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Thread: "Labour's Bill to curb foreigners buying New Zealand homes becomes law"

  1. #11
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    People that are not New Zealand citizens or residence class visa holders or
    Australian or Singaporean citizens and permanent residents will only be able to
    purchase residential land following screening by the OIO.
    The Bill allows Permanent Resident and Resident Visa holders that are not “ordinarily
    resident” (such as those who have not resided in New Zealand for at least 12 months)
    but are committed to reside in New Zealand to apply for consent to buy a home to live
    in. People that can demonstrate that they have a commitment to reside in New
    Zealand will be able to purchase one home for use as their principal place of residence
    in New Zealand, which they will be required to sell if they leave New Zealand and sever
    their commitment to reside in New Zealand.
    9. What if I’m an overseas person who already owns a house?
    The Overseas Investment Amendment Bill will not interfere with the rights of existing
    home owners to use and enjoy their properties. This is an important principle.
    It will, however, restrict who existing homeowners can sell or in some cases lease their
    properties to. It will also restrict an overseas person’s ability to make any subsequent
    purchases of sensitive land that is residential land where the approval criteria are not
    met.
    https://treasury.govt.nz/sites/defau...land-qanda.pdf
    Last edited by Oregonkiwi; 30th August 2018 at 10:43 AM.

  2. #12
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    The LINZ website has now been updated with information about the new rules (which take effect on 22 October)
    https://www.linz.govt.nz/overseas-investment

  3. #13
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    Quote Originally Posted by Oregonkiwi View Post
    The LINZ website has now been updated with information about the new rules (which take effect on 22 October)
    https://www.linz.govt.nz/overseas-investment
    Thank you, very useful :-)

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