your investments in New Zealand complied with the section 49(1) requirements imposed
on your resident visa. We are also satisfied that during the period from 10 August 2016 to
09 August 2017 you complied with the minimum time in New Zealand requirements of
the Investor 2 Category.
As at the two year anniversary of the commencement of your four year investment period,
you hold the following acceptable investments in New Zealand:
7,464,711.57 units in the Guosen s 9(2)(a)QDII NZ Fund.
With effect from 12 June 2018 you and your dependents included in your resident
application will be eligible to apply for and will each be granted a variation of travel
conditions ("VOTC") for a further two years on your resident visas. These visas will be
issued to you subject to a continuation of the section 49(1) conditions that applied to your
previous resident visa(s). The date of 12 June 2018 applies as that is two years from the
date you first arrived in New Zealand as a resident.
Please note that if you are out of New Zealand when you apply for your VOTC you must
hold valid existing travel conditions on your resident visa. If you do not hold existing
valid travel conditions on your resident visa and are out of New Zealand, you cannot
apply for a VOTC. Instead you will need to apply for a second or subsequent resident
visa ("SSRV"). In such a case you will be granted a SSRV with travel conditions that will
be valid for two years from the date your previous travel conditions expired.
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To apply for a VOTC or a SSRV you need to complete application form INZ 1175
"Applicat ion from a resident visa holder or former resident visa holder". The fee to apply
in New Zealand is NZ$190.00 per application and can be paid for by either VISA or
Mastercard c
redit cards. The form can be downloaded from our web site
www.immigration.govt.nz and you can make your application at your nearest Immigration
New Zealand office. To make your application you will require the completed application
form, the fee, your passports and a copy of this letter.
Section 49(1) conditions
Your resident visa will continue to be subject to conditions imposed under section 49(1)
of the Immigration Act 2009. You will need to meet the section 49(1) conditions;
otherwise you may become liable for deportation. The conditions imposed on you are
that:
iyou retain your acceptable investments, as listed earlier in this letter, for a minimum
period of four years from 10 August 2015; and
iiyou, as principal applicant, meet the requirements for minimum time spent in New
Zealand over the period from 10 August 2017 to 09 August 2019, which is:
146 days between 10 August 2017 and 09 August 2018
146 days between 10 August 2018 and 09 August 2019; and
iiiyou inform the nearest branch of Immigration New Zealand of any change of New
Zealand address during your four-year investment period; and
ivwithin three months after the four-year anniversary of your investment period, you
submit evidence to INZ that you:
? are retaining an acceptable investment(s) in New Zealand
If you change your investments during the four-year investment period, you will need to
ensure that you re-invest all of the proceeds from any sale or redemption of your approved
investments and that your replacement investments continue to meet the acceptable
investment criteria in the Investor 2 Instructions. You should also ensure that you will be
able to provide evidence of any changes in your investments.
Where any of your investments mature or are sold, you should ensure that you have
reinvested the sale or maturity proceeds back into further acceptable investments within
no more than four weeks of your receipt of the sale or maturity funds. However, you may
retain for your own use any dividends or interest that you receive from your investments.
Meeting the section 49(1) conditions
If, at any time during the course of your four year investment period you believe that you
will have any problems in complying with the section 49(1) conditions on your resident
visa; i.e.
Maintaining your investments in New Zealand between 10 August 2017 and 09 August
2019
Being in New Zealand for 146 days during each of the two one year periods from 10
August 2017 to 09 August 2019
Providing to our office documentary evidence of your New Zealand investments within
three months of the four year anniversary date of your four year investment period,
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then please urgently contact [email address] by e-mail and advise of
which of the section 49(1) conditions you believe you will be unable to meet and why you
will be unable to meet those conditions.
It is very important that you notify us immediately if you find that you are unable to meet
your section 49(1) conditions. This is because, should we find that any of the section 49
(1) conditions have not been met as at the four year check, you may become liable for
deportation.
Furthermore, until that matter is resolved (and this could take some time) you will not be
able to obtain any variation of travel conditions (VOTC) on your resident visa other than a
14 day VOTC. This could therefore severely limit your ability to travel in and out of New
Zealand during that period, as if you are outside of New Zealand without valid travel
conditions you will not be able to return to New Zealand as a resident.
If section 49(1) conditions are met
If you meet the section 49(1) conditions at the end of the four-year investment period,
those conditions will be cancelled. A business immigration specialist will write to you to
confirm the cancellation of section 49(1) conditions on your resident visas.
If section 49(1) conditions are not met
Non-compliance with section 49(1) conditions may result in you becoming liable for
deportation under section 159(1)(a) of the Immigration Act 2009. If a deportation order is
issued, you will have to leave New Zealand.
Yours sincerely
Chris Biggs
Business Immigration Specialist
_________________________
Date/Time Created: 10/Oct/2017 11:11 am
Officer: Biggs, Chris
Branch: Wellington Business Unit
Type: Application Notes
Appln #s 9(2)(a)
Application Type: Visa, Resident, Investor 2 Category
_________________________
Papers relating to the two year check sent to Online to be filed with Investor 2 application
s 9(2)(a)
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_________________________
Date/Time Created: 10/Oct/2017 11:32 am
Officer: B iggs, Chris
Branch: Wellington Business Unit
Type: Application Notes
Appln #: s 9(2)(a)
Application Type: Visa, Resident, Investor 2 Category
_________________________
NOTE:
WITH EFFECT FROM 12 JUNE 2018 THESE APPLICANTS WILL BE ELIGIBLE TO
APPLY FOR AND BE GRANTED 24 MONTH VOTC's ON THEIR RESIDENT VISAS
WITH SECTION 49 CONDITIONS CONTINUING TO APPLY.
IF APPLICANTS ARE OUT OF NEW ZEALAND WHEN THEY MAKE THEIR VOTC
APPLICATION THEY MUST HOLD VALID TRAVEL CONDITIONS ON THEIR
RESIDENT VISA. IF THEY DO NOT HOLD EXISTING VALID TRAVEL
CONDITIONS THEY CANNOT APPLY FOR A VOTC AND INSTEAD NEED TO
APPLY FOR A SSRV. IN SUCH A CASE THEY CAN BE GRANTED A SSRV WITH
TRAVEL CONDITIONS VALID FOR 24 MONTHS FROM THE DATE THEIR LAST
TRAVEL CONDITIONS EXPIRED.
INSTRUCTIONS AT RV1.20, RV3.15, RV4.10(a)(i) AND RV4.15(b)(i) APPLY.
_________________________
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Section 49(1) four year check completed. No outstanding issues. Copy of assessment as
fol ows:
MIGRANT INVESTOR POLICY
INVESTOR 2 CATEGORY
FOUR-YEAR ANNIVERSARY 49(1) ASSESSMENT
APPLICANT: s 9(2)(a)
APPLICATION NUMBER:
s 9(2)(a)
ROC APPLICATION NUMBER: s 9(2)(a)
49(1) COMMENCEMENT DATE:
10 August 2015
INVESTMENT VALUE: NZD1,500,000
1.0:
Background and relevant policy
This application was approved and resident visas issued on 11 May 2016.
The resident visa issued to the applicant was issued subject to requirements imposed under
section 49(1) Immigration Act 2009. Policy relevant to this is as fol ows:
BJ8.10 Resident visas subject to conditions under section 49(1) of the Immigration Act
Al resident visas granted under one of the Migrant Investment Categories must subject to the
fol owing conditions under section 49(1) of the Immigration Act 2009:
a.
that the principal applicant retains an acceptable investment in New Zealand for a
minimum of three years under the Investor 1 Category or four years under the Investor 2
Category and spends a minimum period of time in New Zealand during the required investment
period (see BJ8.15); and
b.
that the principal applicant informs the nearest branch of INZ of any changes of New
Zealand address during the investment period; and
c.
that a principal applicant who was awarded 1 point for English language ability (IELTS 3)
under the Investor 2 Category, must complete a minimum 20 hours of English language tuition
with a New Zealand registered school or tertiary education provider as defined in the Education
Act 1989 within the four year investment period; and
d.
at the two-year anniversary of the investment period, the principal applicant submits
evidence that they:
i.
are retaining an acceptable investment in New Zealand; and
ii.
meeting minimum period of time in New Zealand requirements; and
e.
that within 3 months after the expiry date of the investment period, the principal
applicant submit evidence to INZ that they have met requirements (i) and (i i) if applicable.
BJ8.15 Section 49(1) condition: minimum period of time in New Zealand
As set out at BJ8.10.a.i the principal applicant under each category of the Migrant Investment
categories must spend a minimum period of time in New Zealand during the required
investment period. The time periods are:
a.
Investor 1 Category - 12% of each year (44 days per year)
b.
Investor 2 Category - 40% of each year (146 days per year)
BJ9.15 Minimum period of time spent in New Zealand
The principal applicant is considered to have met the time in New Zealand requirement if they
have been in New Zealand as a resident for the length of time specified under BJ8.15.
Note: At the two-year anniversary of the investment period, the principal applicant must have
met the required minimum amount of time in New Zealand for the preceding 12 month period.
2.0:
Two-year check
The two-year section 49(1) check was completed on 10 October 2017 [Tag A] and the applicant
was found to have met the requirements as at the two-year investment anniversary.
2.1
Investments as at two-year check
As at the two-year check the applicant held acceptable investments consisting of the fol owing:
QDII investment
7,464,711.57 units in the Guosen s 9(2)(a) QDII NZ Fund.
3.0:
Has the applicant retained an acceptable investment in New Zealand as at the four-year
anniversary?
BMB has received a statement issued by Guosen Securities [Tag B] showing the investments
held by the applicant as at 12 August 2019. Investments held were as fol ows:
QDII investment
7,464,711.57 units in the Guosens 9(2)(a) QDII NZ Fund.
3.1
Comment
Next to each of the current investments as listed above is a comment concerning whether the
investment has been retained unchanged, has increased, decreased, or is a new investment.
The above list clearly shows that the applicant has made no changes to the investments during
the final tw o years of the four year investment period.
3.2
Conclusion
I am therefore satisfied that the applicant has maintained the acceptable investments in New
Zealand during the final two years of the four-year investment period.
4.0:
Were the four year check documents provided by the due deadline?
In this case the four year check fel due on 09 August 2019 and therefore the four year check
documents were required to be provided to INZ no later than 10 November 2019.
The four year check documents were received by INZ on 30 August 2019. I am therefore
satisfied that the applicant has met this section 49(1) condition.
5.0:
Has the applicant met the minimum time in New Zealand requirements?
Policy [BJ8.15(b)] requires the applicant to have spent a total of 146 days in New Zealand during
each year 10 August 2017 to 09 August 2018 and 10 August 2018 to 09 August 2019.
AMS records that the applicant has spent a total of 159 and 157 days in New Zealand during
years three and four respectively of the four-year investment period.
I am satisfied that the applicant has met the minimum time in New Zealand requirements.
6.0:
Conclusion
The applicant has provided acceptable evidence of maintaining the investments in New
Zealand in compliance with Investor 2 Instructions at BJ6.10. The applicant has also spent in
excess of the minimum time required in New Zealand under the policy.
The applicant wil now be advised by letter that he has met the section 49(1) requirements at the
fourth and final anniversary and the section 49(1) conditions have now been lifted from his
resident visa. The applicant is now entitled to apply for and be granted a permanent resident
visa.
Signed:
Signed:
Chris Biggs
Name 2PC:
Business Immigration Specialist
Date 09 Sep 2019
Date
