The National Party would appoint a Minister of Technology and create new visas to attract skilled workers and entrepreneurs, if elected in October.
In a press release, technology spokesperson Judith Collins said the shortage of skills and expertise was one of the main barriers to growing a tech business in New Zealand.
To combat this, National would create new visa categories for skilled immigrants. One, an International Graduates Visa, would be a three-year work visa for up to 500 graduates of the top 100 universities around the world.
These people would not need a job offer before moving, and their partners would be allowed to work as well.
A Global Growth Tech Visa would offer residency to up to 250 skilled workers, and their families, who had earned over $400,000 working at a top global tech company.
Immigration New Zealand would develop criteria for which global tech companies were eligible in consultation with local firms and the tech sector.
A Digital Nomad Visa would allow 250 skilled workers to live in New Zealand for 12 months while working for an overseas-based company, with an option to apply for a regular visa if they want to stay.
These kinds of visas have become increasingly popular as remote working has become more common during the pandemic and are now offered in over 40 countries around the world.
Applicants must have earned at least NZ$20,000 a month in the previous six months and have health insurance. Their partners would be allowed to work in New Zealand.
Collins said these new options would make it easier for the tech sector to attract and retain talent, which was part of National’s plan to rebuild the economy.
Startup taxes
While ministerial roles won’t be doled out until a government gets formed, Collins would likely take on this new technology portfolio were National to win the election.
The new minister would be responsible for working with the private sector to enable growth.
“They will work with industry leaders and organisations to boost productivity and commercialisation, support R&D, and ensure emerging technologies like Artificial Intelligence are being used safely and ethically,” a policy document said.
They would also lead work on reforming the tax regime that applies to stock options, which are commonly part of salary packages in start-up companies.
Many new businesses offer their employees the option to buy shares in the company at a reduced price at some point in the future.
Under the current rules, income tax is charged on any value gain that occurs when the employee exercises the right to buy the shares.
This means founders and employees have to pay income tax on the value of the shares, even though they haven’t sold them or realised a capital gain yet.
National has promised to “investigate changes” to these tax rules once in office, but did not give any specifics or make a commitment to the reform.
*You can see all the major political parties’ policies here.
