New Zealand weighs whether to relax foreign homebuyer ban
The country has one of the world’s most prohibitive policies on foreigners buying residential real estate
NEW Zealand’s government is considering whether to relax a ban on foreigners buying residential property, Finance Minister Nicola Willis said.
“Those are issues that we are discussing as a government,” Willis told Bloomberg Television on Tuesday (Feb 11) in Wellington. “It may be that there are changes on that in the future, but we have not made that decision at this point.”
New Zealand has one of the world’s most prohibitive policies on foreigners buying residential real estate. Other than citizens and tax residents, only Australian and Singapore citizens have the right to purchase houses, due to pre-existing trade agreements.
Willis’ National Party campaigned at the 2023 election for a broadening of those rights but that plan was rejected by junior coalition partner New Zealand First.
The government has acknowledged it needs more foreign investment to fund economic growth, and this week upgraded its golden visa to lure wealthy migrants. But lawyers who deal with applicants say the foreign buyer ban will remain one of the roadblocks to attracting people.
New Zealand First leader Winston Peters has hinted he may be open to changing his stance in circumstances where serious foreign investors are bringing in substantial amounts of money to create jobs and exports.
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