The Government has announced that people holding Active Investor Plus residence class visas, or people previously granted Investor 1 or Investor 2 residence class visas, will be eligible to buy or build a house in New Zealand with a minimum value of NZ$5 million.
The expectation is that where a family is granted such a visa, it will only be the principal applicant who will benefit from this change.
If implemented as outlined, the Government considers that this initiative should accelerate foreign capital flows into the New Zealand economy and attract high net worth investors by deepening their connection to New Zealand, which will help to boost the economy.
Bell Gully’s market-leading teams are already working with clients who applied for residence under the relevant investor visa categories to consider potential opportunities. While on its face the announcement suggests a relatively straight-forward exemption will apply to the relevant residence class visa holders, we expect there is likely to be some detail to work through once draft exemption wording is available. In the meantime, Bell Gully’s team is available to discuss New Zealand opportunities for overseas investors wishing to apply for residence visas and/or acquire or build a house in New Zealand.
If you have any questions about this article or how the changes may benefit you, please get in touch with the contacts listed or your usual Bell Gully adviser.
Disclaimer: This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.
