13 December 2017
The Government today announced that legislation to ban overseas speculators from buying New Zealand’s residential property will be introduced into Parliament.
The Overseas Investment Amendment Bill extends the definition of sensitive land to include residential land. The legislation will mean that foreign buyers will not be able to buy residential property unless they are either increasing the number of residences and then selling, or converting the land to another use and are able to show that this will have wider benefits to the country.
New Zealand and Australian citizens will be exempt from the regime, irrespective of where they live.
In addition, holders of New Zealand permanent resident visas will be exempt if they have been living here for at least 12 months, and have been present in the country for at least 183 days in the past 12 months.
The Bill will be introduced into Parliament this week. From there it will be sent to a Select Committee who will consider it early next year, which gives New Zealanders an opportunity to comment on the details of the Bill.
Further information is available on the Treasury website
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