Immigration New Zealand has announced applications for its Parent Resident Visa have closed as of 7 October. The category will reopen with new criteria in February 2020.

The new criteria include an increase in financial requirements of sponsors and the removal of two categories based on parent’s guaranteed lifetime income or settlement funds, meaning requirements can only be met through the income of the sponsor and their partner.

The expected income threshold of one sponsor for one parent migrating has increased from $65,000 to $106,080, twice the New Zealand median annual income ($53,040).

The new expected income threshold of one sponsor for two parents, or of a sponsor and partner for one parent is now $159,020, three times the New Zealand median annual income.

Financial requirements are updated every year based on the New Zealand median income.

Sponsors will also be required to provide evidence of their annual income through IRD tax statements.

They will also be asked to show they have met the income requirement for two out of three years before the visa application is lodged.

The total amount of Parent Resident Visas available each year has been limited to 1000.

Immigration NZ says some expressions of interest for the category currently with the regulator will not meet the eligibility criteria. Those who withdraw their EOI’s will be eligible for a refund.

Immigration NZ will begin taking expressions of interest for the Parent Resident Visa category in May 2020.