The recently-enacted Overseas Investment Amendment Act 2018 has all but closed down the opportunities for migrants to buy, or build and live in, a home in New Zealand. Strict requirements and an application for consent to the Overseas Investment Office and ultimately Ministerial consent are needed in most cases, and many migrants will not be in a position to meet the requirements, or they will be unattractive.
However some limited opportunities do remain, and may well be attractive to migrants. These include buying an apartment off the plans, in a new, large apartment block. This will still be a good prospect for many, and without going through the application and consent processes.As well, there is provision for Ministerial exemptions to be made, and for the Government to make regulations to create exemptions from the new law. As enacted, the restrictions do not apply to citizens of Australia and Singapore, and it remains to be seen how, if at all, the Government will relax the new restrictions.
We are monitoring developments. Please contact us if you want to explore the opportunities under the new legislation. Our immigration and property teams will look forward to advising and assisting you.