As you will no doubt be aware, Labour introduced a Bill late last year to amend the Overseas Investment Act. Their intention was to bring all residential land under the Act. Previously the land affected by the Act was limited to (in very broad terms) farming properties and land adjoining waterways. The act once amended will affect all residential land.
Overseas persons are defined as persons who are neither NZ citizens or are not ordinarily resident in NZ. Such people will generally not be permitted to purchase residential land. Australians are included in this definition of Overseas Persons.
The act is expected to pass early this year and will come into effect 10 working days after it receives the Royal Assent. Any contracts entered into before the date the act comes into force will not be affected, so there is a limited window for overseas persons to purchase residential property.
This will be a major change to how residential property transactions are treated and will require vigilance by agents and solicitors in dealing with potential overseas person.
As always, I am very happy to be contacted with any queries you may have about this particular topic or other property matters.
Director, Lava Law Limited
DDI: 07 343 1224 I Mobile: 021 674 202 |email@example.com
It's not just about finding a deal, to truly grow as an investor you need to plan towards your end portfolio and work with people who can help you move towards that vision. iFindProperty has a service that achieves that for clients, and we are excited to share it with you
As an accountant is not a place for my personal political opinions, but professionally speaking I’m pleased with this result, and cautiously
optimistic we might have a friendlier tax environment for the property sector for at least a few years. But what does this mean for property