What's happening in the market right NOW Read Here
Overseas Investment Act
Most overseas people are not able to buy homes in New Zealand to live in, but some can apply to the Overseas Investment Office for consent.
You don’t need consent if…
• You are a New Zealand, Australian or Singaporean citizen.
• You have a New Zealand, Australian or Singaporean Permanent Resident visa and live in New Zealand.*
• You have a New Zealand Resident visa and live in New Zealand.*
*You have lived in New Zealand for at least 183 days in the past 12 months.
You must apply for consent to buy one home to live in if…
• You have a New Zealand Permanent Resident or Resident visa and do not live in New Zealand.*
• You have an Australian or Singaporean Permanent Resident visa and do not live in New Zealand.*
*To get consent you’ll need to live in New Zealand, and if you stop living here, you’ll have to sell.
You can’t buy one home to live in if…
You have a Temporary visa, such as a visitor, student, working holiday, or work visa (you don’t have a Permanent Resident or Resident visa).
There are other ways you may be able to invest in property.
Check if you can buy
Visit the Ministry of Business, Innovation & Employment website at https://www.newzealandnow.govt.nz/
What types of homes are affected?
These laws apply to homes that are classed as ‘residential’ or
‘lifestyle’ on the District Valuation Roll. You can check properties on websites, such as www.qv.co.nz or ask the local council.
Everyone must make a STATEMENT
All buyers must complete a Residential Land Statement to say whether they are eligible to buy. Your conveyancer can help you do this.
If you must apply or cannot buy, it is especially important that you ﬁrst talk to your conveyancer before you sign the sale and purchase agreement. If you need to sign it urgently, you can make the agreement conditional on the consent of the Overseas Investment Office.
If you need consent, but sign an unconditional agreement without it, you may face signiﬁcant penalties. If you make a false statement, you could be ﬁned up to
Apply for consent
To apply to the Overseas Investment Office for consent to buy one home to live in visit www.linz.govt.nz/oio/live
This below gives general guidance for people who want to buy a home to live in. There are special rules for overseas people who want to invest in New Zealand property, but not live in it, including buying rental property or land that is rural or next to a lake, river, reserve or the sea.
These rules are complex, and you will need the help of a New Zealand property lawyer. Visit the Overseas Investment Office at www.linz.govt.nz/oio to learn more.