The Parent Resident Visa is a popular option for parents of New Zealand citizens or residents who wish to live in New Zealand. One of the key aspects of this visa application is understanding and meeting the financial requirements. This blog post will delve into the financial criteria that applicants and their sponsors need to meet.
Sponsor's Income Threshold
One of the primary financial requirements for the Parent Resident Visa is the sponsor’s income. The sponsor, who is the New Zealand citizen or resident child of the applicant, must meet a certain income threshold.
- Single Sponsor: If there is only one sponsor, they must have an annual income of at least NZD $106,080.
- Joint Sponsors: If there are two sponsors, such as a couple, their combined annual income must be at least NZD $159,120.
This income must have been maintained for at least two out of the three years before the application date.
Evidence of Income
Sponsors must provide evidence of their income. This can be done through:
- Tax records: Sponsors can provide tax records for the relevant years showing their income level.
- Employment contracts: If the sponsor is employed, they can provide their employment contract showing their salary.
- Bank statements: Bank statements showing regular income deposits can also be used as evidence.
Settlement Funds
In addition to the sponsor’s income, applicants for the Parent Resident Visa must also demonstrate that they have sufficient settlement funds. These funds are to ensure that the applicant can support themselves in New Zealand.
The required amount of settlement funds is NZD $1,000 for each month of the intended stay up to a maximum of NZD $10,000 for a 10-year stay.
Conclusion
Understanding the financial requirements for the Parent Resident Visa is crucial for a successful application. Applicants and their sponsors must ensure that they meet the income thresholds and can provide the necessary evidence of this income. Additionally, applicants must have sufficient settlement funds to support themselves in New Zealand.
Remember, the information provided here is based on the current immigration rules and regulations. Always refer to the official New Zealand Immigration website for the most up-to-date information.
Navigating the financial requirements for the Parent Resident Visa can be complex, but with the right information and guidance, it can be a smooth and successful process. This blog post aims to provide you with a comprehensive guide to help you understand these financial requirements.