Wealthy investors from the US, China and Hong Kong are the leaders in applications for New Zealand’s “golden visas” after the government relaxed the scheme’s requirements in a bid to boost the flagging economy.

The new rules for the Active Investor Plus visa came into effect in April and lowered investment thresholds, removed English-language requirements and cut the amount of time applicants must spend in the country to establish residency from three years to three weeks.

Immigration New Zealand says the scheme offering residency to wealthy foreigners has now attracted 308 applications, representing 1,000 people, under the new rules. Before the changes, the visa attracted 116 applications over two-and-a-half years.

Investors from the US make up the vast majority, with 129 applications, followed by China with 45 and Hong Kong with 38.

The remaining top 10 countries in order include Germany, Singapore, Taiwan, Japan, Vietnam, South Korea and Great Britain.

The Asian markets could be seeking lower tax thresholds and less bureaucracy, while lifestyle changes and the natural environment could be “pull factors” across the board, said Marcus Beveridge, an immigration lawyer and managing director of Queen City Law.

“Clearly geopolitical issues for those in North America and Europe will be material,” Beveridge said.

“Trump is probably beneficial for New Zealand in some ways, in terms of there being more interest,” he said, while adding the overall numbers were still low.

It is not the first time New Zealand has attracted the interest of Trump-weary Americans and other wealthy foreigners seeking to make New Zealand their “bolthole” at a time of societal division.

Following Trump’s 2016 election, visits to the country’s immigration website rose almost 2,500%. After the country’s supreme court ruled there was no constitutional right to abortion in the US – upending the landmark Roe v Wade – visits to New Zealand’s immigration site quadrupled to 77,000. After Trump’s 2024 election win, there was a surge of interest from the US in New Zealand’s property market.

Meanwhile, billionaires acquiring residency or citizenship in New Zealand have been subject to controversy in the past. After Peter Thiel, the billionaire co-founder of PayPal, was granted citizenship in 2017 despite spending only 12 days in the country, former Labour prime minister Jacinda Ardern moved to tighten the rules on investment visas.

Ardern also banned foreign home ownership in 2018, due to concern foreign buyers were driving up prices during a housing crisis.

Last month, the government announced that while the ban largely remains, holders of a “golden visa” would now be able to buy homes valued over $5m.

“It’s certainly a much better position to say to potential investors: you can now buy a family home,” Beveridge said.

Under the new rules, 241 applied under the visa’s “growth” category, which requires a minimum $5m investment over three years, and 67 applied under the “balanced” category, which requires a minimum $10m investment over five years.

Immigration has approved 39 applications and another 197 in principle – their combined investment netting New Zealand $248.8m.

“My prediction has always been that we will collect about $5 billion per annum from this business immigration, but those same investors will bring another $5 billion into our economy, because now they can buy $5 million houses,” Beveridge said.

The visa changes are one of a number of Ardern-era policies the rightwing coalition has wound back in its bid the boost the economy. It relaxed other restrictive visa settings to attract so-called “digital nomads” to New Zealand and this week made it easier for migrant workers to come to live in the country.

Meanwhile, New Zealand citizens are leaving the country in record numbers in search of better job prospects and higher wages. Between July 2024-25, 73,400 New Zealanders left, compared with 25,800 returning home to live, according to Stats NZ.