New Zealand to review its residency rules
New Zealand is to review differences in the rules that govern wealthy foreigners who wish to apply for residency or owning property after the arrest of Kim Dotcom, the founder of
Megaupload.com, as reported by The Wall Street Journal at the weekend.
New Zealand Prime Ministers John Key denied that the immigration authorities of the Pacific nation ignored Mr. Dotcom's prior criminal record that was acquired in Germany when the 38-year-old multimillionaire web entrepreneur was granted the right to keep a residence based on the assets that he held. A previous conviction for supplying insider trading was disclosed then taken into consideration upon Mr. Dotcom applying to start a new life in New Zealand, according to Mr. Key.
The Prime Minister added that there was no question Dotcom had a current record and that a number of individuals with high net-worth, who mainly hailed from the US and Europe, have been great investors while also good New Zealanders. Under a current migration program that is named called Investor Plus, all high net-worth persons promising to invest at least $10 million NZD ($8.2 million US) into the country's development for at least three years are able to gain citizenship. Thus far, only 10 people, inclusive of Mr. Dotcom, have successfully qualified under this category.
The review is to focus on how and why Mr. Dotcom ended up being granted residency but then refused permission to purchase a luxury mansion by the watchful Overseas investment Office, due to him having previously been convicted. That might see alterations made to policies depending on what outcome the review brings, according to insiders.
The NZD exchange rates on 30/01/2012 were as follows: GBP NZD = 1.917, EUR NZD = 1.6036, USD NZD = 1.2206, AUD NZD = 1.2922, CHF NZD = 1.3301, INR NZD = 0.0246, AED NZD = 0.3326, MXN NZD = 0.0941, CAD NZD = 1.2177, ZAR NZD = 0.1556, RUB NZD = 0.0404, . See today's New Zealand Dollar Exchange Rate
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