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Thread: SMC Resident visa holders can't buy houses in NZ from 2018

  1. #1
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    Default SMC Resident visa holders can't buy houses in NZ from 2018


  2. #2
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    Can you please post the exact link where it mentions "SMC Resident visa holders can't buy houses in NZ from 2018" ?

  3. #3
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    It doesn't, not yet. The announcement says details are being discussed. It also says that SOME foreigners in the right conditions WILL be able to buy... but we shall not know the details until it has all been finalised, and it hasn't, not yet.

  4. #4
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    I think it has already been clearly defined, clear enough to draw the conclusion about resident visa holders. But do correct me if I am understanding it wrong.

    So if you click on the link on that notification page, here's what the legislation says:
    "A natural person is an overseas person under the Overseas Investment Act if they are neither a New Zealand citizen nor "ordinarily resident in New Zealand". For residential land, a person will be ordinarily resident here if they hold a permanent resident visa and have been residing in New Zealand for at least a year and have been present in New Zealand for at least 183 days in the past year. "

  5. #5
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    And if you go to that same page linked to above, and follow the further link from there to the Treasury Bill, you find this.
    Overseas persons will be able to buy sensitive land that is residential land in certain situations. These are:

    if they will be developing the land and adding to New Zealand's housing supply; or
    if they will convert the land to another use (eg, a business) and are able to demonstrate this would have wider benefits to the country; or
    if they have an appropriate visa status and can show they have committed to reside in New Zealand (the criteria for this will be defined through regulations).

  6. #6
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    Okay, I get it. Thanks! But I assume this still does not allow the purchase of fully constructed houses but only "residential land"?

  7. #7
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    That we have to wait until they spell it out. I don't think most of the law-makers, even, know, at this stage.

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