New Zealand’s skilled migration pathways — including the Accredited Employer Work Visa (AEWV), the Green List residence pathway, and Skilled Migrant Category — bring thousands of professionals to NZ each year. Getting your financial setup right from day one maximises your income and protects your rights as an employee and future resident.
On a skilled work visa, join KiwiSaver from day one — employer contributions of 3% are free money. Apply for your IRD number immediately (within the first week) to avoid the 45% no-declaration tax rate. Check whether you qualify for transitional resident tax status to exempt foreign income for your first four years.
NZ Skilled Visa Pathways — 2026
| Visa | What it is | Path to residency |
|---|---|---|
| Accredited Employer Work Visa (AEWV) | Main work visa — requires a NZ accredited employer to offer you a job | 2+ years on AEWV can lead to residence via Green List or SMC |
| Green List Residence | Direct residence for specific high-demand occupations (doctors, nurses, engineers, teachers, etc.) | Residence granted directly or after 2 years |
| Skilled Migrant Category | Points-based residence — requires skilled employment, qualifications, and work experience | Direct residence application |
| Straight to Residence | Specific highly-paid Green List roles | Residence granted directly |
Check Immigration NZ for the current Green List occupations and visa thresholds.
Financial Priorities — First Month
1. Open a NZ bank account
Open your bank account before or immediately upon arrival. You need it to:
- Receive your NZ salary
- Apply for your IRD number
- Set up rent and bill payments
See our guide to opening a NZ bank account before you arrive.
2. Apply for an IRD number
Apply online via the IRD website within your first week. Without it, your employer must withhold tax at 45%. The online application requires a NZ bank account and your visa/passport details — typically issued within 1–3 working days.
3. Choose the correct tax code
Use tax code M for your primary job. If you have a secondary job or secondary income, use S or related secondary codes. Complete the IR330 form from IRD and give it to your employer before your first pay day.
4. Join KiwiSaver
On a skilled work or residence visa, you should join KiwiSaver immediately. Your employer contributes 3% of your gross salary — this is not a deduction from your pay, it’s additional money on top. For a skilled migrant earning $80,000/year, that’s $2,400/year in employer contributions alone.
If you hold permanent residence or NZ citizenship, you also qualify for the government contribution of up to $521.43/year (subject to you contributing at least $1,042.86/year).
Choose your fund carefully:
- Under 55: consider a growth fund
- 10–15 years from retirement: consider a balanced fund
- Compare providers at our KiwiSaver comparison
Transitional Resident Tax Status
New migrants who have not been NZ tax residents in the past 10 years may qualify as transitional residents for their first 4 years in NZ.
What it means
As a transitional resident, most types of foreign passive income are exempt from NZ tax for 4 years:
- Overseas bank interest
- Overseas dividends
- Overseas rental income
- Offshore investment earnings
What’s NOT exempt:
- NZ-sourced income (your NZ salary is always taxable)
- Overseas employment income earned while you are a NZ tax resident
How to claim it
No application is needed — the exemption applies automatically if you qualify. Keep records and note it on your tax return. If you don’t want the exemption (unusual), notify IRD.
Get advice: If you have significant overseas assets, overseas rental properties, or complex investment structures, consult a NZ tax accountant before arriving. The rules are complex and the consequences of getting them wrong are costly.
Bringing Money to NZ
Transferring your savings to NZ is not taxable — it’s your own money. However:
- Exchange rate matters: Compare providers — see our sending money guide for the best rates (this applies in reverse too)
- Overseas assets during transitional residence: You don’t need to bring money to NZ immediately; under transitional residence rules, overseas investment returns are exempt from NZ tax for 4 years, so it may be tax-efficient to leave overseas investments in place during this period
- Foreign investment fund (FIF) rules: Once transitional residence ends, overseas investments above NZD $50,000 (other than Australian shares) are subject to FIF tax — a complex annual tax on deemed income from foreign investments. Get advice before the 4-year window closes.
Overseas Investments — FIF Rules (Important)
Once you become a full NZ tax resident (no longer a transitional resident), foreign investments over NZD $50,000 are subject to the Foreign Investment Fund (FIF) regime:
- The FIF tax applies a deemed return of 5% of the opening value of your offshore investments each year, taxed at your marginal rate
- This applies regardless of whether you actually earned any return
- Australian shares are exempt from FIF tax (they’re taxed on actual dividends and gains instead)
- NZ KiwiSaver and NZ investments are not affected
Example: You hold $150,000 NZD in UK unit trusts. FIF tax is 5% × $150,000 = $7,500 deemed income. At 33% tax rate, you’d pay ~$2,475 in FIF tax that year, even if your fund returned nothing.
This is a significant consideration for skilled migrants with substantial overseas investment portfolios.
ACC Levy — What You’ll Pay
All NZ employees (including work visa holders) pay an ACC earners’ levy:
- 2025/26 rate: $1.67 per $100 of earnings
- Cap: $139,000 of income (so maximum levy = $2,322/year)
- Deducted automatically by your employer along with PAYE
In return, ACC covers 100% of treatment costs and 80% of your income if you’re ever injured in NZ — regardless of visa status.
Building Credit in NZ
NZ has a credit reporting system (Centrix, Equifax, and illion), but no credit score. Lenders check your credit report for:
- Missed payments
- Defaults
- Enquiries
- Payment history
As a new migrant, your NZ credit history is blank. This means:
- Getting a credit card in your first 6 months can be difficult
- Some landlords run credit checks (an empty report is usually fine for rentals)
- Mortgage lenders will often consider overseas credit history if you can document it
Build credit over the first year:
- Open a bank account and keep it in good standing
- Apply for an entry-level credit card (secured or basic) after 3–6 months
- Pay all bills on time — utilities, rent via bank transfer, phone plans
See our credit report guide for more.
Buying Your First Home in NZ
As a skilled migrant with residence (or on track to residence), buying property in NZ is permitted. Key points:
- Temporary visa holders face significant restrictions on buying residential property under the Overseas Investment Act 2018 — you generally cannot buy an existing home without consent
- Permanent residents and citizens can buy property without restriction
- KiwiSaver first home withdrawal: Available after 3 years of KiwiSaver membership to eligible buyers (income and house price caps apply). Employer and government contributions included in the withdrawal.
- First Home Grant: Government grant of up to $10,000 for KiwiSaver members buying in certain price brackets (now closed for existing builds, check current status via Kāinga Ora)
See our mortgage guides for LVR requirements, rate types, and first home buyer tools.
Key Milestones — Skilled Migrant Financial Timeline
| Timeframe | Milestone |
|---|---|
| Week 1 | Bank account open, IRD number applied for, tax code declared |
| Week 2–4 | KiwiSaver enrolled and fund chosen |
| Month 3 | Apply for entry-level credit card to start building credit history |
| Month 6 | Review savings — start saving for emergency fund and house deposit |
| Year 1 | File IR3 tax return if you have overseas income |
| Year 4 | Transitional resident status ends — review overseas investments for FIF exposure |
| Year 3+ in KiwiSaver | Eligible for first home withdrawal if planning to buy |