The Government is tempting wealthy elderly immigrants to New Zealand.

It has announced two new retirement visas, that it hopes will increase investment and stimulate the economy.

One visa will allow parents of a New Zealand resident child who have the balance of their family living here, to join them. They will have to be able to invest $1 million over 4 years, have an annual income of $60,000 and settlement funds of half a million dollars.

The other visa will allow temporary residency here if they can invest at least $750,000 over 2 years, have an income of $60,000 a year and assets of half a million dollars. They must be at least 65-years-old and have comprehensive health insurance.

The new visa package takes effect later this month.