New Zealand is lowering its English language requirements and reducing minimum investments to "more realistic levels" in a move to attract more business and investor immigrants.
In announcing the decision yesterday, Immigration Minister Jonathan Coleman confirmed New Zealand would not follow Australia's lead in cutting immigration.
He said changing the requirements in the light of the economic climate was a priority and would come into effect within "months, rather than years".
Under current policy set by the Labour government, which took effect in November 2007, an investor bringing in $2.5 million needs to be under 54, have International English Language Testing System (IELTS) level 5.
Someone bringing in $10 million needs at least IELTS level 4 and be under 64.
Age and language limits were only waived for immigrants who invested at least $20 million.
Australia yesterday announced cuts to immigration from 133,500 to 115,000, or 14%.
Mr Coleman said there would be public consultations with industry groups.
Migrants made up 60% of the New Zealand workforce in the past five years, according to Immigration New Zealand figures.
However, those on temporary permits would find it harder to get them renewed if they are competing with New Zealanders for limited jobs, Mr Coleman said.
Association of Migration and Investment chairman Richard Howard said the changes were timely, especially as many skilled areas here still faced a shortage of workers.
Australia's cutback to immigration would also benefit New Zealand, because those considering migrating there could now be coming here instead, he said.
"Australia and New Zealand tend to be looked at together, and migrants looking for greater certainty, policy security and a country that's welcoming to migrants will probably now look more to New Zealand rather than Australia," Mr Howard said.
Prime Minister John Key said New Zealand still had a skills shortage.
". . . we still need to make sure we have got enough skills to grow our economy."
New Zealand's immigration quota is set at 45,000, with about 27,000 in the skilled and business category.
