New Zealand Prime Minister Jacinda Ardern rejects plan to offer 2,000 visas to the super rich if individuals invest $50 million into the country

• A proposal to boost New Zealand's economy by trading 2,000 visas to the world's super-rich if individuals invested $50 million into the country picked up steam in New Zealand before it was dismissed by Prime Minister Jacinda Ardern.
• New Zealand investment banker Troy Bowker said it was a way to harness the nation's position as a "safe haven" and would help the economy after economic losses caused by the coronavirus.
• Ardern wasn't buying it. She told reporters: "We don't want people paying for passports."
• As of April 24, New Zealand had 1,451 cases with 16 deaths, according to data from Johns Hopkins University.
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New Zealand Prime Minister Jacinda Ardern has rejected a scheme that would have allowed the super-rich to buy their way into New Zealand for a cool $50 million, telling reporters: "We don't want people paying for passports."

In the last fortnight, New Zealand investment banker Troy Bowker made local headlines after touting a proposal calling on the government to offer about 2,000 visas to individuals who could invest $50 million into the country, granted New Zealand squashed the coronavirus, as a way to boost the struggling economy.

Bowker explained the proposal on Magic Talk, a New Zealand radio show. He said: "What we have created from a business perspective is intellectual property as a country. We have paid for it by our sacrifices, enormous sacrifices financially, and we have created this intellectual property which is New Zealand being a safe haven."

As of April 24, New Zealand had 1,451 cases with 16 deaths, according to data from Johns Hopkins University. The country's strict lockdown, put in place early, and focused on eliminating the coronavirus, has been lauded by The Washington Post.

On April 23, only three new cases were reported.

According to the New Zealand Herald, the plan relied on the country first completely squashing the coronavirus, then announcing the fact to the world and explaining the cost that came from squashing it.

The super rich's relationship with New Zealand is not new. New Zealand's location far from the rest of the world and the "clean-green" image it promotes for tourism has already made it a well-known destination for rich Americans to bunker down. Earlier this week, Bloomberg reported that at least a few wealthy Silicon Valley executives had reportedly escaped to their doomsday hideout shelters in New Zealand because of the pandemic.

New Zealand also has other investment visas: including one where a person is required to invest $3 million over four years, and another less stringent visa that requires $10 million to be invested in three years, according to Stuff.co.nz.

The reaction to Ardern's dismissal hasn't been uniform. Accounting business Xero's founder Rod Drury said Ardern's dismissal was too hasty since New Zealand could be facing 20% unemployment rates due to the coronavirus.

Popular center-right New Zealand radio host Mike Hosking said it was a good idea, and could potentially bring in $100 billion into the economy.

But economist Shamubeel Eaqub wasn't for the proposal. He told Stuff.co.nz that none of the billionaires already living in New Zealand had stepped up and helped the country during the pandemic.

He said: "I don't think we should be going out saying come here rich people. We're not a country for sale. What matters is the people. If we say we value people with the highest amount of wealth and income there's some mixed messages going out."