Transfer Of Funds and Investment in New Zealand (TOFI)
[Insert into Investment section of assessment template]
4.0
Investment of funds in New Zealand
The fol owing documents were provided to show investment of funds in NZ
(Document xx)
(Document xx)
(Document xx)
These documents are held on file at the Business Migration.
Acceptable investment by [applicant’s name]
No. of Units
Investment
Start Date of
Fund Name
Owned
amount
Investment
OCBC QDII Scheme
[units amount]
Tranche No: [xx]
[value]
[date]
Security No: [xx]
Underlying investment:
The PA has invested in New Zealand Bonds/ shares.
The PA’s investment portfolio includes the fol owing purchases.
NZ Shares
Number
Clean cost (NZD)
of shares
Total
NZ Bonds
Maturity
Unit/quantity
Clean cost amount
Total
The purchases were completed on
[date].
The total clean cost of the investment is
[value].
Conclusion
I am satisfied that the applicant has met investment instructions:
• The minimum amount required under instructions has been invested
• The investments are al deemed acceptable in accordance with instructions
• The investment was made within the deadline of XX.
The documents provided clearly demonstrates that the PA has transferred their nominated funds to New
Zealand. These funds were used to purchase acceptable investments that meet [INZ instructions].
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Transfer Of Funds and Investment in New Zealand (TOFI)
5.0 Comment on applicant’s transfer and investment of funds OCBC (Series [number], [date])
The funds have not gone directly from the PA’s bank account to NZ and have instead gone via the OCBC QDI
scheme. But I am prepared to accept that using OCBC is compliant to the requirements of the instruction in view
of the fol owing:
•
I consider that this is one of the most direct and legitimate ways of transfer available to the applicant.
•
The funds were traceable at al times.
•
As per the INZ website, in the Business Migration Branch News section, the use of OCBC Limited 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 have been purchased in the name of the OCBC QDI NZ Fund and they meet the policy definition of
an acceptable investment.
Based on the documents provided it appears that the transfer of funds to NZ by OCBC has not occurred in the
standard way of a telegraphic transfer/SWIFT instruction to debit OCBC NZD account and credit a NZ based
account held in the name of OCBC.
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[Insert into Investment section of assessment template]
5.1 OCBC QDII Scheme
(Tag OCBC)
On the [date], the PA invested in the OCBC QDII Scheme.
Name
Maturity
Value (NZD)
OCBC QDII
[date]
[value]
The OCBC QDII consists of bonds with New Zealand based business and bonds issued by
New Zealand registered banks.
These bonds meet the definition of an ‘acceptable investment’ as per INZ instructions BJ
3.10.25 and BJ5.50.
Documents supplied by OCBC:
• OCBC NZD Bond QDII Scheme Series 2
• FNZC tranche 2
• OCBC tranche 2 applicants
• OCBC tranche 4
• OCBC tranche 4 applicant
• OCBC tranche 5 docs
• OCBC tranche 5 email
These documents are held on file at the Business Migration.
Document Outline
