On 17 May 2011, New Zealand changed its business immigration scheme simplifying the process of migration for foreign investors and managers applying for permanent residency visas. The new legislation act foresees that foreign investors who invest more than NZD 10 million only have to stay for an annual minimum of 44 days in the country instead of 73 days before the amendment in order for them to be granted a permanent residency visa in New Zealand. Furthermore, business migrants will also need to only meet one of the two requirements of either having managed a business with five full-time employees or a business with at least a USD 1 million annual turnover rather than having to meet both requirements as was previously the case.