Pansy Wong MP
National Party Associate Immigration Spokeswoman

16 April 2008

Labour says no thanks to millionaire investors

The Immigration Minister’s ideas of grandeur are scaring investors away, says National’s Associate Immigration spokeswoman, Pansy Wong.

“In November 2007, there was much fanfare and chest-beating by the then Immigration Minister, David Cunliffe, at the announcement of the new Investor category which has thresholds of $20 million, $10 million and $2.5 million for potential investors.

“Five months on, there have been no applications made at the $20 million and $10 million levels, and only one acceptance for processing at the $2.5 million level.

“These thresholds were set despite the utter failure of Labour’s previous Investor category, introduced in 2005, where applicants needed $2 million to invest. It only had three approvals between 2005/06.

“Labour is so out of touch with reality that they went on to set a limit of 250 applications per year for the new category. Did they really think people would be beating down the door given the massive jump in investment thresholds?

“This latest failure is typical of Labour’s arrogance. Earlier this month, Immigration Minister Clayton Cosgrove said our system was tough and ‘we chose them, they don’t choose us’.

“Obviously, potential millionaire investors are not choosing Labour.”

ENDS

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