Foreign investors, especially from China, have invested heavily in New Zealand during the past years. One of the main reasons is that they want to find a stable place to allocate cash and for overseas studies.
Yet not only Asian investors decide to invest in New Zealand, we also see many investors from the US, Malaysia and other regional countries.
However, before you go into detailed planning, it’s important that you know if foreigners can even buy property, what property types that are available, about taxes and more.
In this article, you’ll learn the following:
- Can foreigners buy property in New Zealand?
- How to open a bank account as a foreigner in New Zealand
- How to get an IRD number (Inland Revenue Department number)
- How to get a Land Information Memorandum (LIM)
- Can I get a mortgage as a non-resident foreigner in New Zealand?
- What is the Stamp duty for foreigners in New Zealand?
- What is the Property tax for foreigners in New Zealand?
- What is the Capital gains tax for foreigners?
- Should I hire a real estate agent as a foreigner in New Zealand?
- Can I rent out my property as a non-resident foreigner?
- Where should I buy property in New Zealand?
Can foreigners buy property in New Zealand?
Previously, foreigners generally didn’t have any issues to buy property in New Zealand.
However, the government has forbidden non-resident foreigners from buying established property, to curb escalating property prices.
According to the Overseas Investment Office (OIO) you need to increase the number of residences and then sell the lot as a non-resident. You can do this by, for example, converting the land or by constructing an apartment building where a house was previously built.
No one knows when this will be lifted, but for now, you need to look at other countries if you’re a non-resident and cannot fulfill these criteria.