BI9.5 Transfer of the nominated investment funds to the New Zealand bank account (04/07/2005)

1. When the application is approved in principle, the principal applicant will be required to transfer the nominated investment funds to their bank account at a New Zealand Registered Bank (as defined in the Reserve Bank of New Zealand Act 1989). These funds must:
   1. be the funds initially nominated, or the funds that result from the sale of the same assets as those initially nominated in their Expression of Interest and residence application (this will be referred to as the ‘source of funds’); and
   2. be transferred through the banking system directly from the principal applicant’s nominated bank account (BI7.15) to their New Zealand bank account (ie not passed through any other party).
2. The investment funds that are transferred to their New Zealand bank account and subsequently into the Government account must be from the same source of funds as nominated in both the Expression of Interest and in the residence application.

Effective 04/07/2005