Rules for anyone from overseas buying a home or residential land in New Zealand are being changed.
Even people who have become residents, but don’t live in New Zealand full-time will be affected.
The NZ Government has introduced a Bill into Parliament that has a focus on residential land and seeks to ensure that overseas persons who are not resident in New Zealand will generally not be able to buy existing houses or other pieces of residential land.
The Government believes the proposed changes will lead to a housing market with prices shaped by New Zealand-based buyers, making homes more affordable for New Zealand buyers at sometimes in the property market cycle, including for first home buyers.
Submissions on the Bill closed in April and a report is due June 21. You can track the proposed law here or call us for introductions to experts who can help.